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Last two weeks has brought us some serious developments in the world of currency trading and even financial markets as a whole. First, the week before, FED cut interest rates by 0.75%, which was the biggest single cut in 30 years. This Wednesday, in its regularly scheduled meeting, discount rate was slashed another 0.50%. Some financial journalists called this sequence "unprecedented".
US dollar got sharply weaker right after the announcement, only to reverse just as strongly for the rest of the day. All that was followed by even more USD weakness.
By late Friday, dollar has been regaining some ground against the European currencies.
Not so against NZD and AUD though, as they finished sharply to the upside.
All this brings an interesting question. Will these 2 currencies continue up, because of very large interest rate differential between them and USD? Dollar based carry trade of sorts? We don't think so, but it is certainly a possibility.
All this choppiness didn't do well for our systems, which had a soft week.
Please see the results below and follow the link for details.
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Here are the results for January:
- Rainbow - CLOSED TO NEW SUBSCRIBERS;
- Daily Pound made 224 pips ;
- Daily Euro lost 30 pips;
Follow the link on the right to view details.
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Last week's results.
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Last week we were looking at a potential trade in USD-JPY. Plan was to BUY at 108.00 with a target of 110.00. As you can see, our entry price has not been reached.
This set up is still valid so we keep our BUY order active.
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Trade of the week.
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Few weeks ago we were looking at long position in EUR-CHF. That trade never happened, as the price kept moving lower and our entry was not reached. We are taking another look here. This pair has seen large daily ranges lately. Swiss Franc has been very strong, but looks like time has come for some correction.
Our set up is to buy at 1.6193 with a target of 1.6450. We are using intermediate term charts and expect 2-3 weeks for this trade to work itself out.
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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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