My USD/JPY Trade (09-04-2008)

*Attached chart (Before). Click on it for the enlarged version.

Hello everyone,

This is my first trade for the week. I was like "KO" the whole of Monday and Tuesday due to the painkillers that SGH (Singapore General Hospital) gave me for my lower back pain.

Anyway, I initiated a short position on the USD/JPY at the price line of 102.15 at 11:26pm (Singapore Time) | 3:26pm (GMT).

From the hourly, it looks as if I am chasing the market due to the [Ash Cross Over] has long cross below but I was double checking this point of entry with the 4hourly and weekly and I see that it is alright to enter :)

Also my method of "Ambush" is being applied again. To get in before breaking out of the closing wedge or market consolidation.

My Stop Loss at 102.35 (20pips) and Target Profit at 101.45 (70pips) close to this week's pivot. Risk : Reward = 20 : 70 = 1 : 3.5

Now I am around 60pips in the money. Have shifted my stop loss to protective stop at 101.95 (20pips in the money)

Will update as this trade goes by :)

Peace and trade safely everyone...