After many, many weeks of increased volatility, there has been a resemblance on normalcy. Forex market is slowly showing signs of returning to more typical behavior. Most of the brokers are quoting prices with the spreads back to summer level, daily ranges for majority of currency pairs show daily ranges closer to historical averages. There are some exceptions, like Canadian dollar, which experienced a spike in activity(more on CAD farther down this page), but this was much more "normal" week that we've had in a long time. That was in spite of another announcement by FED of $800 billion plan to provide liquidity to credit market, as well as more talk about rate cuts from some central banks. Looks like markets are used to repetitious big news coming out from every corner and are more selective in response. Having Thanksgiving holiday also helped in lowering volatility.
Resemblance to normalcy was evident in our services. Both of the trading systems we offer to public had positive week and finished November with impressive gains, over 900 pips in gain each. Most importantly, they recovered all previous losses and are at new highs for the year. Please see the results below and follow the link to see details.
Complete results pages have been updated, including performance graphs.
(Sunday 11.30.2008)
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Here are the results for last week:
- Daily Pound made 39 pips ;
- Daily Euro gained 298 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 was in EUR-USD. Set up called for going long with an entry at 1.2647 and a target of 1.2750. Trade worked as planned and very early in the week. Profit realized was 103 pips.
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Last week saw slowdown in most currencies movements. For most part trading ranges contracted measurably. Most of it had to do with Thanksgiving holiday, which, traditionally, sees a drop of trading activity.
Couple currencies stood out for different behavior, however. Canadian dollar, for one, experienced a huge day early in a week, gaining 500 pips against USD. This is a massive move for this currency and it continued with rather large swings in relation to other crosses,
We are going to see if this volatility remains and try to take advantage of it. Our plan is to buy USD-CAD at 1.2494, with a target of 1.2650. We are seeking 150 pips gain.
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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