Profit Target Hit: Short-Term USD/JPY Uptrend

I was in and out of this USD/JPY trade real quick, and fortunately I was able to score pips! In case you missed my short-term trade idea, don’t forget to read my previous blog post.

Long USD/JPY Trade

I kept this one pretty simple by going long on a pullback to the rising trend line visible on the 1-hour forex chart then aiming for a 1:1 return-on-risk with a 200-pip stop and profit target. I thought I had already missed the chance to catch a decent win on USD/JPY’s uptrend after I closed my swing position too early a few weeks back, but it looks like the scalping gods looked kindly upon me this time.

USD/JPY 1-hour Forex Chart

USD/JPY 1-hour Forex Chart

Economic data from the U.S. was mostly stronger than expected yesterday, although the focus was still on the OPEC meeting and yen weakness was a persistent theme. I’m keeping a bullish bias on this pair since the U.S. remains on track towards hiking interest rates this month, but I’m inclined to wait for yet another pullback to go long at a better price.

For now, here’s what I got:

P/L: 200 pips / +0.47%

The pair climbed more than 50 pips past my PT and I couldn’t help but wish that I caught a few more pips on this one, but a win is a win! Besides, I think I was able to get in at a pretty good price right on the test of the trend line and this week’s lows.

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 Q3 2016 Blog Trading Performance

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