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Thursday, January 13, 2011

AUD JOY Short


Shorted AUD JPY, Probe first, then if you have profits, start pyramding, and if shows profit again short again.
It means you are following the line of least resistance. In any event it goes against your position, Closed all your position. That is what trend following is all about.

"I would buy ten thousand bales. After I got through buying that, if the market went up ten points over my initial purchase price, I would take on another ten thousand bales. Same thing. Then, if I could get twenty points' profit, or one dollar a bale, I would buy twenty thousand more. That would give me my line my basis for my trading. But if after buying the first ten or twenty thousand bales, it showed me a loss, out I'd go. I was wrong. It might be I was only temporarily wrong. But as I have said before it doesn't pay to start wrong in anything. Livemore"

3 comments:

pau said...

awesome trade sir :)

Samael said...

Hello sir tracer. I have only done a few forex trades with demo accounts and I don't know if pattern trading works in forex but wouldn't it be alright to sell when the price broke the neckline of the H&S?

About tracer said...

in a long time frame, pattern sometimes works, I just follow the trend, and it works, the problem is if you entered early, and later found it was a side ways move. That is why it is important to probe first and if you are a few pips up in an hour, a trend is forming and enter with your plan trade and start pyramiding always a few pips gain above your previous entry. It is the same with equities. If probe
and I lose or side ways, I exit immediately. Of course, our individual interpretations always differs.