The day the EUR/JPY fell off the cliff…(the USD/JPY doesn’t look much different).
I was long. <—- Yes, I was long at the top…actually above the top (128.25 to be exact.) I am down 561 pips as we speak. I don’t trade with set stop losses – I use a mental one and a gut feeling. Unfortunately I wasn’t near a chart when this happened in less than an hour. I doubled my long position @ 123.54 (currently down 94 pips).
What I see now – rapid and erratic price movement to the south side (everyone knows the south side of town is the dangerous part of town). If I was starting with no positions in, I would buy here. Price is winding and winding with a few consecutive inside bars…Price has been stretched to the downside and if ANYONE was looking to get in long, this is the spot where they will do it.
This will be my truest test of my Martingale Strategy. I am not fully convinced of it, but I said I would use it until it broke…
I’ll keep you all informed of my progress and let you know what I am doing…I might double it again if we see a huge move down…but we’ll see.
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