8% is acceptable drawdown 15% is acceptable drawdown. Typically though, people like to not see any floating loss at all. And of course with higher $ value accounts account risk by the trader tends to be less as if there is 8% drawdown on a $250 account they are okay with seeing that, but with a $25,000 that might overwhelm them.
As for when I enter hedges, hedge trades are not placed when I see a certain percentage of drawdown on the account, hedge trades are placed when I see a good opportunity that price will be moving against me for a while. This enables me to bring up my account equity once multiple hedges have been closed. After multiple hedges are closed you have an increase in equity that starts to make the drawdown on your original trade seem insignificant.
Just like analysis goes into your original trade an analysis must go into your hedge trade as well. It may be new levels of over purchased areas, or a break of a key support/resistance etcetera
As for Eur/Jpy....with the rest of the yens, I have them dropping soon, probably during London up to US session. If you look at the 1 hour chart for Eur/Jpy you can start to see the ends of a Head And Shoulder's pattern forming, but it has not been confirmed yet. If you want to wait for confirmation a key level would be to wait for a close below the pivot point at 157.09. a successful break of that and it should throw Eur/Jpy into a few day down trend. We are hitting a resistance area after the bounce off the double bottom that has put us into the current uptrend. As for other patterns, I don't see any right now. Hope that helps or agrees with what you have.
Zack
As for when I enter hedges, hedge trades are not placed when I see a certain percentage of drawdown on the account, hedge trades are placed when I see a good opportunity that price will be moving against me for a while. This enables me to bring up my account equity once multiple hedges have been closed. After multiple hedges are closed you have an increase in equity that starts to make the drawdown on your original trade seem insignificant.
Just like analysis goes into your original trade an analysis must go into your hedge trade as well. It may be new levels of over purchased areas, or a break of a key support/resistance etcetera
As for Eur/Jpy....with the rest of the yens, I have them dropping soon, probably during London up to US session. If you look at the 1 hour chart for Eur/Jpy you can start to see the ends of a Head And Shoulder's pattern forming, but it has not been confirmed yet. If you want to wait for confirmation a key level would be to wait for a close below the pivot point at 157.09. a successful break of that and it should throw Eur/Jpy into a few day down trend. We are hitting a resistance area after the bounce off the double bottom that has put us into the current uptrend. As for other patterns, I don't see any right now. Hope that helps or agrees with what you have.
Zack
The only sovereign I can allow to rule me is reason.
otherwise I'll give them to you too 
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