Hey all! I just realized I haven’t updated you on what happened to my USD/JPY forex trade. It only took a bajillion years, but here it is!
A couple of weeks ago I bought USD/JPY ahead of the U.S. GDP report that everyone said would print positively.
Well, it did! In fact, the pair even flirted with a mid-channel resistance on the 4-hour time frame before it saw any bearish pressure.
I also told you guys about how I adjusted my stop losses to breakeven before Uncle Sam printed the much-awaited NFP report.
Unfortunately for the Greenback, the headline NFP missed analysts’ expectations. Not only that, but dollar bears were also undeterred from pricing in the PBoC raising its RRR earlier in the day.
USD/JPY ended up inching lower over the next couple of sessions, enough to trigger my adjusted stop loss. Boo! I was only able to bag enough pips to cover the spreads, which essentially resulted to a breakeven trade.
Here are the deets:
Total: 0 pips/ breakeven trade on 0.50% risk
I guess I could have gotten a pip or two more if I had closed when I saw that USD/JPY had broken below the rising channel that I was watching. Or maybe I should’ve just closed my trade before the NFP report was released.
How long should 4-hour trades be kept open anyway? There’s probably a rule book out there somewhere. What do you think?
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