Predictions July 7-11, 2008 & BIG NEWS

BIG NEWS: I am opening a live account.
Today I filled out the online forms and paperwork to create a live account with ibfx.com. Quite an extensive process… anyway, they need to review my information and within 48 hours (I assume business days only, plus a delay due to July 4th) they will contact me with information on transferring money into my account. So I expect to be trading live perhaps later this week, or beginning next week. With this change, I am going to start over and clean all of my records. All of the old blogs will still be available, but after this week, my track record starts over at $0, 0 wins, 0 losses again to keep a detailed log of my live trading. This will include more detail such as lot sizes, swap, etc to reflect the ACTUAL trading of my account.

Anyway here are this week’s predictions. Again I’m not bothering with stop-losses or pointing out support levels, just buy and hold for the week:

EURUSD 1.5696 – SELL
D – Down
4H – Up
15M – Down

USDJPY 106.69 – Uncertain. To me it looks like a buy…
D – Fake bottom
4H – Sell
15M – Buy

USDCHF – SELL
D – Sell
4H – Buy
15M – Sell

USDCAD – SELL
D – Sell
4H – Sell
15M – Sell

AUDUSD – SELL
D – Fake top, might keep going upwards
4H – Sell
15M – Sell

GBPUSD – SELL
D – Sell
4H – Buy
15M – Sell

There you have it. Basically don’t trade USDJPY and sell everything else.
Doing these predictions felt weird like I don’t know what I am doing, going live is already starting to play with my emotions and undermine my sense of knowing what I’m doing :P.

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~ by yarcofin on July 5, 2008.

5 Responses to “Predictions July 7-11, 2008 & BIG NEWS”

  1. i would recommend going with mbtrading instead my friend.

  2. I’ve already made my choice, some stranger who calls me their friend isn’t going to change my mind. Particularly since upon searching the site, there are plenty of rumors that the biggest forex scammer on the net owns that site.

    There are only two forex brokers that I have consistently heard enough positive feedback from enough people I trust to recommend people consider:
    1. Interbank FX
    2. OANDA

  3. Good luck Yarcofin ! I do not know ibfx but their website is great. What kind of leverage are you going to use ? Using high leverage is dangerous due to your strategy but it looks like it’s necessary given the number of pairs that you want to trade…
    I hope that your first week of real trading will go well ^_^ Let us know when your account is finally funded !

  4. I use oanda, so far I’ve had no problems with them, the biggest thing was on one day I couldn’t login when I was in a pretty sizeable position, no big deal though since my position didn’t even change. Anyways good luck, back to ur predictions, did u say sell, because I just bought a decent amount on friday, are u going by news or did u see something on the charts on the Euro/USD?

  5. I intend to do everything exactly the same as I have been doing up to this point, so I plan on using 100:1 leverage. I am well aware of margin calls, and I’ve had a few learning experiences with them.

    I will be starting with $5,000 and trading 0.2 lots per pair ($200 each), so I will only actually be using $1,200 of my initial deposit at any given time, or about a quarter of my account value. Even on bad weeks, my usable margin has never dropped below 200%. The exception is when I was trading 19 pairs one week.

    As my account value grows, I will continue to increase lot size to make the profits exponential. So when my account value is $6,000, I will start trading 0.24 lots per trade. At $7,000, 0.28, etc.

    I have had similar login issues with Interbank FX occasionally while using my demo account. Particularly at the very beginning or end of the week, or during periods of high traffic, the program won’t let me log in. On rare occasions, my trades don’t place instantly, sometimes it takes 30 seconds or more, or I have to log out and back in before I can trade. I’m sure no brokers are perfect.

    Yes I said sell everything, including EURUSD. I don’t go by news, only by the charts. To be honest I’m very unsure about EURUSD this week though. If I was trading live, I probably wouldn’t make that trade this week because it looks like it could go either way. For the sake of making a prediction, I think there is a greater chance of it going down than up, even though this is against the long-term trend. I have also begun to hear rumors that the USD is going to make a bit of a recovery soon.

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