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| Happy Halloween everyone!
Yes, it's that time of the year again. While the theme is "fear and scare" we hope all have fun and joy, Especially when it comes to trading. On the other hand trading is a form of Halloween. If looks closely every chart is littered with ghosts of "fallen" traders and dead dreams. Somebody said long time ago that trading is 90 percent boredom and 10 percent horror.
There was another FOC meeting, and rates were left unchanged one more time. I bring it up because there is a matter that needs some explaining and as far as I recall was never mentioned on these pages.
We don't trade economic news releases. While we make it our business to know the economic calendar, we do not place trades based on what we think that particular announcement is going to be.
Even if we were right on the announcement itself there is another unknown - market reaction to it. We prefer to study charts, base our trades on what we see on charts and not on guesses of a number being released in the future.
By the way, the economic calendar is available on our Forex Data page.
We had a decent week, all three of our services posted modest gains. However our Rainbow System still has 2 positions opened. The daily systems produced profits, however Euro system still makes very small moves. Nonetheless, it was positive, so we shouldn't complain.
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Here are the results we achieved last week:
- Rainbow made us 300 pips in closed trades;
- Daily Pound lost 80 pips;
- Daily Euro gained 30 pips for the week;
Follow the link on the right to view details. |
Last week's results. |
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In Halloween spirit, here is the source of our trades.
Our Chief Forex Strategist, famous K.P. hard at work...
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Time for review of our prior efforts. Last week we suggested a BUY in EUR-AUD at 1.6680. Well, this price level has not been reached. However, we still feel strong about this area and direction.
Notice that we included 2 charts here. One is from last week, the second encloses price action through Friday. We tried to catch a smaller move on the shorter time frame( hence the marks on chart), however one critical element was not fulfilled and we let it go.
For now we let the BUY order stand at 1.6680 with first target at 1.6800 and possible second at 1.7000.
That of course is as always contingent on market developments. |
Before the week came to a close there were some decent moves. Those moves "used up" most of the opportunities we saw. But not to worry, the well doesn't stay dry for long. In the meantime why not to take a look at EUR-CAD.
As you can see this is a daily chart, which indicates that trade, if executed, will likely be longer in duration.
Maybe 2 weeks or so.Then again, that's precisely what we thought of our EUR-CHF trade from few weeks ago and we took profits in 3 days!
In reality who knows? We feel pretty strong about probabilities here that's why are posting this trade.
We have BUY order at 1.4360 with a target of 1.4500.
Have a great week and very scary Halloween!
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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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