Lost: 350 pips
Trading with Stop Loss. I entered a Long Position via a Limit Buy at around 9.54 am.
The price kept falling and falling and at 10.45 pm, I experience my first Margin Call.
The price had dropped 350 pips in 12 hours. In terms of price, this is a 70% loss and is my biggest lost so far since I started trading in Dec 2007.
To me this is a most unexpected price behaviour for the EUR-JPY which is a ranging pair.
It appears that EUR-JPY's daily peak-to-peak amplitude is far wider than that of the CHF-JPY pair.
Unfazed, I took stock of my trading strategy again. Upon analysis, I find the CHF-JPY pair to have a smaller peak-to-peak daily amplitude and that is where I will focus on for my next trades. However, CHF-JPY seems to have a wider spread this week, today it is 5 pips. For the past 6 weeks it was 2.8 pips. This week seems to be a departure from the norm. However, the amplitude for the M1 chart seems to be about 20 pips as of writing. I figure that, so long as the bollinger band's width is much bigger than the spread, range trading is still possible. In this case, the spread is 5 pips, but the Bollinger Band is 20 pips.
I will still apply the same trading system, ie.
1-pip Range Trading Strategy without SL
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