[TW] 3-5-2012 AUD/JPY Short by eddardstark

AUD/JPY 4-hour

Long or Short: SHORT

Entry Point: 88.00

Stop Loss: 89.00

Profit Target/s: 87.00, 86.00, 85.00

Reward-to-risk Ratio: 1-1,2-2, 3-1

Risk percentage: 1% per position, 3 positions in total

Indicators: None

Trade Rationale:I see a long-term rising wedge near the important 88.00 level. I expect the pair to find resistance when risk aversion kicks in following developments in the euro zone crisis. But I will only enter WHEN A REVERSAL CANDLE FORMS.

Trade Adjustments: Move stop loss every 100 pip move in my favor to minimize risk

May go to 90.00 before shorting. Recent bullish pinbar candle on weekly chart, and 90.00 is recent resistance level and strong psychological level.