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  • EURUSD To Fall Below 1.2870 3 comments
    Jul 24, 2013 8:56 AM | about stocks: ERO

    Magenta line (see my first post on more details on this) reached the top of a channel on EURUSD (ERO) and I expect to fall over the next few weeks. Right now EURUSD is 1.3222 and if magenta reaches the bottom of the channel by next week (unlikely) EURUSD will go down to at least 1.2870. If it will take longer (probably) it will fall more.

    Themes: forex, currency Stocks: ERO
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  • thanxs for the update. really helpful.
    25 Jul 2013, 03:44 AM Reply Like
  • Author’s reply » Vishaal, you can't say if it was helpful or not unless you wait a few weeks. Even then and even if I was right it still won't be useful to you since you can't just follow somebody's ideas without a track record. Only after one establishes a track record such, one's advice could be useful, otherwise any evaluation of it may be premature.

     

    While I did establish a track record - I started and ran tradersforecast Yahoo small group in 2007 for a while followed by 77 people, and one can read there some stating that they follow my predictions on live accounts, some saying that they love my forecasts or thanking me, one even asking me to manage his account; I kept a record of performance and it showed very good performance, I also posted statements of my virtual account with its performance, for example: http://bit.ly/12pIcmc; also I was contacted by a site, I forget the name, something similar to zulutrade.com or collective2.com to use my predictions through their service) - but that record has little relevance now since then my indicators and how I use/interpret them went through several major revisions and on the other hand a long time has passed since I stopped making predictions there.

     

    Meantime I switched to options and equities and I'm starting to establish a new track record here (it's not meant for you to understand why I make the predictions). The fact that you don't fully understand why I made the EURUSD or any prediction doesn't mean that it cannot be useful to you. In life you use many things even though you don't fully understand how they work (take a pill for example, you just trust the doctor's authority and experience on the matter). In financial markets something that's easy to understand is probably understood by a lot of people and doesn't have an edge. Two additional reasons I gave few details on this posting are: my available free time and the fact that seekingalpha seems to be geared more towards equities than forex.

     

    I gave some more details about my indicators in my first posting and to add, they are based on price action, MA and MACD mostly. That's not really helpful since there are so many calculations and transformations that the end result doesn’t resemble any of these any more. The amount of math and code involved is so much that I gave up (for now) my project to get the code off the MetaTrader platform and make it platform independent. Because of this amount it’s hard to easily say how it works or why it would work - just that I’ve observed and confirmed certain correlations between the price and the indicators. When I have time I plan to make another posting with some more detail to provide a background on my indicators and from there on I’ll put the link in new postings.
    26 Jul 2013, 01:01 PM Reply Like
  • Thanxs for the advice sir.
    31 Jul 2013, 04:45 AM Reply Like
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