CHF/JPY - 4 Hour
Long or Short: Short
Entry Point: 90.25 (At Fib 61.8% Level)
Stop Loss: 92.00 (Recent Swing High followed by a 100 pip Trailing Stop)
Profit Target/s: 87.00 (Recent Swing Low)
Reward-to-risk Ratio: 3:1
Risk percentage: 3 Positions equaling 3% of Trading A/c
Indicators used: Stochastic & Fibonacci used. Also considered previous Support Zones.
Trade Rationale: CHF/JPY is presently in a retracement and expected up to Fib 61.8% level (90.25) where previous Support Zone is coinciding with fib 61.8 level. Stochastic is also passing through the overbought territory.
Trade Adjustments: When 89.25 Hit, take 2nd position with both 100 pip stop and Trailing stop. Add 3rd position accordingly at 88.25. Close monitoring after taking 3rd position may reward good results.:18: