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Thread: Predictions by 8fingers

  1. #1
    Hi -'m going to post my commerce predictions with this thread and I invite all to comment. My egy is simple- I shake my Forex Magic 8 Ball-read Daily candlesticks(on close of daily session) and pay strict attention to zones of support and resistance. I (ever) place transactions around major news releases.

    Prediction for Nov 2thru6 is for a continuation of Dollar strength. I'll be shorting my 4 pairs- Eur Gbp Aud Nzd - All these pairs have thrown a Major reversal Candle last thursday 10-30-08 and all have begun their slip south. This is a timeless setup to SHORT and all 4 pairs agree at the same time and all have thrown an ShootingStar modifiion candle on dailies. This SCREAMS go SHORT. I will set my take profit goals just north of their Daily lows for all pairs. I dont use stops until I'm in profit ( dont trust any Brokerage). I really do set stops (not trailing) when I'm in profit to lock it in. Combined this movement should web 1000 pips. Hope I'm right and u too-Good luck all. P.S. my son installed that image of the gloomy reaper-I wonder if thats how he sees me?

  2. #2
    Heres 1 setup- all four pairs (Eur/Usd Gbp/Usd Aud/USD Nzd/Usd) show a change candle on Dailies. I expect a retracement north to a point before going south to the 1.53 area. I am waiting for that retracement Sunday/early Monday and then slide south the remainder of the week. I hope for at least 500 pips on this Chart alone-there are others I trade at same time same way. I only utilize Candles/SuppResist/Price action and work my way from Dailies 1st but place trade from Hourly Chart to minimize anxiety drawdown. I will post eat my crow or update tuesday or monday and choose my glory.

  3. #3
    Very intersting . . Waiting for post. .

  4. #4
    Quote Originally Posted by ;
    Hello - Im going to post my own trade predictions with this thread and I invite all to comment. My method is easy - I shake my Forex Magic 8 Ball-read Daily candlesticks(on close of daily session) and pay strict attention to \\zones\\ of support and resistance. I (ever) place trades around major news releases.

    Prediction for Nov 2thru6 is for a continuation of Dollar strength. I'll be shorting my 4 pairs- Eur Gbp Aud Nzd - All these pairs have thrown a Major change Candle last thursday 10-30-08 and all have started their slide south. This is a timeless set up to SHORT and all 4 pairs agree in precisely the exact same time and all have thrown an ShootingStar reversal candle on dailies. This SCREAMS go SHORT....
    I trade using daily candles as well. My question: Why would you trade all four pairs which have a strong correlation and that have the same trigger? This will increase your risk vulnerability. Ideas?

  5. #5
    Are you currently using stops also or just reverse transactions when required?

  6. #6
    FxEagle un r right-it does expose account for big loss if pairs fad in opposite direction(ie-wrong forecast ). I rarely have all four pairs going at same time. Since these pairs have a tendency to move in same way,and at same time,(unless pushed by their own specifc economic news release - wich I see just like hawk) I use their correlation to verify their direction. I will place 1st exchange w/pair that reveals the most promise 1st-after it goes into profit I lock it in w/Stop( anywhere from 25 to 100 pips depending on pair) I'll place stop a couple pips into profit and increase that level as the pair tendencies. The moment I lock my 1st exchange of sessionI proceed to another pair and so forth. A trade that is secured in profit is no longer counted as a draw on my account balance since it is gauranteed winner(even if it gets stopped outside ). I place a 2 lot trade on standard account per pair. If I determine tendency is fading, I close 1 lot to get profit-tighten stop- and move on. I never expose my account more than 5 percent complete. My difficulty is not picking direction-its riding the entire tendency to maximum profit-thats my biggest problem(emotion). I see all trades(that is my living/passion/addiction) and have Cease levels in your mind (about 100 pips) in case I had been wrong from beginning of commerce. I wont EVER trust my Brokers fully(price spikes ect...). I exchange on 2 accounts(live) 1 Standard-MBT and 1 mini-FXPro. I use my miniature for their charts and to compare feeds at all times. I don't reverse trades like I can always spot another good entry according to Candlestick. I use daily charts to identify major change and then 1 hour charts to time commerce entry. I might open 2-8 trades per week-sometimes fewer and NEVER hold a position within the weekend unless its own CRAZY in profit. Notably these last couple of months. I have just come to be a secure,profitable trader in the last year and a half-and I have been trading Forex for 4 decades. The moment I close a trade that has been profitable, I set in a withdrawal petition for the cost. I exchange w/fixed minimum account balance(below 10 grand) and dont think about that the trade a winner till it shows up in my bank account. I have made every mistake known to FOREX in start. I lost 6 expansive my 1st 90 days of trading Forex-nothing focuses the mind just like that! I just never gave up-Good luck !

  7. #7
    Just wanted to remind everyone that both Britian and EU will probably be cutting rates this week (gauranteed) and this SHOULD create a major move south in both pairs. I'll be placing my entrances around this news however not before launch. This looks like a no brainer but having been burned before,I'll wait till after the annoucments.

  8. #8
    I just couldnt remain out-this morning entered Short on EUR/USD w/2 Std. Lots @ 1.2811 exit @ 1.2749 = 62 pip gain and 1250. Profit in under half an hour. I had that too. This all took place between 8:30 - 9:30 est. I shall reenter SHORT at some stage Im sure(waiting for retrace to finish) I missed the slide GBP though.All with 1 hour chart since Dailies are already Bearish.

  9. #9
    Im back in w/Short @1.2764- Eur/Usd and roughly 150 pips in profit(2:30 est) I will lock in 100 pips w/stop(not monitoring and will probably be forgetting about this trade and moving on to my other 3 pairs- so far today I've a guaranteed profit of 162 pips(provided I dont put another trade today) this was a good day. As I called early-slide slide slippedy slide?

  10. #10
    Quote Originally Posted by ;
    I trade using daily candles too. My question: Why can you trade all four pairs which have a solid correlation which have the same trigger? This will boost your risk vulnerability. Ideas?
    Good question! I use this quite correlation. When 1 goes all of them Tend to follow(mostly). This isnt fool proof-lol-what is? It does give me a warm/tingly feeling when it does happen as that affirms my Trend leadership prediction.I understand all about Currency trading, and also for the life span of me, cant appear to create as many pips as what Im doing today. I dont trade USD/CHF. I really do want explore the GBY/JPY but right now is to volitale for my own account equilibrium. Fxeagle plz post back and tell us how your candlestick trading is going. My entire forex experience altered for the better once I included them in my trading routine. So much in reality,I've fully bailed on all indiors. I take Major position clues from Dailies and when identified switch to Hourly to place trade entrance. Usually good for 100 pips at least every trade.

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