[TW] 2012-3-19 AUD/JPY short by donnapinciotti

AUDJPY 4-hour

Long or Short: SHORT

Entry Point: MARKET (88.00), 87.25, 86.50, 85.75

Stop Loss: 88.75 (will move every 75-pip move to my favor as I add more positions)

Profit Target/s: ultimate target for all positions is 85.00

Reward-to-risk Ratio: if all targets hit, 10:1

Risk percentage: 0.3% per position

Indicators: nonce

Trade Rationale: For the most part, this is a technical trade. I saw a rising wedge on the 4-hour timeframe around the most recent high. Fundamentals don’t look that good with the JPY still weak because of BOJ decision. That’s why I only risked 0.3% instead of my usual 1%.

Trade Adjustments: I will add another position and move my stop by every 75-pip move in my favor.

Took a while but this trade is playing out well. I hope it trades all the way down to 85.00!

Shorted at 88.00, 87.25, 86.50, and 85.75. Stops for all positions now at 86.50. PT for all positions at 85.00.