Japan ETF and Euro

1. With the Nikkei 225 closing at 9300 today during Asia close, i wanted to go long EWJ, the Japan ETF which traded at $9.3 at US opening. (Position trade)

Instead of going long the underlying at $930 per lot, i have entered Jan 2012 $6 Call at $3.45.

Comparisons:
$6 Call at 3.45 average (Delta: 0.8935) (Bid-ask: 3.3, 3.55)
$5 Call at 4.4 average (Delta: 0.9421) (Bid-ask: 4.15, 4.6)

Cutloss: If Nikkei 225 closes below 9000 (EWJ equiv of 9) for 2 consecutive days.
Take profit: Will evaluate if Nikkei 225 rebounds nears 10,000.

2. EURUSD - possible key reversal off 1.3. (Max 1-2 days, which can be a long time in FX!)
The Euro is forming a BEOB (Bearish outside bar) on a daily basis. Entered Short at 1.288, Stoploss 1.304, Trailing step 80pips, TP 320 pips. (Note: This is a set-and-forget position)