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We hope everybody had a good trading week. Ours was not too bad. There were some interesting developments over last few days. Of particular note to us was a wicked sell off that happened in AUD and NZD in early Tuesday trading. We've witnessed very strong move in a span of 1 hour. It was of importance to us because we happened to have number of positions in these two currencies at the time. One was our trade of the week, more about down this page. Another was a short position in NZD-USD, which we had just entered. That one hour accounted for our 3 winning trades this week. Great.
We think this weakness in AUD and NZD will continue. Now, it's impossible to tell whether it is going to be a linear move, a sharp drop like we have seen during summer, or more "typical' retreat. Chances are the second scenario will happen. At any rate, likelihood of these to currencies getting weaker is high for weeks and maybe even months to come. Also, CAD is expected to join this trend. So far CAD had a life of it's own, but we think it will start behaving like the other "commodity" currencies in soon. No guarantees, though.
Over all we had a decent trading week. All 3 of our services registered a profit for , but both "Daily Euro" and "Daily Pound" are still down for the month. Especially the second one. Of course after strong gains all year long it should be of no surprise that some sub-par performance is taking place.
See our results below and follow the link provided to see complete results. Also, check out our trade of the week at the bottom of this page |
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Here are the results we achieved last week:
- Rainbow made 396 pips in closed trades;
- Daily Pound earned 19 pips;
- Daily Euro gained 41 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 10.14.2007. As a matter of fact, we have had it running for 2 weeks. If you recall, our entry had not been reached the week before. We still liked this set up, though, and decided to stay with it. We were going SHORT AUD-CAD at 0.8750 with a target of 0.8650. After long wait, when the trade finally happened, it came to a conlusion very fast, for 100 pips profit. |
| One more trade from last week. Here is EUR-AUD. We entered this trade Friday before. Prices had been moving slowly untill early Tuesday, when we saw this wicked move in AUD and NZD. Overall a nice trade with 100 pips gain. |
| Trade of the week. |  |
For this week we are going to take a look at EUR-AUD. We just had a good trade in this pair and we think there is another high probability set up here. We have a BUY order at 1.6110, with a target 1.6350, or about 250 pips. Bear in mind, we are using an intermediate time frame, 4H to be precise, so the trade can easily take 2-3 weeks. It also has a fairly deep draw down potential.
We wish everybody great week and good trading! | |
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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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