Trade Update - AUD/JPY Short CLOSED

Update 03-20-08 12pm:
The past hour or so has seen the weakening of the Yen. This resulted in my 3rd lot hitting its stop loss. Too bad since it could have gone on further, but nevertheless a good trade.

Lot 1: +50 pips
Lot 2 & 3: +100 pips

Total Pips: +250
Total Profit: $251.89

This is another of those positions I feel will continue to trend lower in the coming days. But I do not want to rick the profit I currently have and will look to enter this pair later.

Update 03-20-08 10am:
After a weak start due to no Japanese trading session, this pair followed the yen rally. I closed the first 2 lots for +50 pips and +100 pips respectively. The 3rd lot is currently trading at +145 pips. Stop loss has been moved to +100 pips.

The Trade:
All the Yen crosses are retracing back to their original levels. So we are going short the AUD/JPY pair.

System:
Based on the HAS system on 4 hour chart.

Reason:
The Yen crosses are retracing to levels they were couple of days back. Price is moving down, and we have 2 red candles for confirmation along with the 2 red bars of the AO below 0.


Rating:
I would give this trade a 3 star rating because the current price is hooking up slightly. This would cause near term pull back and risk hitting my stop loss.

Entry & Exit:
Lots: 3
Entry (Short): 90.34
Stop Loss: 91.34
TP1: 89.94
TP2: 89.34