[TW] 2012-08-06 CAD/JPY Short by monstapips

[B]CAD/JPY 4-hour chart[/B]

[B]Long or Short: [/B] Short

[B]Entry Point:[/B] short at 78.10

[B]Stop Loss:[/B] 78.50

[B]Profit Target/s:[/B] 76.50

[B]Reward-to-risk Ratio:[/B] 4 to 1

[B]Risk percentage:[/B] 1%

[B]Trade rationale:[/B] really just a technical trade. Resistance has been holding really well at the 78.10 mark. I will wait for candlesticks to stop at that area and ideally for Stoch to hit overbought, but if it seems to be holding, I won’t hesitate to short.

[B]Trade adjustments:[/B] none

Its like u posted this chart b4 the close of friday’s market. If u had set a SELL limit order you must have been stopped out since on Friday because price went as far as 97.38 and closed at 97.19 But if not then u are on the safer side. as at now the trade set up is ok for a sell stop @78.10 TP and SLare very good

resistance now becomes support :slight_smile: