 | Warm Hello to all!
A lot of choppy action in Majors, some people are screaming for break outs, others predict the so called "trading ranges" for the time being, whatever that means. As for us, we admit that we don't know and just go and trade. If you notice, most of our "Rainbow" trades were in JPY crosses and all of them paid. We are going into the weekend with 2 open positions, but hope to see a speedy conclusion to them next week. Back to JPY. Bank of Japan (BOJ) left the interest rates unchanged at marginal 0.25%, farther fuelling the run on JPY. How long will that last? Probably not much longer. Read our "Next week's trade" down the page for more on the subject.
Choppy trading in EUR-USD and GBP-USD didn't do good for our mechanical systems. Both "Daily Pound" and "Daily Euro" presented us with measly gains. On the plus side, those were gains not loses so there is not much to complain about. See the details below.
As we mentioned here on these pages many times, at any given time we trade many more systems and methodologies then we offer as services. There's been a number of inquiries about a stand alone systems for both USD-JPY and USD-CHF. We've been trading variations of our mechanical systems for those currencies and had decent results with USD-CHF. Yen is more illusive. While we've had positive results for USD-JPY gains are not good enough to offer it as a service. Swiss franc, however, has seen decent results. Currently we are in position to offer it as system for public use. Results over last 2 years have been somewhat better than "Daily Euro", it requires same time commitment and would price just like it. We invite your comments on the subject, as we'd like to have a measure of interest before we go ahead with the project. Just drop us a line at info@spectrumforex.com .
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Here are the results we achieved last week:
- Rainbow made us 199 pips in closed trades;
- Daily Pound gained 26 pips;
- Daily Euro earned 13 pips for the week;
Follow the link on the right to view details. |
Last week's results. |
| Last week on these pages we suggested a trade in AUD-USD. The premise was to go long at 0.7850 with a target of 0.7900. Here is what happened. We entered as planned at 0.7850 but we exited position a little prematurely. Nonetheless, we took 33 pips in profit and that's what shows on our results. Those of you who decided to stick it out, had the chance to take the projected 50 pips, as the target of 0.7900 was met. |
What about next week? Well, all the Majors seem to be stuck in fairly narrow ranges, as if waiting for some catalyst to tip the scale one way or the other. Odds are that USD will strengthen. That's our view at least. In the mean time, however, let's look at EUR-JPY. That's been a beautiful run for just about every currency against JPY. We think it's time for some correction. As a matter of fact that might be sharp and furious correction. That said, we are not going to try to catch tops here, but attempt to enter any potential break under nearest support levels.
So here's our plan; order was placed to go SHORT EUR-JPY at 156.75, with a target of 155.80. Should this happen, we will advise subscribers on further action.
As always, wishing you great trading week! |  |
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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