[TW] 2012-08-31 Short EUR/JPY by pipballer

Trading Discussion
1

EUR/JPY: 4-hour timeframe

Long or Short: Short
Entry Point: 97.80
Stop Loss: 98.30
Profit Target: 97.00
Risk Ratio: 80 pips to 30 pips - 2.7:1
Risk involved: 1% of account

Rationale:
Expecting sell off during jackson hole. Die euro die!

I think lack of quantitative easing announcement from central banks will cause worry in market, causing euro to sink hard.

Its even possible we might see a downward gap over the weekend… or at least thats what im hoping :smiley:

Trade Adjustments:
If the move is very strong, I may leave my position open to see how far it drops.

2

And also for this trade of the week: it’s not very smart to issues this trade right before the results of Jackson Hole are known.
Forex is often a game of patience, so maybe it would have been better to wait with the issue of these “trades of the week” till after market close on Friday?
No one can make an informed and wise plan at this moment with breaking news in just a few hours.

3

I would set it up a little different, making orders on both side of the range. Otherwise I like it!

4

sorry pipballer, but if your target is 97.00 and SL 98.30 with Entry on 97.80 you have RR 80 pips to 50 pips (not 30) = 1.6:1 :33: