Euro Yen Trade Update

The market did what we expect it to do. It bounced off from the area where we expect it to run into some trouble.

My original plan was to move my stop to break-even when it got there. Well, I did not do anything with regard to fiddling with my stop simply because, err......I slept thru the whole thing (yes, I do screw up with my trade management from time to time just like everyone else)!

There's simply nothing for me to do at this point, except wait. Looking at the chart, it looks like this pair is now stuck in a wedge-like pattern. Since it is now nearing towards the apex, the market will show its hands which way it wants to go......real soon.

If it breaks the lower trendline, it means I'm still in the game. Will manage the trade accordingly as this happens, IF it does happen.

On the other hand, I will take a loss if the market goes north, as my stop loss is located just shy above the big round number of 135.00, effectively telling me that I was wrong in my assessment earlier.

That's OK, too. It's what the stop is there for, which is to prevent you from having a catastrophic losses should the market turns against you.