07 March 2011

AUD/USD : Scratch

  • Long at average rate 1.0154 at end of Feb on basis of weekly and daily triangle breakout.
  • Just scratched trade. Sitting right on original triangle edge on daily chart after having whipped around a few times.
  • I do not normally lose patience with a trade in this manner. As a rule, I accept higher incidences of Type 2 errors (bad trade exited late) to benefit from less type 1 errors (good trades exited early). However, in this case, I am squaring up to remove any baggage for a short AUD/JPY trade that I am stalking (see next post).

No comments: