My USD/JPY Trade (28-02-2008)

*Attached chart. Click on it for the enlarged version. It is a 4 hourly chart rather than my usual 1 hourly chart.

Aloha everyone,

Today, I was looking to short the USD/JPY again...

Under 1 hourly chart it wasn't nice but when I switch to 4 hourly chart. It was beautiful :)

I have my bear flag and price action. On top of that, with my secret analysis.

Short it at 11:55pm (Singapore Time) | 3:55pm (GMT), the price line of 105.90.

My stop loss is at 106.12 (22pips) and target profit is 105.00 (90pips). Risk : Reward = 22 : 90 = 1 : 4.09.

Currently (12:10am [Singapore Time] | 4pm [GMT]), I am in 29pips in the money. Shift my stop loss to protective stop at 105.89 (1pip in the money).

Will update as this trade goes by :)

Peace and trade safely everyone...