Well we’re almost there as I’m carrying ad very heavy position into the weekend.
I need to be banned permanently for trading FX and CFD Indices for the rest of this year.
This time round a it was going well throughout the week until Friday when the new potential Bank Of Japan Governor was announced and it was a JPY-hawkish guy and USDJPY started to crash.
I thought it was a guaranteed strengthening of the Yen and it really looked that way as USDJPY plummeted from 131.80 all the way down through 131, then headed to 130. And as I grew more confident, I loaded more and more Yen that I could possibly sell until I had a 1.5M position.
In fact I even sold a huge position at the near low of the day of 129.80, before things started to turn ugly.
Then suddenly USDJPY spiked upwards and surged past 130.50 and through 131! It turned out that this JPY-hawkish guy had to come out and say he would continue to remain dovish if elected as governor.
By evening as US stock markets opened, the USD further strengthened, taking USDJPY up to 131.50, near where it started the day.
Cui.
So now I’m sitting on a short 1.5M position in USDJPY at the weekend close of 131.48, on an $18K loss, with the potential to lose $27K because my stop is at 132.
I also don’t know what to do.
Hopefully Monday opens and JPY strengthens on the back of the market thinking that this hawkish guy was just blowing hot air. Else this time gonna BBQ le.
Will try to update.
I need to stop trading FX liao lah knn.
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