Trade Review: AUD/JPY Symmetrical Triangle

I’m outta here! Weaker than expected Australian jobs data might keep AUD/JPY below its long-term ceiling for now so I’m booking my profits pronto. Before reading on, make sure you check out my initial trade idea first.

Long AUD/JPY Idea

In my latest update, I’ve rolled my stop higher in order to have a risk-free position on this one, just in case price suddenly drops on a disappointing Australian jobs report. The results did come in below expectations, as the economy lost 9.8K jobs in September and saw a large decline in labor force participation.

Because of that, AUD/JPY failed to break past the 80.00 barrier once more, which lines up with the long-term descending trend line resistance that Big Pippin posted on today’s Chart Art.

AUD/JPY 4-hour Forex Chart

AUD/JPY 4-hour Forex Chart

That’s why I just decided to take my winnings in run instead leaving it all on the table while Aussie fundamentals aren’t looking strong enough to push for more gains. I was able to get out at 79.60 for a gain of 118 pips from my average entry price (78.42) or a 0.13% win. Not so bad, eh?

I’m still bearish on the Japanese yen but not so sure about my bullish Aussie bias at this point, especially since the earlier jobs figures have suffered significant downgrades. Think I made the right decision to hop out of this long position?

As always, remember to never risk more than 1% of a trading account on any single trade. Adjust position sizes accordingly. Create your own ideas and don’t simply follow what I do.

Risk Disclosure
Pipcrawler’s Q2 2016 Blog Trading Performance