My USD/JPY Trade (08-05-2008)

*Attached chart (1hour-Before). Click on it for the enlarged version.

Hello everyone,

I shorted the USD/JPY today, [08-05-2008] at 10:09am (Singapore Time) | 02:09am (GMT) at the price line of 104.75.

what I saw was that, price action movements and candle pattern. After price has broke below my [Ash Weekly Pivot], it was unable to break above with a formation of candle pattern which is called "Falling Three Methods". It is a sign of continuation on the downside. My analysis was supported by Fast and Slow [Ash C Wave] down, MAs down and [Ash Cross Over] down. Double checked with the 4hour chart, [Ash Cross Over] down as well.

My Stop Loss at 105.01(26pips) and Target Profit at 104.00(75pips). Risk : Reward = 26 : 75 = 1 : 2.88

Market has moved in my favour and currently, 10:38am (Singapore Time) | 02:38am (GMT), I am around 30pips in the money. Have shifted my Stop Loss to Protective Stop at the price line of 104.74 (1pip in the money).

Will update as this trade goes by :)

Peace and trade safely everyone...