Hi again, this is Mrs. Watanabe, the novice forex trader from Japan.
After losing over 3 million yen in just one trade, I am on a mission to make back my losses. This time I will trade smartly and strategically. I have a plan and I will pursue it with vigilance.
In my last post I shared my first trade idea - a limit order to go long USD/JPY at 133. Unfortunately the market got away from me and went higher. Since I am expecting range trading between 130 and 135 for a while, I decided to put another limit order to short USD/JPY at 135. As usual, I practice risk management, so here are the parameters of my trade:
SELL LIMIT ORDER $100,000 at 135
TP 133
SL 136
Risk to lose 100,000 yen
Gain 200,000 yen if successful
The limit order above has been executed, so I am back in the market! Also, the other order to buy at 133 has been canceled.
Let’s see how it goes.
The journey continues!