 | Happy Presidents Day!
Monday is an observed holiday in the USA, the Presidents Day. Government offices and banks will be closed, by extension financial markets also. Some people will have an always welcomed day off, deserved or not. Therefore we don't expect much happening in USD crosses, although one never knows (remember Thanksgiving?). It also happens quite often that other financial centers, London, Tokyo, take it "easy" on a day like that.
So it happens, we would like to see another day of light action. Not so much for recreational reasons but for some additional clues as to farther direction of many of the currency pairs we are following. For example USD-JPY. We need a little more price action to develop directional opinion here for short term trading. We face the same situation with scores of other pairs as Friday movements suggest some kind of pause in current trends. That's why an extra day of small moves would be helpful. As one never knows however, we will pay attention to happenings as they unfold.
Now that I confused everybody and myself, here is a look at our performance last week.
On balance we had a good week. "Rainbow" had a positive period, despite a fairly large loss in EUR-JPY right of the start. Market stopped our short position out, only to reverse shortly after and going down all week. We made it up with large gain in GBP-JPY and a few smaller takes.
"Daily Pound" had a strong week and "Daily Euro" also keeps gaining but at slower pace. Use the link below to see all the details. |
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Here are the results we achieved last week:
- Rainbow made us 200 pips in closed trades;
- Daily Pound gained 142 pips;
- Daily Euro earned 22 pips for the week;
Follow the link on the right to view details. |
Last week's results. |
| Last week we featured a trade in EUR-CAD. That trade is still in "development", that is, it hasn't been closed. Two weeks ago we discussed a trade in USD-JPY and that was closed recently. Set up had been to go short at 120.04 with a target of 118.20. Well, we decided to cut the trade a little short and pocketed 65 pips instead. As always, our subscribers were notified of change in plans. We will continue to monitor this and all JPY crosses as there is more downside potential. |
We decided to do something a little different this coming week. Here is a look at a pair that is not covered but any of our services, AUD-CAD. It will be covered in the proposed "Rainbow 2" when launched. As not everybody has availability of trading this cross, here is an opportunity of watching a price development with no emotions at stake. We think this is a good experience. In our view the price is breaking down, so we see a SELL at 0.9095 with a first target 0.9050. Should this be met, there is an additional potential for price movement to 0.8900 in a few weeks. This should be fun to watch.
Great trading and until next time... |  |
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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