Trade Update - USD/JPY Long CLOSED

Update 03-18-08 5pm:
The remaining lots hit the stop loss and we closed our position. I do however feel that the price will continue up at least until tomorrow, so I will keep an eye on this pair.

Lot 1 (closed at 3:20pm): +67 pips
Lot 2 & 3: 0 pips (hit SL)

Total Pips: +67
Total Profit: $66.47

Update 03-18-08 3:20pm:
Our first target has hit its target point, and we have locked in +67 pips profit. SL is now moved to BE.

The Trade:
Once again we are riding the dollar rally here. Going long the USD/JPY pair for a quick profit taking.

System:
Based on the HAS system on 1 hour chart.

Reason:
Dollar rally due to less than expected fed rate cut. Chart shows 2 or more blue candles upto the 4 hour time frame on the 1 hour chart.

Once again this is a short term trend play. Need to take profits soon and exit.


Rating:
I rate this trade 3.5 since its a short term play and I am just piggybacking the momentum. The trade is against the long term trend.

Entry & Exit:
Lots: 3
Entry (Long): 99.686
Stop Loss: 98.936
TP1: 100.186
TP2: 100.436