Wednesday, 23 September 2009

GBP/USD Manages To Hit 1.70 - Just As I Predicted

GBP/USD Manages To Hit 1.70 - Just As I Predicted
Warning: this post contains blatant bragging and self-promotion that some readers may find offensive.
Do you remember this post that I wrote back on August 14 when the GBP/USD was trading at 1.8718?
In this post I said that if the monthly bar closed below the Supertrend level of 1.8918 then we could easily hit 1.70, and that's exactly what happened. In fact it actually fell just below 1.68 at one point last week.
By my calculations that's over 1900 points profit. Did I catch any of this move? Well no because I don't have the patience to trade long-term positions when trading forex but it just goes to show what you can achieve by just taking a position and having the conviction to hold on to it. If you had traded 1 lot this would have given you 1900 x $10 = $19,000 profit.
Anyway the purpose of this post was basically just to brag about my long-term prediction for the GBP/USD. I very rarely make long-term predictions so when I do make one and it comes good, then I'm going to milk it for all it's worth