Currencies had a quiet week relative to the financial uncertainty experienced on all fronts. Only noticeable moves were in Yen, but even those were not big comparing to previous weeks. Financial analysts claim that was a flight to safety, although that is probably a code word for ignorance. In case a broader world wide recession, JPY will not be a beneficiary, but a victim of slowdown. Number of central banks injected liquidity and that could be a reason behind docile Forex. Besides, chances are, traders don't want to commit and are simply waiting for farther developments.
And they just keep coming. Financial uncertainty was compounded the biggest bank failure in US history. Much vaunted FED bailout plan is stalled in congress and it is not known what final shape it will take. Crude oil experienced large price spike. And how about this- US mint halted sale of gold American Buffalo coins, as the demand out paces supply. Looks like people are hoarding bullion.
Our services had a mixed week, with one being negative, and the other positive for the period. Both of them are ahead for the month. There are still couple of days of trading left in September, so we will update our complete results pages and performance graphs next week. Meanwhile, see the results below and follow the link for details.
(Sunday, 09.28.2008)
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Here are the results for last week:
- Daily Pound lost 161 pips ;
- Daily Euro gained 81 pips;
Follow the link on the right to view details.
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Last week's results.
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We have not had much success with our trading CHF lately. Not that there were losses, the trades were simply not happening. Like this here, intended long in GBP-CHF. We intended to buy it at 2.0375. Unfortunately, price moved the other way, never reaching entry. For now we moved the order to 2.0250, with a target of 2.0350.
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All financial markets are obviously in the limbo, probably waiting for the details of massive intervention of US government. Currencies were no exception, with not much movement. Even Friday activity was not much comparing to previous weeks. In this challenging environment we are taking a look at a pair we have not focused on in some time. The set we found is in CAD-JPY. We placed buy order 103.54, with an objective of 104.60. Time frame used is one hour chart, so trade should not take very long, once initiated.
Have a 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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