Trading idea for yen

Trading 05 Nov 2020 Donner votre avis

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The US elections took place last November 3 and votes are now being counted. Despite several controversies, Democratic leader, Mr. J. Biden is leading.

Now, let's consider the trading idea for yen:

We won't go deeper below – for better or for worse. Yesterday, we observed how the US dollar weakened on almost all instruments after the presidential election. This is particularly clear in the USD/JPY pair, which closed with a large bearish pin bar invader yesterday.

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However, there are traders who do not want to sell or buy the pair at the moment. Therefore, it is suggested to do this at least until the false breakdown of 104 (which may be true). Otherwise, we will fall into the buyers' trap, who have been able to limit their risks only to the quote for two months now, and they simply do not have any other options. As we can see, this is a trap that will close soon, so we should not fall into it!

The methods of "Price Action" and "Stop Hunting" were used for the trading strategy.

It is necessary to control the risks in order to prevent losing profit. We should also note that trading in this market is quite risky and unpredictable, although profit can still be earned as long as the right techniques are used.

Good luck everyone!

The material has been provided by InstaForex Company - www.instaforex.com

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