Very indecisive week in Forex trading. Just about all currency pairs show luck of direction, with sharp turns and reversals. A lot of it has to do with ever changing fundamental picture. Most governments are instituting stimulus packages, in one for or another. Both Australia and United States unveiled new programs over last few days and other central banks continue being active. Unfortunately, none of these actions seems to have any immediate impact. Job losses keep mounting globally, while economic output is shrinking. G-7 countries hold another meeting in Rome, where world economic recession is the main agenda. All these developments seem to have very little impact on market sentiment. Currencies are stuck in pattern of indecision and trading remains challenging.
In this difficult environment our services have been doing surprisingly well. Both of them posted good gains last week, indeed from the beginning of the year. We only hope this continues. See the results below. Also, our detailed results pages have been updated, including performance graphs. You can access them by following the link.
(Sunday 02.15.2009)
|
|
|
Here are the results for last week:
- Daily Pound made 199 pips ;
- Daily Euro gained 192 pips;
Follow the link on the right to view details.
|
Last week's results.
|
Last week we featured USD-CAD in our trade of the week corner. Idea was to go short this pair at 1.2215. looking for a target of 1.2100. Trade didn't work out as planned. price had a sharp break to the down side, but came way short of objective. We closed it once price started to turn, for a loss of 31 pips.
|
Since the beginning of global financial crisis in summer 2008, Japanese Yen became a currency of choice for safe keeping. JPY made stunning runs against most currencies, establishing all time levels in many cases. Much of it had to do with the unwinding of the carry trade, but then Yen still kept on getting stronger. It is possible that this historic run is over, or almost over.
Some signs of possible reversal are showing on USD-JPY chart. We will try to enter into long position in this pair. Order was placed at 92.55, with a large objective of 94.60. We are using an intermediate term chart for this trade, so it is possible duration will stretch into couple of weeks.
We wish everybody great trading week!
|
|
|
|
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 .
|
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.
|
|
