Trade Closed: USD/JPY Triangle Breakout

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!

Trade Idea: USD/JPY Triangle Breakout!

Trade Update: USD/JPY Triangle Breakout!

USD/JPY Triangle Breakout: Locking in Pips!

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.

USD/JPY: Daily Forex Chart

USD/JPY: Daily Forex Chart

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?

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Here’s my Q3 2016 Trade Review and Reflections
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  • GerhardtW

    As the U.S. presidential election is still in progress I recommend you to stay out of the market. The volatility will probably be increased in the next hours, however, if there is a penetration of the 104.60 resistance level the price I think will expose until the 105.20 barrier.
    I hope this is helpful.