[TW] 9-26-2011 GBP/JPY (Short) by salt-n-pipper

Long or Short: Short
Entry Point: 120.00
Stop Loss: 120.75 (above Fibo level and falling trendline)
Profit Target/s: 117.00 (near previous low)
Reward-to-risk Ratio: 4:1
Risk: 1% of my account balance

Indicators: Stochastics (14,3,3)

Rationale:
Fundamentals = risk aversion, talks of possible QE in the U.K., yen strength across the board

Technicals = Fibo level and falling trendline resistance, possible support-turned-resistance level at 120.00

Trade Adjustments:
If price drops sharply to my profit target, I’ll move stop to break even and try to add to my position. If the pair doesn’t reach 120.00, I’ll cancel my orders. I also plan on closing early if there’s a strong news report that would provide support to the pound or weaken the yen.