Hello again, Mrs. Watanabe, the newbie forex trader here.
I will update you on my USD/JPY trade.
I went short at 135, expecting that level to hold and then for us to go down to my TP of 133. What happened instead was a breakout higher, which resulted in my being stopped out since I had a SL set at 136.
So I lost 100,000 yen. But this was a planned loss since I knew what my maximum loss was in advance. It is not like the huge surprising loss of 3 million yen last week.
Now I will reevaluate the market in view of establishing another position next week.
The current market level is around 137, and we are firmly above 135. The next target is another attempt at 140. I expect range bound trading between 135 and 140 for a while. And I have prepared the following two positions for that:
Long $100,000 at 136.00, TP 138.00, SL 135.00
Or
Short $100,000 at 139.00, TP 137.00, SL 140.00
Both are placed already and active for 1 week. When one gets hit, the other order will be canceled.
I will update you again once we have new developments. Have a nice weekend!