[TW] 04-30-2012 AUD/JPY long by jenesaisquoi

Trading Discussion
1

aud/jpy 4 hour TF

Long or Short: long

Entry Point: 83.00

Stop Loss: 82.40

Profit Target/s: p1 = 83.70, p2 = 84.50

Reward-to-risk Ratio: almost 2:1 if both targets are hit

Risk percentage: 2% (1% on each position)

Trade Adjustments: Moving p2 to breakeven if and when i hit my profit target for p1.

Trade Rationale: I think the long-term range on aud/jpy will hold since support at around 83.00 has been very strong. The BOJ will keep monetary policy easy for the foreseeable future, providing support for yen pairs.

2

Thanks for your trade idea jenesaisquoi!..i agree with your range play…however, i think it’ll reach 83.00 by the end of this week or next week…I think it’s more likely to reach back to the resistance first…so i’ve actually put in a short order at 84.75 the higher range of resistance…and being conservative with a TP at 83.75…if it gets triggered and I’m feeling more confident of the range then i’ll make that my first p1 and make 83.00 the p2…let’s hope it stays within your range!..bon chance!