My USD/JPY Trade (13-03-2008)

*Attached charts (Before) & (After). Click on it for the enlarged version.

Hello everyone,

After my previous USD/JPY that got stopped out at 1pip Protective Stop > Click Here.

In the wee hours last night, I saw a continuation. Initiated a short position at the price of 102.15 at 1:22am (Singapore Time) | 5:22pm (GMT).

What I saw, as per usual, candle stick pattern, price action, cannot break my 200ma and cannot break above the weekly pivot. Supported my secret analysis.

My Stop Loss was at 102.40 (25pips) and Target Profit 101.40 (75pips). Risk : Reward = 25 : 75 = 1 : 3

Then I went to sleep :P

Woke up today at 10:00am (Singapore Time) | 2:00am (GMT). Saw that my Target Profit was hit at 5:41am (Singapore Time) | 9:41am (GMT).

75pips profit for this trade :)

I have mentioned from my previous post > Click Here. From what I can see now, the pair has broken down, out of the monthly wedge, it is possible that JPY is strengthening. I'm looking forward for downward oppotunity.

Peace and trade safely everyone...