Midweek outlook
This week, I think each currency pair easily extended by 100 pips. If take-profit was hit at 100 pips, most currency pairs would have profited. However, ultimately, it went beyond the point to look at, so even if you switched to a counter position from there, I think many pairs would have reached 100 pips.
In the first half of this week,REAL TRADEwe actively held long positions in USDJPY, AUDJPY, CHFJPY, and NZDJPY, thinking 200 pips or more was possible. When I focused on extending the trades, REAL TRADE held 16 positions, but because I hadn’t adjusted trailing stops (this week, it seemed I hadn’t set many exit locations), eventually it ended at the initial stop-out line. Since I had set the initial stop allowance somewhat larger when taking the positions, I think the loss was larger than usual.
Although it exceeded 100 pips, because I did not set a trailing stop, I did not end positively and finished in the red.
The reason for not setting profit-taking at 100 pips was that I did not aim for 100 pips. Still, I should have set a trailing stop after surpassing 100 pips, but I did not set a trailing stop at all, at least to finish in profit.
Because I left the charts unchecked, even though it reached 100 pips, I did not set a trailing stop, and the trend changed, resulting in a stop-out.
This is fine in its own way. Missing 1 pip and a full rebound can happen, so this is the result this time.
If I hadn’t placed a stop-out, the account would have run out of funds. A larger stop can still be useful. In this way, stops play a crucial role when the trend changes.
I’m glad I could see the importance of stops here. I think what I always say has been proven.
I think many people made a profit in the first half this week by hitting 100 pips.
In the latter half, as the trend continued on those pairs, it’s easier to move with the trend, so currency pairs that moved extremely in one direction may retrace by about half.
If you watch carefully at the right places, you can clearly understand the direction of the trend.
AUDNZD had been range-bound last week, but has finally turned downward in trend. It looks like it could go to the very bottom. Haha. (At the beginning of the week, AUDNZD likely switched from JPY to me. It ended up like this, though.)