Last week was dominated by news from G-20 meeting in Pittsburg. At first both security measures and minor demonstrations made the headlines. Later, after much rhetoric and posturing, delegates declared New World Order. What is it? Thankfully nothing sinister. The long established G-7, later G-8 group, was expanded to include some of the powerhouse of emerging economy. The exclusive club became a little bigger with China, India and Brazil officially on board.
Oddly enough, for heads of states, most of the time was spent looking for ways to cap and monitor compensations of bank executives, largely blamed for the last global financial crisis. Some agreement was reached, however details are vague.
New World Order but old story - all members praised each other for handling recession a pledged future cooperation. Final press releases were full of lofty declarations with very few specifics. Dollar received a little boost and that was the highlight of the meeting as far as currencies go.
Unquestionably our services had a mixed week. One had great results, largely based on a single trade, while the other registered minor loss. Please see the returns below and follow link for details. Our complete results pages have been updated including, performance graphs. Be sure to visit them.
(Sunday 09.27.2009).
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Here are the results for last week:
- Daily Pound made 220 pips ;
- Daily Euro lost 24 pips;
Follow the link on the right to view details.
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Last week's results.
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Trade of the week from last update was a buy in USD-JPY. Entry was 91.72, targeting 100 pips. Trade happened early in the week. Unfortunately, our objective was not reached, but we mange to recognize market behavior and closed the trade at profit of 55 pips. Not too bad.
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Very important developments for the US Dollar. First it makes annual lows across the board, against just about everything else out there. This prompts even more bleak predictions. Doom and gloom. At the same time G-20 meeting takes place in Pittsburgh, during which, against expectations, USD starts to get stronger. We expect dollar appreciation to continue, at least in the short run.
For this week we are looking at EUR-USD, with intentions of selling it. Anticipated entry is at 1.4602. In our opinion volatility will remain at elevated levels, so we are would like to see a little larger move. Objective is at 1.4460.
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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