Aaaand I’m out! Thanks to uncertainty ahead of the U.S. Presidential elections, USD/JPY dropped back down and hit my adjusted stop loss. Time to look for another trade opportunity!
As I’ve mentioned in my previous post, I adjusted my stop loss before Uncle Sam printed its Advanced Q3 2016 GDP report. And it’s a good thing that I did! Though the actual GDP report didn’t cause big waves among dollar pairs, a new headline popped up and dragged the Greenback lower across the board.
If you’ve been watching the U.S. Presidential elections pretty closely, then you’ll know that the FBI re-opened its investigations on candidate Hillary Clinton possibly committing crime/s by using private email servers for official communication. The FBI has eventually cleared Clinton (again), but the damage to the dollar has been done.
My adjusted stop at 104.00 got triggered, giving this trade +65 pips and boosting my account by a cute 0.05%. Not a bad play overall, though I probably could have taken profits instead of just locking in pips a few days back.
Do you think a long USD/JPY trade is worth pursuing? Should I attempt to re-enter this potential uptrend or should I wait until the election brouhaha has done its worst on forex volatility?