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Welcome back to our weekly update. There was an interesting statement issued last week, at least we found it interesting. The comment came from Warren Buffett. Yes, Mr. Buffett had something to say about forex market, or more precisely, US dollar.
It has been a well known fact that he had been very bearish USD for a few years now. Apparently he sees farther deterioration of the green buck if economic conditions in USA remain unchanged. He was talking about a decade long time frame and not any shorter term valuation.
In the meantime, USD has enjoyed a mini run against European currencies. Both EUR and GBP lost about 400 pips. We see it as a good start for farther dollar strength this year. Interestingly enough, CAD was even stronger and went on rally of its own, but that's another story.
Our mechanical systems took advantage of large directional moves, with both services showing good results. Follow the link below to see trade by trade details.
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Here are the results for last week:
- Rainbow - CLOSED TO NEW SUBSCRIBERS;
- Daily Pound made 131 pips ;
- Daily Euro gained 216 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 EUR-CHF. Plan was to go long at 1.6193 with a 1.6450 target. Trade was initiated, but so far has not made any headway. We remain in this trade.
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Trade of the week.
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We are taking a look at EUR-USD for the next week. As a matter of fact, this is an outlook for next few months. Looks like a large topping pattern is being built. We think major turning point is developing and expect a major sell off here. We have a SELL order at 1.4295 with a target of 1.3500.
It should be understood that this kind of moves take some time. We are looking at a 1-2 months time frame here.
We wish everybody great trading week!
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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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