Dollar dominatiooooon! Thanks to the dollar’s recent rally, my long USD/JPY trade hit its original profit target.
A few weeks ago, I told you guys how I bought USD/JPY because I was confident that the Fed will still be hawkish enough to raise rates another time in December and that the dollar’s selloff presented a good retracement opportunity.
It took a while for USD/JPY to see extend its uptrend action. Heck, I even moved my SL to break even when top-tier events like BOJ’s decision and an NFP event could’ve swung USD/JPY in either direction!
Adjusted my USD/JPY stop loss to breakeven ahead of the BOJ. Gotta love risk-free #forex trades! https://t.co/dQATpU2Ktj
— HuckleKiwi Pip (@LoonieAdventure) October 31, 2018
Fortunately, a hawkish FOMC statement kept USD/JPY in an uptrend, enough for prices to hit my profit target a few days ago. Woot!
I’ve gained +150 pips (+0.50%) from this trade, which is SO MUCH FUN because it’s been a while since a pair hit my original profit targets.
USD/JPY is stalling around the 114.00 MaPs rn, but you can bet I’ll be watching for another retracement in case the bulls are in the mood for a longer uptrend.
While I wait for another retracement, I’ll be on the lookout for other good-looking setups. Got any charts in mind? Maybe a triangle on Cable’s chart? Or how about a big reversal on EUR/USD?
Let me know if you’re watching any setups you’d like to share!
This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.