After waiting for days for the breakout to materialize, I’m finally able to lock in pips. And right on time for the U.S. GDP release, too! Here’s what I’m up to:
Trade Idea: USD/JPY Triangle Breakout!
Trade Update: USD/JPY Triangle Breakout!
As I’ve mentioned in my Twitter update a while ago, I have moved the stop loss on my long USD/JPY trade.
The trade is about 200 pips up right now after USD/JPY confirmed a break-and-retest-then-consolidate-then-break situation around the 100 SMA on the daily chart. And, with the Fed not discouraging speculations that it will raise its rates in December and U.S. Treasury yields attracting more dollar bulls, I think the pair will continue to see more gains until the end of the year.
That doesn’t mean that I’m not managing my risk though! As much as I’d like to add another position, I’ll be sitting on the sidelines until the U.S. Q3 2016 GDP report is released. Forex Gump thinks that we’re in for a disappointment, which could weigh on USD/JPY before extending its uptrend.
I’ve adjusted my stop loss to 104.00, which should give me about +65 pips (+0.05%) if price goes back down to the level. I’ll be watching the U.S. GDP release and look out for possible entry areas for my next position/s.
Got any tips on where I can enter? Also, do you have any dollar or yen-related trades? How are you managing your positions?
Don’t hesitate to share!
Here’s my Q3 2016 Trade Review and Reflections
Read the 5 lessons I’ve learned in 2015
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