Financial news were dominated by Chrysler bankruptcy. Nations third largest automaker was forced for a chapter 11 reorganization, after talks with senior bond holders collapsed. Obama administration is expected to provide up to $ 8 billion in additional funds for the company, depending on bankruptcy proceedings. It is expected to be very unusual case, lasting only about 60 days. Chrysler is expected to be bought by Fiat, most of the assets, that is. Outcome is important, because other companies, like GM, are in similar predicament. Whatever happens, might set a precedent for future large corporate failures.
FED had its meeting last week as well. Just as expected, not much new was released. With interest rates cut to the bone no farther action was taken. Perhaps most interesting Forex development was fall of Japanese Yen, which we expect to continue.
Month of April came to an end and our services registered mixed results for the period.
They are shown below. Our trade by trade pages have been updated, including performance graphs. Please follow the link to see them.
(Sunday 05.03.2009)
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Here are the results for last week:
- Daily Pound lost 78 pips ;
- Daily Euro made 106 pips;
Follow the link on the right to view details.
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Last week's results.
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Trade we suggested last week came to anticipated conclusion. We were buying GBP-USD. Entry price was 1.4781, with a target of 1.4900. Once the trade happened, objective was reached fast for 119 pips gain.
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Trade from last week worked out really and we can only hope it can be done again this week. Our currency of choice is EUR-USD. It does not seem to have established long term direction, even intermediate term is flipping every few days. Most of last week price kept moving higher, but over last couple of days it stalled. Behavior is consistent with topping pattern.
Our plan is to sell EUR-USD at 1.3185, with an objective of 1.3080, or a little more than 100 pips.
We wish everybody 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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