My USD/JPY Trade (12-03-2008)

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

Hello everyone,

I shorted the USD/JPY today at the price line of 102.80 at 6:43pm (Singapore Time) | 10:43am (GMT).

Based on price action analysis and candle pattern. Supported by my secret analysis and 200ma is a strong resistance level.

Was waiting for price to cross below 102.80. When it did, I placed an order to sell at 102.80. It was filled at the mentioned time above.

Stop loss at 103.03 (23pips) and Target profit 101.90 (90pips). Risk : Reward = 23 : 90 = 1 : 3.9

Currently, I'm in 40pips in the money. I have already shifted my Stop Loss to protective stop at 102.79 (1pip in the money).

Will update as this trade goes by :)

Peace and trade safely everyone...