My USD/JPY stop/loss just got triggered. So I have a trade with a few positive pips now. Let's see how far this trend goes. Unfortunately I have two trades that may very well hit their 1000 pip stops. When I was first experimenting with this strategy (prior to starting this journal) I opened two trades against the trend.
Obviously that was not good but it will be a good test to see how this strategy works when the large stops do get hit.
I reopened that trade tonight with a sell order at 104.69. 50 pip trailing stop in place and 1000 pip stop/loss.
I opened a sell order because that is the direction of the longer term trend all the way back to June or July of 2007. I will have to play close attention to this pair mainly because the long term trend is only about a year old. This is a pretty short trend compaired to the current longer term trends of the other major pairs.
I keep looking at my account and seeing one trade clearly headed in the wrong direction. I shorted this trade back at 1.0050 before starting this journal. I am not exactly sure what I was thinking as this trade was clearly against the daily and weekly trend.
Currently this trade is at 1.0524. I have considered closing it early several times. I don't really know what to do. Also the Pound and the Euro are going through corrections right now so I am basically just waiting those out. I am in trades on both but they are only about 20 to 25% to their stops. I highly doubt they will hit their stops. The Pound could possibly just because it's the more volatile of the two pairs but I don't really think it will. We shall see.
I just noticed looks like there is a sizable breakout on the Yen. My trailing stop is sliding further and further into profit. I currently have just over 60 pips locked in.
The Yen, just got stopped out but only after netting me +67 pips. I will probably wait until tomorrow morning or maybe tomorrow evening before I re-enter a position with the Yen. When a trade stops out I think I am going to start waiting 24 hours to see what happens in case there is some sort of big correction like I am experiencing with the Euro right now.
