[TW] 02-04-2012 - NZD/JPY (short) by dudest

NZD/JPY Weekly

Long or Short: Short
Entry Point: 67.23 (10 pips below the close of the BEEB)
Stop Loss: 69.22 (10 pips above BEEB high)
Profit Target(s): 65.30
Risk-to-Reward Ratio: ~ 1:1
Risk percentage: 3 positions equaling 3% of trading a/c
Indicators used: None. Using support/resistance and a price-action setup [ large bearish engulfing bar (BEEB) at swing high ]
Trade Rationale: A large bearish engulfing bar (BEEB) has formed at a major resistance level
Trade Adjustments:
-> When 66.23 (50%) is hit, take 1st position off, and move rest to break-even.
-> When TP (65.30) is hit, take another position off, and move SL of 3rd position to just under 63.30 and let it run (trailing stop here would be a good option)