 | Welcome back!
Last week in this section I made a mention of an article in "Active Trader" magazine about lack of scientific evidence in confirming validity of trading system. Much to our surprise, there was a flood of emails to us about it, some of them very vocal. We must remind everybody, that this article was not of our writing and we neither endorse it nor condemn. We mentioned it, because, frankly the theses is quite interesting. And that's it. This is the end of our involvement with it. As you know some of our trading is very systematic, methodical, like our "Daily Pound" and "Daily Euro" services, as well as more discretional, not bound by preordained set of rules, like "Rainbow". Frankly, trading "Rainbow" might seem completely outside any systematic approach.
Last week, for example. We had trades both short and long JPY, depending on the currency cross. We went long AUD-JPY, EUR-JPY and USD-JPY but later in the week were trades to the short side of GBP-JPY and EUR-JPY. So as you see, there is some mix of approaches and opinions. We analyze each pair separately and act accordingly,
even if sometimes we get conflicting signals from "sister" crosses.
So how did we do last week? EUR-USD remains in fairly tight range with very little directional movement. Our "Daily Euro" continues to make progress, albeit very slowly.
"Daily Pound" had a decent showing, making 62 pips.
"Rainbow" had a very good week, earning 311 pips in closed trades, but we are going into the weekend with 2 open positions , both of them currently in losing territory.
Please follow the link below to view complete details of our trades.
|
|
Here are the results we achieved last week:
- Rainbow made us 311 pips in closed trades;
- Daily Pound gained 62 pips;
- Daily Euro earned 30 pips for the week;
Follow the link on the right to view details. |
Last week's results. |
| Last week in this section we featured a trade in USD-JPY. Our thinking was to go short at 120.04 with a target of 118.20. The trade was triggered and immediately went the other way. We are still in this trade and although it doesn't look at the moment, our low leverage allows us to stay in it. We are approaching a level where a decision will have to be made about taking our losses and moving to something else. Next 2-3 days will decide. As always it depends on price action, which we monitor closely. "Rainbow" subscribers will be advised if that happens. |
A few weeks ago we had a successful trade in EUR-CAD. At that time we said "there will be more trades in this cross in near future". Not as soon as we expected, but an opportunity presents itself here, we think. We propose to go SHORT when the market opens on Sunday. Estimated entry level would be 1.5240-1.5230. Our target here is 1.5100 or so. Should the target be met, we will likely continue much lower. We will update our forecast when and if 1.5100 is reached. Trade is cancelled IF there is a dramatic gap at the open. "Rainbow" subscribers will be updated.
We wish everybody 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 . |
|
