[TW] 6-16-2012 AUDJPY Short by mynameisfez

[mynameisfez]

AUDJPY 4 hour

Long or Short: Short
Entry Point: 79.50
Stop Loss: 80.00
Profit Target/s: 78.50, 78.00
Reward-to-risk Ratio: 2:1 and 3:1
Risk percentage: 1%
Indicators: none

Trade rationale: There is a rising wedge pattern and I think risks in the euro zone are still a lot and they coul turn market sentiment sour.
Trade adjustments: Move stop to breakeven when price hits first pt

[hno2005]

@mynameisfez

AUDJPY 4 hour

Long or Short: Short
Entry Point: 79.50
Stop Loss: 80.00
Profit Target/s: 78.50, 78.00
Reward-to-risk Ratio: 2:1 and 3:1
Risk percentage: 1%
Indicators: none

Trade rationale: There is a rising wedge pattern and I think risks in the euro zone are still a lot and they coul turn market sentiment sour.
Trade adjustments: Move stop to breakeven when price hits first pt

I like the trade. another reason to go short is that the market is at long term Trendline and a break below the pattern is a perfect place to go short