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| Hello to all!
Story of the week turned out to be, well, not much of a story. That, of course, was the G-8 leaders meeting in Japan. Few weeks ago financial ministers of these countries held a preliminary talks. At that time there were some raised voices about possible actions to counter rising oil prices. Just before that, Treasury Secretary Paulson didn't "exclude intervention on behalf of dollar". In this light, meeting of the leaders carried some expectations. Maybe a policy trying to bring oil prices under control, or something about currency exchanges. As it turned out, the highlight of the summit was a priceless information, that president Bush is going to attend the opening ceremony of the Olympics. Let's not forget about the agreement in principle to have a greenhouse gas emission accord in place by 2050. If one government is guaranteed to work slowly, just imagine how slow a group of governments can be...
After mostly directionless week, markets finally responded to G-8 meeting sluggishness with a fury. Oil hit new high once again and the dollar continued its sad slide. We expect more sharp moves ahead, but also lots on indecision, moves to both sides and markets reacting strongly to any news. At least until Olympics, all fundamental announcements will likely be very volatile.
Our systems were a mixed bag last week. Lack of direction early in the week took its tall. We updated detailed results pages, including performance graphs. Please follow the link below.
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Here are the results for last week:
- Daily Pound lost 44 pips ;
- Daily Euro gained 39 pips;
Follow the link on the right to view details.
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Last week's review.
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Our trade from last week. We placed sell order for GBP-USD at 1.9788. We were looking for a slide to 1.9680. One of those trades that worked exactly as advertise. Market moved our way since the opening on Sunday, and in short order our target was reached for 108 pips. If only all trades were like this...
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This is a trade from two weeks ago. We were buying USD-JPY at 106.53. Once our order got filled, price stalled and moved sideways for a few days. Just like the trade above, however, things started to happen after the open last Sunday. Our objective of 107.10 was reached.
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Trade of the week.
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After the swift and violent moves on Friday, especially the sharp USD sell off, we think that our trade for next week will surprise some of you. Here it is. We want to sell AUD-USD. Late Friday action suggests a weakness ahead. We have a sell order at 0.9593 with an objective of 0.9520. We will also consider secondary entry right after the open, also to the downside. That will depend on how this pair behaves at the onset of trading week.
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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