A brief description of that trade appears below along with some screen shots of the chart set up.
The AUD/JPY resumed its downtrend in April and continued with a very impressive sell off during July and the begining of August, after which a correction began that was forming a nice bearish flag that retraced back to the 8250 - 8300 resistance where price formed a bearish divergence followed by a 4 hour trend line break. It was at this point we looked for a retracement to take advantage of what we considered to be a short opportunity.
Target was the 1.618 Fibonacci projection as shown in the charts below. We added to the trade as price moved lower adjusting our stops along the way.
Profit on this trade was a little over 17% with an initial risk of less than 1%.
Emergination
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