My USD/JPY Trade (21-08-2008) --- Position Squared

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Greetings everyone,

Today [21-08-2008], my trade on the USD/JPY. I shorted the pair at the price line of 109.65 at 09:07am (Singapore Time) | 01:07am (GMT). From price action that happened during early morning, market has moved down and cut through my Weekly Pivot plus my MAs are down and market has also moved below my 200ma. It is unable to clear back up and hence, I shorted it at the mentioned price line and time. I played with my "Similar Wave Pattern" analysis to pre-determine possible Target Profit and upon entry, the Fast MACD is sliding down slowly and my Stochs are no where on the upside.

My Stop Loss was at 109.85 (20pips) and Target Profit at 109.10 (55pips). Risk : Reward = 20 : 55 = 1 : 2.5.

As market moved down to around 109.20 area, I shifted my Stop Loss to Protective Stop at 109.65 (0pips) and my Target Profit to 108.95 (70pips). My final shifting was when market reached around 109.05 - 109.10 area, my final shifting of Protective Stop to 109.20 (45pips) and Target Profit to 108.65 (100pips) and I went for my smoke break.

My Target Profit was hit at 02:38pm (Singapore Time) | 06:38am (GMT) while I was having my smoke break, 100pips profit for this trade :)

Peace and trade safely everyone...