EUR/JPY: Need Help

Hi Guys: I made serious mistakes by entering long for EUR/JPY at 123.9. i did this in multiple accounts and closing the position will cost me loss of more than $ 6K… :frowning:

Can anyone suggest how to deal this situation… do you think i should expect turnaround from current from current price of 120.8?

Pls suggest.

Stop trading with real money for a few weeks to reset your midstate.
If you need to ask other random people on the internet as to whether or not you should get into our out of trade, with absolutely no context (funding status, risk preference, trade strategy), you are not ready to lose $6k…

Sorry to be harsh, but this is reality and you should take it as a wake up call and learn from your mistake.

You have just done a classic buy at the top. Remember when prices push crazy in one direction for a while it has to eventually retrace that’s just the natural course of the markets. Why didn’t you have a stop loss before watching the pair literally retrace 200-300 pips? I mean I’ll say this it’ll eventually retrace back there - I just can’t predict when it will be. Also how much lower can this pair go is another question to ask as well.

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if you cant get the book, mark douglas
in the Zone on you tube, 8 hours but good advice highlight s pitfalls with trading

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If the OP didn’t exit on the high today then likely price will settle at the Asian low around 120.40

There is risk off in the market right now - any chance of recovery will be Monday - providing no bad news over the weekend.

No point in a panic exit on a Friday with a risk sensitive asset - the USB10yr is slightly down today so maybe - don’t panic :slight_smile:

Quick edit: Wall St is the only index not printing a break of the low - so keep an eye there until the close

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There you go - no new low for the USD30 and likewise for Eur/Jpy - likely no bad news over the weekend so reasonable chance for risk on Monday - if it was me I’d hold my nerve.

Let us know how you get on.

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Thanks for the positive comments, yes i am holding it for now

Started watching Mark’s lectures… i think i got what i was looking for…thanks for the great advice…!


Obviously the entry was all wrong even before the price fell back.

But trading the same market in multiple accounts? - what was your plan for this approach?

Yes he well regarded among traders in general

on that moment i thought price is going to increase, due to limited funds in one account hit long shot on two but it reversed.

clearly it was mistake of my judgement as later on i noticed that price was just near the resistance and was going to retrace for sure… :frowning:

If you have enough capital bro, hedge it. Sounds easy but its a high risk move though

How would you apply a hedge here?

The Jpy portion is risk on/off right now - so lots of ways to apply a hedge - which would be silly, the OP’s exposure is bad enough without adding to it I suppose, so you are right to suggest to forget the hedge.

The news over the weekend was reasonably low - except for Florida, but the positive there is that they are doing more testing thus causing a jump in confirmed cases.

Early signs from Asia look ok.

Edit to that: some positive news possibly China/USA - markets will like that if true.

sorry the course is about the psychology of trading and not about possible entries ,looks like you might have to do some study regarding that too.You must have held the trade about a week then ive experienced it a few time myself
good luck

Although i am new but what i learn is its game of psychology…entry/exit you can buy as signals but if you dont have required psychological traits then you can ruin yourself even with good technical knowledge…

Part of psychological trait is to take entry seriously and weigh the decision which i missed in this case.

well they no point been the most accomplished reader of the charts if you struggle to accept loss.Though you have to find a strategy ,signals i will leave that to the more experience and knowlegdble guys to explain,i don t bother with them i tried a few when i started but they was nt good

its got to break the daily 20 ma yet

If your buying, execute a sell either with a higher pip value or with a higher take profit. But yeah, of course it takes a lot of capital to do this.

Hope you held firm - risk is switching to on atm