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Another week of USD loosing ground to just about every currency available. One notable exception was CAD, which has actually lost ground to dollar over last week. But then again, this currency has been off its peak since November, and it doesn't look like CAD is going to make another run at it. We think the great bull market in Canadian dollar is over.
On the same token we are waiting patiently for all, well, most other major currencies to start sliding against the dollar. So far all we're seeing are some feeble attempts by USD to rally, only to mark another string of losses at the end of each week.
We stay our course, looking to buy USD on any sign of strength. For more scroll down this page.
Our mechanical systems had a good week. Both of them posted solid gains, and are on track to a decent month. Please see the results below and follow the link for details.
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Here are the results for last week:
- Daily Pound made 163 pips ;
- Daily Euro gained 141 pips;
Follow the link on the right to view details.
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Last week's results.
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A quick review of our trade from last week. Focus was on EUR-USD. Our original intention was to hold this trade for a couple of hundred pips. Sunday night, however, we changed our opinion. Market was not behaving the way we wanted. We closed our position for 60 pips gain.
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Trade of the week.
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We are staying within USD denominated crosses. Our pair of choice for this week is USD-CHF. Swiss franc has seen an unprecedented run against the dollar, reaching an all time high couple of weeks ago. We are looking for some weakness here. At the end of Friday we went long USD-CHF at 1.0017. Our target here is 1.0250, and if that is reached quickly, maybe second target of 1.0500.
We wish everybody a 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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