It wasn't expected as I thought the BOJ would only intervene at the 80.00 level but as we always seen every now and then, anything can happen in the market.
Though technically there is no reason to go long on this pair, fundamentally anything can change the market direction, either briefly or abruptly that could caught anybody unaware.
At the moment, this position is at 160++ pips in profit and I am still considering whether to hold this position or just take the profit and walk away.
You see, this is where fear vs greed will cloud our decision. This is a life example.
At one point, I did feel like a loser when going long at 84.00... in which I was over 100 pips in red when it went below the 83.00 level. The feeling of losing, fear, almost gave up, escape were all there hunting me to click that "close position" button in order to minimize my potential lost.
But then, when the market pops up over 300 pips after the intervention... My psychological state changed instantly from fear to greed (or smart maybe) in which I am start considering the possibility to swing this position to at least 500 or 1000 pips level in a few weeks or months time.
Which one should I do?
If I were to hold and the market reverse, sure I will regret as not to take it when I had the chance. But then, if I exit now and the market cruise for another few hundred pips, I sure too regret it as well as I could have gained more.
Yes of course it's easy to say not to be emotionally attached with your position but in this situation, when real money is on the line, you got to look carefully from all angles and assess the potential risk accordingly.
The best bet would be to break even by putting my stop at my entry price and let it travel to my target price, if the price is ever to reach there.
In this case, I am seeing the big resistance at 94.97 (multiple fibonacci levels) so putting my profit target at 94.00 (1000 pips from my 84.00 entry price) would be reasonable from a single perspective. But considering Elliot Wave, Moving Average as well as RSI and few other indicators, it may be too much for me to target.
Anyway at this point, I will likely to hold rather than exit. I got to try to win big sometimes with zero risk on the line by breaking even this position. Let's see whether this price will ever break the 90's and climb even further to that 94.00 target level in the next few weeks or months probably.
The time limit? I'd probably give it until end of December if I have too...
Have A Nice Day!
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