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So here we have it. FED did cut the interest rate by 0.50%. Kind of strange considering that for a long time their focus presumably was fighting inflation. One would think that inflation doesn't exist any more. From where we stand, it looks like FED bowed down to pressure brought on by the credit crunch. Hardly FED's role.
Whatever the reasoning, markets responded strongly. EUR-USD reached an all time high. For the first time ever moved above 1.4000 mark. That's big. What is perhaps even bigger is the USD-CAD story. This cross reached parity, for the first time in over 30 years. CAD and especially USD-CAD has been moving in step with oil. Crude made new all time high, getting above $80 per barrel. It's interesting to see if the parity mark will become a serious support for USD or will it keep getting lower. To see what might happen next, we had to dust off some really old charts. Looks like another important support for USD-CAD is at around 0.9600-.09500 area. Time will tell.
Thanks in part to FED's decision and the moves following it, our mechanical systems did very good last week. "Daily Pound" made 257 pips last week, while "Daily Euro" took 137 pips. Both of these systems had a slow month till now.
"Rainbow" had a quiet week, though. There were only 2 new trades and an old one, but it still manage to produce 260 pips in closed trades.
Follow the link below to see details of all our trades.
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Here are the results we achieved last week:
- Rainbow made 260 pips in closed trades;
- Daily Pound earned 257 pips;
- Daily Euro gained 137 pips for the week;
Follow the link on the right to view details |
Last week's results. |
| Our "Trade of the week" from 09.16.2007, or last week. Currency pair was GBP-JPY. We placed SELL order at 230.05, with a target of 228.50. Trade worked as we expected and the profit was 155 pips. |
| Here is another one of our few trades last week. This one was EUR-JPY. Also to the downside. Not a bad trade, netted us 80 pips in relatively short order. We got out at almost the bottom of the swing. |
| Trade of the week. |  |
This coming week we will try test EUR-CAD. After reaching parity with USD, CAD might be ready for some pullback. We will not know for sure unless we trade it. So, we are placing a BUY order at 1.4150 with a target area of around 1.4250, or about 100 pips.
Have a trade trading week! | |
Click here to check out this book! |
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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