[TW] 07-30-2012 EUR/JPY Short by Pinggwyn


Long or Short: Short
Entry Point: 98.75
Stop Loss: 101.80
Profit Target/s: 95.00 or 94.75
Reward-to-risk Ratio: around at least 1.07:1
Risk percentage: 1%

Trade Rationale:
Technical - Possible 61.8% Fibonacci resistance, previous highs and lows, waiting for overbought Stochastics

Fundamental - Talk-induced rally probably won’t last, euro is still fundamentally bearish.

Trade Adjustments:
I’ll wait for Stochastics to reach overbought. I’ll also move my stop to break even if price reaches my trigger and closes below the 50% Fib.