[TW] 05-07-2012 CHF/JPY Short by ForexTraderZaNet

CHF/JPY - 4 Hour Timeframe

Long or Short: Short
Entry Point: Approximately 87.4
Stop Loss: 88.35
Profit Target/s: 85
Reward-to-risk Ratio: About 1 : 4
Risk percentage: 1%
Indicators used: RSI, Stochastic to confirm when time comes. Trendlines for entry point. Previous resistance for target.
Trade Rationale: Market is getting forced in to a wedge, there is a strong downwards momentum, and once it’s cracked that trend line there is little resistance until all the way down to below 85.
Trade Adjustments: Open 4 small trades. Once in 50 pips profit move all to break even. Assign trailing stops on 3 trades at 40, 80 and 120 pips. Single trade with no trailing stop to be closed at target level.

On a side note. Also watch the eur/jpy, I am avoiding the USD until Wednesday unless I see something perfect.

Looks like this trade already won if you placed it on Friday

i also took this trade but more on there was a Daily IB with downwards momentum - entered short at 87.63 (from memory)
was able to get about 150 pips out of it.

so very similar

I actually took it shortly after placing it and rode it through the volatile time. Was quite an emotional rollercoaster, but ended quite well.