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| Welcome back!
We hope everybody had a good week and is ready for more action soon.
Over last few days a had noticed a lot more talk in mainstream press about weakness of a dollar. CNBC has interviewed one their million experts who floated some ideas about how to profit from dollar decline. In September last year they also presented views from some guy, some "guru" of copper, who claimed that copper must fall from it's lofty highs of about $ 1.70 at the time, as those were "unsustainable levels". The prices doubled since than.
As far as dollar goes, even a very small local paper went on dollar band wagon. That of course, was a reprint of a syndicated columnist, not an original thought by anybody within this local paper. Seems like dollar weakness is obvious to everybody, therefore will the dollar strengthen?
We do not place trades based on something as vague as "general sentiments" but a year is coming to an end and if history is a teacher, major trends often turn or reach peaks in December and/or January. If you are one of very patient people who trade for a long term, trades taking a year or so, here is a thought;
will we see USD-JPY at 135.00 a year from now?
Back to present. We had a quiet trading week. Our "Rainbow" system had only 4 new trades and we also closed an outstanding AUD-JPY trade from last week. All trades were positive and we go into new week without any open positions.
As far as our daily systems go, both of them recorded minor losses, quite negligible. For all practical purposes those this was break even week for mechanical systems.
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Here are the results we achieved last week:
- Rainbow made us 221 pips in closed trades;
- Daily Pound lost 16 pips;
- Daily Euro lost 1 pip for the week;
Follow the link on the right to view details. |
Last week's results. |
Last week we featured a trade in EUR-AUD. As a matter if fact it was a second week in a row we zeroed in on this pair. If you recall last week we lowered our entry price to 1.6565 with a target of 1.6640. It didn't take much longer to have this trade materialize. As you can see from the displayed chart, once it happened it only took few hours to reach happy conclusion.
We are leaving this pair alone for now, as subsequent market action also reached our longer term target. Nonetheless we hope readers took advantage of this really nice trade. |
For this coming week we have chosen to highlight a trade in a cross we rarely feature. I believe it was only once that we mentioned AUD-NZD on these pages. So, here it is. We have a BUY order at 1.1595 with a target of 1.1660. As we all know, it's very difficult to asses the duration of a trade, but our line of thinking here is that IF triggered this should be a fairly short trade.
We wish everybody very good trading week and see you next weekend! |
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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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