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Strange week we just had. Some currency pairs were extremely undecided, as if waiting for something to happen and give them a push one way or the other. EUR-USD was in that category, Tuesday was the notable exception when we saw a strong move to the downside. Other pairs behaved differently, even among USD denominated pair. Australian Dollar was in this situation. This currency has been under pressure for few weeks, with an accelerated moves over last few days. Same for NZD. There seems to be no consensus as to USD.
This lack of focus is likely due to the fact that FOMC is holding its periodic meeting next week. On August 5th they will announce Federal Fund Rate decision. Sentiment is that rates will remain unchanged, but one never knows. No matter what happens, there is going to be some movement. Our long standing policy is not to trade around this time. We even close a position in EUR-USD just before the news release.
Our service had a slow week. That, however is not the case for the month of July, which had good results. We updated complete results pages, including performance graphs.
As always, please see the results below and follow the link provided.
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Here are the results for last week:
- Daily Pound made 54 pips ;
- Daily Euro gained 14 pips;
Follow the link on the right to view details.
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Last week's results.
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Our trade from last week. To refresh your memory, we had a BUY order in EUR-CHF at 1.6315, with a target of 1.6370. Our order was filled and the mark. price moved our way in a very slow manner. After a couple of days price came within couple of pips to our target. We closed position at the end of that hour for 1.6357, a 42 pips gain.
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For this coming week we are staying with CHF crosses. Just above there is description of EUR-CHF trade we took last week. This time USD-CHF is on the menu. Just like previously, we are seeking a long position. For quite some time the price have been moving up and we think it is about to make another leg up.
We placed a BUY order at 1.0530 and objective of 1.0600. The set up is derived using 1H charts, so, if we are correct, the trade shouldn't take long to complete.
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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