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This weeks GBP/JPY Analysis & Predictions 128 replies

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Predictions by 8fingers

  • #1
  • First Post: Edited 9:55pm Nov 1, 2008 2:16pm | Edited 9:55pm
Hi - Im going to post my trade predictions on this thread and I invite all to comment. My method 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 Never (ever) place trades around major news releases.

Prediction for Nov 2thru6 is for a continuation of Dollar strength. I will 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 started their slide south. This is a classic set up to SHORT and all 4 pairs agree at the same time and all have thrown an ShootingStar reversal candle on dailies. This SCREAMS go SHORT. I will set my take profit targets just north of their Daily lows for all pairs. I dont use stops until I am in profit ( dont trust any Brokerage). I do set stops (not trailing) when I am "in profit" to lock it in. Combined this move should net + 1000 pips. Hope I am right and u too-Good luck all. P.S. my son installed that picture of the grim reaper-I wonder if thats how he sees me?
FF = Forex Faggots
  • #2
  • Nov 1, 2008 8:28pm Nov 1, 2008 8:28pm
Pls post your chat. Thanks

Quoting 8fingers
Hi - Im going to post my trade predictions on this thread and I invite all to comment. My method 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 Never (ever) place trades around major news releases.

Prediction for Nov 2thru6 is for a continuation of Dollar strength. I will 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 started their slide south. This is a classic set up to SHORT and all 4 pairs agree at the same time and all have thrown an EveningStar reversal candle on dailies. This SCREAMS go SHORT....
  • #3
  • Edited 10:14pm Nov 1, 2008 9:35pm | Edited 10:14pm
Heres 1 setup- all 4 pairs (Eur/Usd Gbp/Usd Aud/USD Nzd/Usd) show a reversal candle on Dailies. I expect a retracement north to some point before heading south to the 1.53 area. I am waiting for that retracement Sunday/early Monday and then slide south the rest of the week. I hope for at least 500 pips on this Chart alone-there are 3 others I trade at same time / same way. I only use Candles/Supp&Resist/Price action and work my way from Dailies 1st but place trade from Hourly Chart to minimize anxiety drawdown. I will post update monday or tuesday and take my glory or eat my crow.
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FF = Forex Faggots
  • #4
  • Nov 2, 2008 1:56am Nov 2, 2008 1:56am
Very intersting .. waiting for more post..
Never sell @ lower upward channel unless breacked and vise versa .
  • #5
  • Nov 2, 2008 2:40am Nov 2, 2008 2:40am
Quoting 8fingers
Hi - Im going to post my trade predictions on this thread and I invite all to comment. My method 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 Never (ever) place trades around major news releases.

Prediction for Nov 2thru6 is for a continuation of Dollar strength. I will 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 started their slide south. This is a classic set up to SHORT and all 4 pairs agree at the 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 that have a strong correlation and that have the same trigger? This will increase your risk exposure. Thoughts?
  • #6
  • Nov 2, 2008 7:37am Nov 2, 2008 7:37am
Are you using stops also or just reverse trades when needed?
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  • #7
  • Nov 2, 2008 9:55am Nov 2, 2008 9:55am
FxEagle u r right-it does expose account for big loss if pairs trend in opposite direction(ie-wrong prediction). I rarely have all 4 pairs going at same time. Since these pairs tend to move in same direction,and at same time,(unless driven by their own specifc economic news release - wich I watch like hawk) I use their correlation to confirm their direction. I will place 1st trade w/pair that shows 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 will place stop a few pips into profit and raise that level as the pair trends. As soon as I lock in my 1st trade of session, I move on to the next pair and so on. A trade that is "locked" in profit is no longer counted as a draw on my account balance because it is gauranteed winner(even if it gets stopped out). I place a 2 lot trade on standard account per pair. If I determine trend is fading , I close 1 lot for profit-tighten stop- and move on. I never expose my account more than 5% total. My problem is never picking direction-its riding the full trend to maximum profit-thats my biggest problem(emotion). I watch all trades(this is my living/passion/addiction) and have Stop levels in mind(about 100 pips) in case I was wrong from start of trade. I wont EVER trust my Brokers fully(price spikes ect....). I trade on 2 accounts(live) 1 Standard-MBT and 1 mini-FXPro. I use my mini for their charts and to compare feeds at all times. I do not reverse trades as I can almost always spot another good entry based on Candlestick. I use daily charts to spot major reversal and then 1 hour charts to time trade entry. I might open 2-8 trades per week-sometimes fewer and NEVER hold a position over the weekend unless its CRAZY in profit. Especially these last few months. I have only become a stable,profitable trader in the past year and a half-and I have been trading Forex for 4 years. As soon as I close a trade that was profitable, I put in a withdrawal request for the money. I trade w/fixed minimum account balance(under 10 grand) and dont consider the trade a winner till it shows up in my bank account. I have made every mistake known to FOREX in beginning . I lost 6 grand my 1st 90 days of trading Forex-nothing focuses the mind like that! I just never gave up-Good luck all !
FF = Forex Faggots
  • #8
  • Nov 2, 2008 12:56pm Nov 2, 2008 12:56pm
Just wanted to remind everyone that both Britian and EU will be cutting rates this week (gauranteed) and this SHOULD produce a major move south in both pairs. I will be positioning my entries around this news though not before release. This looks like a "no brainer" but having been burned before,I will wait till after the annoucments.
FF = Forex Faggots
  • #9
  • Nov 3, 2008 9:45am Nov 3, 2008 9:45am
I just couldnt stay 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 30 minutes. I needed that too. This all took place between 8:30 - 9:30 est . I will reenter SHORT at some point Im sure(waiting for retrace to finish) I missed the slide on GBP though.All using 1 hour chart as Dailies are already Bearish.
FF = Forex Faggots
  • #10
  • Nov 3, 2008 1:44pm Nov 3, 2008 1:44pm
Im back in w/Short @1.2764- Eur/Usd and about 150 pips in profit(2:30 est) I will lock in 100 pips w/stop(not trailing and will be forgetting about this trade and moving on to my other 3 pairs- so far today I have a guaranteed profit of 162 pips(provided I dont place another trade today) this has been a good day. As I predicted early-slide slide slippedy slide?
FF = Forex Faggots
  • #11
  • Nov 3, 2008 1:56pm Nov 3, 2008 1:56pm
Quoting fxeagle
I trade using daily candles as well. My question: Why would you trade all four pairs that have a strong correlation and that have the same trigger? This will increase your risk exposure. Thoughts?
Good question! I use this very correlation to confirm Trend direction. When 1 moves they all 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 confirms my Trend direction prediction.I know all about hedge trading, and for the life of me, cant seem to make as many pips as what Im doing now. + I dont trade USD/CHF. I do want explore the GBY/JPY but right now is to volitale for my account balance. Fxeagle plz post back and let us know how your candlestick trading is going. My whole forex experience changed for the better after I included them in my trading routine . So much in fact,I have completely bailed on all indicators. I take Major position clues from Dailies and when identified switch to Hourly to place trade entry. Usually good for 100 pips at least every trade.
FF = Forex Faggots
  • #12
  • Nov 6, 2008 1:29pm Nov 6, 2008 1:29pm
My GBP/USD is going well- 11-1-08 @ 1.6100 / /11-6-08 @ 1.5600 I still hope for further retreat to 1.53 's by Fri close. Not as fast or as historic as I thought-but still in "the pips".
FF = Forex Faggots
  • #13
  • Nov 7, 2008 2:56am Nov 7, 2008 2:56am
Very instructive topic especially for beginners like me..and for professional trader to share your experience with others
  • #14
  • Edited 3:57pm Nov 7, 2008 6:11am | Edited 3:57pm
Well thank u ! My 3 pairs eur/usd gbp/usd audusd all showed weakness at the end of last week into this week. They havnt sunk as far or as fast as I would have liked but not bad. I am closing all trades (Unemployment #s are due out and that has to be bad for dollar) I will post prediction for nxt week before monday(a little more difficult call?) Eur/usd = 200+ Gbp/Usd = 300+ Aud/Usd = 100+ pips for this week. I am thinking about dropping the NZD/USD & AUD/USD . I am also thinking of starting another thread that takes a mini account w/100. dollar balance and harvests its profits daily.This is exactly what I have been doing for the last couple months anyway (market scared me out of trading my Standard account). I might work on this idea over weekend. Good luck and be safe!
FF = Forex Faggots
  • #15
  • Nov 8, 2008 7:36am Nov 8, 2008 7:36am
Quoting 8fingers
Good question! I use this very correlation to confirm Trend direction. When 1 moves they all 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 confirms my Trend direction prediction.I know all about hedge trading, and for the life of me, cant seem to make as many pips as what Im doing now. + I dont trade USD/CHF. I do want explore the GBY/JPY but right now is to volitale for my account balance. Fxeagle plz post back and let us know how your candlestick trading is going. My whole forex experience changed for the better after I included them in my trading routine . So much in fact,I have completely bailed on all indicators....
Hi 8 Fingers! The grim reaper outfit is a little creapy. LOl. For me personally out of the four you like to trade Euro, GBP, Aus, Nzd my #1 is the EUR. It trades smoother than the GBP and is less eratic. I will trade the GBP as well, just not at the identical time as Euro. Only if the triggers are on different days, one or two days apart, but in the same direction. Don't really trade the Aud or Nzd. As for the JPY pairs that you had mentioned I like the Eur/Jpy. It's smoother than the GBP/JPY..You had mentioned that when all pairs trigger a trade, at the same time, indicating a strong trend I prefer to take one (EURO) than all four... You prefer getting in on the hourly time frame. I would think this would give you a smaller stop, which is geat, but is the trigger reliable?? Are there not lots of false market noise moves?That's the question. You did mention you are good for 100 pips consistently, but what is your basic stop? We should talk on email if you like.
  • #16
  • Nov 8, 2008 7:42am Nov 8, 2008 7:42am
Quoting 8fingers
FxEagle u r right-it does expose account for big loss if pairs trend in opposite direction(ie-wrong prediction). I rarely have all 4 pairs going at same time. Since these pairs tend to move in same direction,and at same time,(unless driven by their own specifc economic news release - wich I watch like hawk) I use their correlation to confirm their direction. I will place 1st trade w/pair that shows 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 will place stop a few pips into profit and raise that level as the pair trends. As soon as I lock in my 1st trade of session, I move on to the next pair and so on. A trade that...
8 Fingers. Since I have been trading daily candles my consistency has turned around. The only problem I have with it is that when I am wrong I get burned pretty badly because my stops are quite large. I have noticed you like to time your entry on the hourly as do other (self proclaimed successful traders do). How are you timing your entry on the hourly?
  • #17
  • Edited 9:06am Nov 8, 2008 9:02am | Edited 9:06am
Fxeagle u r right-there is alot of that going on here. What I actually do is place trade off 5 minute mostly(all the way down from daily) but watch the Hourlies mostley becuase it filters "noise" better than lower time frames. I also lose (less than in the past). I have never had margin call on my main account(yet)-but have refunded my mini 4-5 times in last year. I take my Session clues from close of Dailies and dont move till I see an entry( I favor Support and Resistance Breaks(or Rejections). That means price is near its turning point(usually) and my Stops (wich I dont set till "in profit") are usually less than 100 pips (on hourlies). I do " white knuckle it" just after I place a trade(it always seems to go against me some amount of pips) until I set a protective stop. Thats when I relax and chk out other pairs. Last week I only traded EUR GBP AUD ( and bailed on Aud as it was not cooperating ) never even played the Nzd. It was also my 1st set of trades on my main account as I had withdrawn almost all funds 2 months ago when things looked bleak.(wont ever trust money in Broker accounts). I will be dropping the Aud and Nzd as my trusty 4 and only trade Eur & Gbp as my account balance isnt safe w/4 pairs. There are only 2 types of Forex Traders- Depositors & Withdrawlers (I was a die-hard Depositor for 2 years at 1st) . I traded 2 years w/o a withdrawl. I know pain! My prediction for last week wasnt so bad - this week will be harder as there is a lack of US news till weeks end. Maybe a range Trading week is order? I still see further weakness in EURO & POUND in short term(nxt week) and will be looking to Short these pairs(again) except w/o the enthusiasim of last week. I will post Chart (and progression of Charts) that lead to my trade entries and then I invite all to comment as this only helps me trade better. I would like to say that I am a very conservative trader ,wich means I wait for the "duck"(the perfect set up) and miss many trading opportunities. I dont trade "the news" only its aftermath. I try not to have open trades that get a negative swap at session close. I dont carry trades over weekends(ever).I do withdrawal profits as soon as they are realized. Good luck to all and be safe! The Grim Reaper pic was loaded by my 9 yr old son ( is that how he sees me?)lol
FF = Forex Faggots
  • #18
  • Nov 11, 2008 7:38pm Nov 11, 2008 7:38pm
There was continued weakness in Euro and Pound against the Dollar(as predicted) and this should be the Trend all this weak.I will be looking to Short these pairs at the Top of retrace off their lows. That means lots of "waiting" for the setup. I didnt trade at all - Today - Veterans Day - but will be Trading again tonight at European session open and/or North American session after.Good luck to all and I WILL post all my trade setups (and/or disasters) with their charts.
FF = Forex Faggots
  • #19
  • Nov 12, 2008 6:44am Nov 12, 2008 6:44am
Quoting 8fingers
There was continued weakness in Euro and Pound against the Dollar(as predicted) and this should be the Trend all this weak.I will be looking to Short these pairs at the Top of retrace off their lows. That means lots of "waiting" for the setup. I didnt trade at all - Today - Veterans Day - but will be Trading again tonight at European session open and/or North American session after.Good luck to all and I WILL post all my trade setups (and/or disasters) with their charts.
Hey 8 fingers. On Monday evening I shorted the Eur at 1.2702 for 100 pips on my first position Should have done at the opening of the daily at 1.2745 but wasn't in front of my computer, but took the trade although it was in my direction anyway. Now I have a second positon open and hopefully it will continue to fall...

Let's see.
  • #20
  • Nov 12, 2008 8:14am Nov 12, 2008 8:14am
Quoting fxeagle
Hey 8 fingers. On Monday evening I shorted the Eur at 1.2702 for 100 pips on my first position Should have done at the opening of the daily at 1.2745 but wasn't in front of my computer, but took the trade although it was in my direction anyway. Now I have a second positon open and hopefully it will continue to fall...

Let's see.
Well done fxeagle! It will keep falling( my prediction ), though I am alarmed at how fast it is happening. This sets up the scenario of a sharp correction . Right now-the dollar is eating up the Majors. Good luck as always! P.S. I would have taken the 100 pips as well- ALWAYS!
FF = Forex Faggots
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