USDJPY long. Higher risk than my usual trades, but it is still in my trading window. Going for 30 pips. As you can see, I was already stopped out of this one once right after missing my TP by a smidge.
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I meant to post only the USDJPY chart, but I fudged up. Forgive me, I am new to this sharing thing lol.
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Well, that one didn't go well lol. I knew it was higher risk as it is Friday and it's close to 11am. I also figured the first time I share a trade that it would fail spectacularly as that is seemingly how the universe works There is usually one pair a day that just won't move upon my entry signal and USDJPY is that pair for me today. It also makes sense that USDJPY would fail since other JPY pairs moved earlier in the session and USDJPY did not. I had the idea that USD was ready to move and if it was, USDJPY was in the best position to do so, but the entire idea was off. Still up 521 pips for the week so I'm not sad.
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This is why I don't add nor move my stops. I use a 35 pips stop and usually I can get out for between 5-15 pip stop loss, but I do get caught for 35. Unfortunately, I got caught 2x on USDJPY today even though the first trade ran 28 pips towards my 30 pip target. Losing 35 is a thousand times better than being down, as of this moment, over 200 pips on a single trade. Use a SL people. My 35 pip stop is just for instances like this. Emergency stop for an emergency situation. Onto the next!
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USDJPY dumped for over 500 pips starting at 10:30am NY. Now, if I had tried to move my stop or add positions, I would've been in for nothing but a lot of pain. It's okay to take a SL. Even a full 35 pip stop if it prevents you from potentially losing 500. I may have been wrong, but I can take solace in the fact that my stop loss saved me from being majorly steamrolled.