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Big week ahead of us. There is FED meeting in a few days. This one is the most anticipated in years. Federal Reserve policy makers will make a decision that just might prove momentous to all financial markets, maybe even for months and years to come.
General consensus is that FED is going to cut rates. Well, that's more of a collective wishful thinking rather than solid predictions. We are bombarded from left and right with reasons why the rate should be cut by as much as 0.50%. Most of those reasons are tide up to the credit crisis. Chairman Bernanke did mention, however, that is not FED role to bail out borrowers and lenders out of questionable loans decisions. So what's going to happen? We do not know and are not even going to speculate on it. Why? That's simple. For us it's not really important what FED does, but how markets react to it. That is the part of interest to us and, from where we stand, it is NOT predictable.
We think there is going to be a lot of volatility and indecision. We don't want to be in any USD short term position at this time. Considering how Yen has been behaving over last few months, don't be surprised if volatility spills over to JPY as well. And whatever happens, newspapers will have perfect explanation the next day. After the fact and with no use at all. As we mentioned it many times here, we don't trade news releases, but we always watch what happens.
Last week was very trying for us. Early on we got ourselves in couple of bad trades in "Rainbow".One of them, AUD-JPY trade, turned out to be the worst trade in months. More on that down this page. We did manage to crawl out of the hole late in the week, but our weekly gain was small.
Remaining services had soft week as well. Both "Daily Pound" and "Daily Euro" posted marginal losses. View the results below and follow the link to see the details.
We updated our full results pages, complete with performance graphs. Also, we posted snapshots of all trades from last week. See them here.
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Here are the results we achieved last week:
- Rainbow made 68 pips in closed trades;
- Daily Pound lost 2 pips;
- Daily Euro lost 16 pips for the week;
Follow the link on the right to view details |
Last week's results. |
| Here is our trade of the week from 09.09.2007. We went short AUD-JPY at 93.05. Target was 92.00. Unfortunately, price never reached our target and reversed and got away from us. We finally were stopped out at 96.60, for a loss of 355 pips. Our worst trade in months. We posted all trades from last week here. |
Thankfully, later in the week our trades turned out much better. Here is one, GBP-JPY to the long side. We took nice 181 pips and even managed to get out right before sell off. You go here to see all other trades from last week. |
| Trade of the week. |  |
For this week, we are taking a look at GBP-JPY. We are looking to go SHORT at 230.05 with a target 228.50. With the FED decesion imminent, there maybe a great deal of uncertainity not only in USD crosses, but everywhere. We see difficult trading environment ahead.
Have 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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