My EUR/JPY Trade (12-11-2007)

*Attached chart. Click on it for the enlarged version.

Hello everyone.

Today, as usual. I was looking at GBP/JPY and EUR/JPY, other than the Majors.

Today with the EUR/JPY, I have my first set of resistance and support. Resistance at 163.83 and support at 160.03. Around afternoon time, EUR/JPY bounced at the price line of 161.00 but the candle pattern's strength on the upside wasn't there. I initiated a short position at the price line of 161.40 at 4:39pm (Singapore Time). Stop loss at 161.80 (40pips) and target profit at 160.10 (130pips), which is near to my support. I am a conservative trader :P Hehehe... This trade with a Risk:Reward of 40:130, around 1:3.

I went out for dinner with my fellow comrads at around 6:30pm (Singapore Time). Wasn't looking at the charts, when I got back to my laptop at around 9+pm (Singapore Time), my target profit was hit at 7:06pm (Singapore Time). Not bad virgin trade for this week of 130pips while having a good time outside :)

Peace and trade safely everyone...