Forecasting
Hey, that's nice! I'm following your thread.
Wow that USD/JPY is going crazy right now, it just keeps going up and up, I had a forecast of buying again between 10 and 11 because of the uptrend it would have been another bottom but I missed it, work is overwhelming me right now.
Today's other forecast however is to buy the EUR/USD right now (17:00 Interbank time), it should be going up for a good 20 pips at least.
Buy point (right now) at 1.2801
Stop Loss at 1.2785 (if it hits it, then its going in a down trend)
Take Profit at 1.2825
Lets see what this will result in. That should be either an 24 pip loss (including spread) or 24 pip gain (substracting spread)
This was again a succesful trade, not really what I expected but i knew it would go back up.
This Trade:
+20 pips
Total:
+80 pips
For todays trades I missed both the EURUSD and the GBPUSD high's. they are going in a downtrend. Unfortunately I also missed the USDJPY low...
I will set a buylimit for the USDJPY at 116.35
Take profit at 116.65
Stop Loss at 116.05
That will result in a 30 pip gain or a 30 pip loss... The USDJPY has the possibility of going up to 116.80 but I will not take the risk and stick with 28 pips profit
For the EURUSD I wil make a Sell Limit at 1.2795
Take Profit at 1.2765
Stop Loss at 1.2845
The EURUSD is sure to go down, so the stop loss is almost useless but just in case... So this should result in a 30 pip gain or 50 pip loss
I will set a Sell Limit for the GBPUSD at 1.8940
Take Profit at 1.8880
Stop Loss at 1.8985
GBPUSD also is sure to go down, but once again just in case. This will result in a 60 pip gain or a 45 pip loss
Lets see how everything goes
The EURUSD did hit the target of 28 pips (but counted as 300?) plus $25 fo swap so I'll still count that as 28+
This Trade:
+30 pips
Total:
+110 pips
The GBPUSD hit the target, barely but it did it. My first aim was to have a higher take profit but since the general trend is down I decidd to go a bit crazier..
This Trade:
+60 pips
Total:
+170 pips
Both the GBPUSD and EURUSD just hit their highs and will be going down a bit. Just a small trade I will make this a 10 pip take profit:
EURUSD:
Sell at 1.2812
Take Profit: 1.2802
Stop Loss: 1.2865
10 pip gain, 53 pip loss (set so high because of its extremely high volatility)
GBPUSD:
Sell at 1.8940
Take Profit: 1.8930
Stop Loss: 1.9000
10 pip gain, 60 pip loss (set high as well because of volatility, set it to the high of the previous two tops)
As a measure of safety I will also decrease the USDJPY stop loss to 115.95. This is to make it a support 5 pips lower thn the past two lows as I know it will just bounce off of it, USDJPY should either gain 28 pips or lose 42
Closed the EURUSD and GPBUSD with 10 pips profit. I also moved back the stop loss for the USDJPY to 116.00
Even though the GBPUSD went further down I am satisfied with the win, I had no real indicator so I just went with the safer position. EURUSD was the same story, no real indicator and some were expiring, although I couldve made 30 pips more for each currency pair I liked my 20 pip gain.
These Trades:
+10 pips
+10 pips
Total:
+190 pips
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So I decided to try forecasting myself... I just played around with indicators etc and predicted the following to a guy I talked to on MSN:
-Buy the USD/JPY on the 21st at 8:00 InterbankFX time. Set a take profit about 5 pips from the previous high. Set a stop loss at previous low.
If he followed what I said, the opening was at 115.50 and the close should be at 116.10 and stop loss at 115.33, without using any use or fundamentals. A 60 pip or 27 pip loss. The take profit is only 6 pips away from being hit in an uptrend so it is looking good for me.
Stay tuned and I'll let this thread. I will report the earnings in pips so you can set the amount of lots..
for now,
0 pips