I think I just got lucky but can someone explain what just happened.
As we know the EUR/JPY struck all time highs on Firday during US trading day. I had been banking on a drop soon so I sold on the Eur/JPY at 162.82 but it only went up and up, I continued to sell at the higher levels. Before I could closed off my losses(I dont really use stop losses,) I was posting a loss of $218.00 on an open position of -60,000 with the EUR/JPY closing at 163.30 at the end of Friday and I’m only trading with 700 bucks to cover my position.
Today I waited for the opening of the Asia session at 5pm ESD ,sweating and planning to close of my losses quickly. Low an behold the Asia session opened at 162.62 and not only were my losses gone but I had an instant $128 profit, which i immediately grabbed.Giving me about a 20pip profit
I just learned Chiana raise reserves, giving the JPY a bit of strength in the Asia session.
That was some dumb luck!
Dont leave positions open over the weekend:eek:
By the way this is my LIVE trading account