Woohoo! Pips in the bag! I’m gonna have to exit this AUD/JPY short forex trade early before I take off for the holidays, but I’m still planning to jump back in soon. Last week’s commodity price tumble took the pair below the 87.00 handle before the strong bounce to 87.50 early this week.
In retrospect, I probably should’ve set a much tighter stop or aimed for a nearby profit target, knowing that I’d have to close my positions before the end of the year. What was I thinking, setting a 250-pip stop and a 500-pip profit target with just a two-week time frame?! Still, I’m pretty happy with the 60 pips (+0.24%) I managed to add to my account!
I’ll be looking to short this one again maybe next year, especially if oil and other commodities continue to fall, keeping risk aversion in play. For now, I’m content with watching forex price action unfold with the FOMC statement comin’ up!
Got any forex trading plans for the FOMC or are you also gonna grab the popcorn and watch the show like I plan to?
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