Long AUD/JPY Trade Done
29/10/08 19:00
Hello Pro Traders Club Member
AUD/JPY moves 800 pips from trade call level.
As you recall, i suggested a long trade on AUD/JPY or short JPY on other crosses. Due to the intense nature of the markets recently, i regret that i did not have time to produce a PTC video to explain the trade and its parameters. Any time a trade suggestion is made, in any capacity, there will be blind aspects of the trade to everyone with the exception of the individual who has called the trade, because we all view the market and price action differently.
AUD/JPY moves 800 pips from trade call level.
As you recall, i suggested a long trade on AUD/JPY or short JPY on other crosses. Due to the intense nature of the markets recently, i regret that i did not have time to produce a PTC video to explain the trade and its parameters. Any time a trade suggestion is made, in any capacity, there will be blind aspects of the trade to everyone with the exception of the individual who has called the trade, because we all view the market and price action differently.
The approach to the trade was to build in traunches recommended at or below the level of 56.10 and to prepare to take profit in the event of a move above that level, while controlling risk with a small position. Price moved below 56.10 to a level of 55.55, which would have permitted a maximum of 2 traunches to carry of a possible maximum of four... That's trading. However, if you traded it from the beginning, there was an opportunity to enter twice.
This trade is over now, unless you have some left over. I anticipate another move lower at some stage in the near or distant future... who know's. I may know when i see it.
This was an example of waiting for the right opportunity, rather than chasing around low probability trades.
I will do a PTC shortly to get you caught up on everything.
Regards,
Chris Lori
CTA