My EUR/JPY Trade (15-11-2007)

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

Hello everyone.

Last night, EUR/JPY was looking good. Towards the end of 11:00pm (Singapore Time) candle, I saw that this pair is losing momentum to the up side and a formation called "Reverse Hanging Man".

With a channel drawn and using my "Similar Wave" pattern, I did a quick analysis on where I should take my profit. At 12:00am (Singapore Time), I initiated a short position at the price line of 162.20. My stop loss was at the price line of 162.60 (40pips) and my target profit at the price line of 160.30 (190pips).

Today, I woke up, it was looking good and I shift my stop loss to entry price but after it broke my support at 161.00 at around towards the end of 10:00am (Singapore Time), market was hovering around that price. I wasn't comfortable with the price action and I manually close this trade at the price line of 160.96. That is 124pips profit for this trade.

If this pair still have the strength on the downside, I will still look forward for selling opportunity today.

Peace and trade safely everyone.