I was wrong, but I made 60 pips…
Not often, I’d admit publicly that I am wrong, but here’s what happened…
Bernanke and gang (FOMC) left the Federal Funds Rate decision unchanged on Tuesday, August 10. Still, the real surprise came with the bearish tone over US economic growth and the decision to reinvest principal payments on mortgage assets and maturing debts… This sent demand for U.S. Treasury soaring and helped the equity market recover immediately, just
as predicted in my analysis…
I took a live trade in my Mastermind Mentoring Trade Room and made 63 pips in less than 30 minutes as you can see in the video below (recorded live).
You might be wondering what went wrong after you watched this video. Well, my forecast after the FOMC meeting was for a stronger EUR/USD to test the 1.3300 area possibly. Still, if you’ve been following the market, you know that after a brief touch of around 1.3220, EUR/USD has been dropping like a rock, and at the time of writing this analysis, EUR/USD is at 1.2860, or 360 pips from the high!
However, this is where having a plan and using sound money management kicks in like a life-saving parachute. Even if you are wrong initially, if you follow my trading method, you can still end up with as much as +60 pips off on this trade…
Of course, I wasn’t wrong. Eventually, I knew EUR/USD would drop to even below the 1.1800 area. I guess weak earning reports in Europe, China’s moderate economic figures, and FOMC’s weak outlook for the U.S. economy spooked the market and pushed both USD and JPY to their best levels in a long time…
This is what I wrote in my Upcoming News on Sunday:
Another important observation is the fact that USD is still a safe-haven currency, but the market reacted though no one was told about this. The immediate outlook sounds bleak for the US with the job’s number worsening, but floating funds into Euro and JPY is just not the answer. That’s another reason I believe we are on the verge of a major reversal soon… Statistically speaking, after several weeks in a row of USD weakness, the chances of a rebound is more likely than ever. A small news could spark snowball effect of profit taking and rebalancing of portfolios, therefore I’d use extreme caution at following the current trend (Sell USD) this week.
So what’s coming next? There is a huge opportunity to go LONG on the USD/JPY pair at above 84.70 for a long-term trade.
Yup yup this guy was amazing. Thats what I called as a trader, not just be a comentator but also doing what he just said and thats the point. By the way he quiet honest even when he make a mistake, he tell us too. That also proof that the market was not always can be predictable. Thats why I will stick with this man. I tell you what. I have 176$ in my account and I will try to make it 5000$ in a month. with this man newsletter and indicator Hopely I can make it comes true. if I can make it another 8000$ I can MERRIED on december 19 this year. And I sure to God I will send MR. Hendry wedding invitation.
Meet some one just like a destiny. So dont waste it.
Hi Henry,
You are great in forex, I will have love to join this your programme, but i will not be able because am with macro account seize. Let me try to raise money, i must join you in your trading in subsequent time.
Please in this huge opportunity at going LONG on the USD/JPY pair at above 84.70 for a long-term trade, where do you suggest the trend and take profit of it will be?
Thanks for your hospitality.
At least above 90…