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September came to an end on a powerful move against the dollar. USD is truly weak and it shows just about everywhere. EUR is fast approaching a critical area of about 1.4500. We are at all time highs for Euro right now,but we can construct composite charts for the time before common currency inception. Old German Mark is used for that. Using that data, we can see that 1.4500 proved to be a formidable obstacle couple of times before. Once in late 1979 and then again in 1992. On both occasions that was the top for the run, and USD went on a bull run of it's own. AUD-USD is just about 0.8900 level, the highest mark in decades. As we all know CAD broke parity with USD, for the first time in 30 years.
This are all big news and it looks like dollar is on the ropes. And than again, maybe not. The moves are becoming very accelerated, taking on exaggerate proportions. This very often happens right before major turning points in the markets, when the last few speculators are trying to get on board. We will have to wait and see what develops, but very important highs are likely to happen over next few weeks. If our view turns out right, these new highs would probably hold for a few years to come.
September proved to be a mixed bag for us. While all of our services finished the month in positive territory, the performance was all over the map. "Rainbow" made only 186 pips in closed trades, which , for all practical purposes, is about break even, given that average daily fluctuation is often of this magnitude.
On the other hand "Daily Pound" had a great month, registering 469 pips in profits. our best monthly result in a very long time.
"Daily Euro" also had positive returns. Here we gained 293 pips, which is also more than average monthly return.
We have updated our full results pages, including performance graphs. Follow the link below to see all our trades as well as complete results.
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Here are the results we achieved last week:
- Rainbow lost 320 pips in closed trades;
- Daily Pound earned 139 pips;
- Daily Euro gained 81 pips for the week;
Follow the link on the right to view details
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Last week's results.
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Here is our Trade of the Week from 09.23.07, or last Sunday. The set up was to go LONG EUR-CAD at 1.4150. Target 1.4250, or 100 pips. This trade worked out as planned, producing decent gain in couple of days.
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Trade of the week.
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We are going to start October with a closer look at USD-JPY. Set up is to go SHORT at 113.90, with a target of 112.70, or 120 pips. This trade is generated using 4 h charts so the anticipated time frame for the trade completion is as long as 2 weeks. Hopefully sooner.
We wish everybody great trading week and much better month of October!
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Once again we must stress that the trades highlighted here are only a small sample of our trades. If you have any comments or would like to obtain more information please contact us at info@spectrumforex.com .
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Risk disclaimer:
Substantial risk is involved. Forex trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the Forex markets. Don't trade with money you can't afford to lose. Nothing in our website shall be deemed a solicitation or an offer to Buy/Sell futures and/or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on our site. Also, the past performance of any trading methodology is not necessarily indicative of futures results. Trading involves high risks and you can lose a lot of money.
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