With markets in turmoil, this has been a memorable week, or even a month. Huge moves in stock markets, some commodities, debt markets. At some point uncertainty was so great, public demand for short term Treasury papers pushed the interest rates to the lowest level since 1941. Unbelievable! There were so many big news lately, it is difficult to say which one was most important. Huge companies are going bankrupt at the same rate as Forex traders are blowing their accounts- left and right.
Frankly most bizarre is this continued bailout by FED of failing financial institutions. In the long run, seems like the public (taxpayers) will have to cover the bill for mistakes of a handful overpaid executives. It is scandalous. These companies should be allowed to fold.
Currencies had experienced large moves, but not as big as other markets in turmoil. Especially USD and JPY lost ground against others. Of course, that could be simply a correction to previous moves, rather than sympathy move in line with other financial markets.
Increased daily volatility caused our systems to have more stopped trades, but on the other hand, remaining trades had larger gains. Both of our services registered decent gains for the week. See the results below and follow the link for details.
(Sunday 09.21.2008.)
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Here are the results for last week:
- Daily Pound made 183 pips ;
- Daily Euro gained 98 pips;
Follow the link on the right to view details.
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Last week's results.
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Our trade from last week didn't work out very well. A buy order in EUR-CHF was placed at 1.6120, with a target of 1.6220. Order was filled very soon after trading resumed after the weekend, and was stopped out just as fast. The loss was 70 pips.
We are placing another buy for this pair. Order is placed at 1.6043, with an objective of 1.6125. Hopefully this trade works better.
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Last week once again has seen a lot of volatility in Japanese Yen crosses. While we think it will continue, we are also of opinion that it might be a little too much movement to fit an average trader comfortably. That is why we are taking a look at CHF pair for this week. Our choice is GBP-CHF, which has good moves in its own right. We are looking for a buy here on a breakout above 2.0375. The target chosen is rather modest 2.0500, but we would hope for a speedy conclusion.
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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