Hello everybody!
Special greetings to all those soccer(futbol) fans out there! The month long feast for the eyes has started! For all those who don't know, there is expected to be a connection between the World Cup and forex moves. How is so? Well, a lot of people especially in Europe, are said to adjust this year's vacations to coincide with the world cup. That includes people who work for banks, traders and money managers.
This little tidbit is mentioned only as an interesting footnote as we will continue doing exactly what we are doing.
So what is it we're doing and most importantly how well are doing? After abysmal May we continued our recovery last week.
System 1 made 50 pips last week, is + 113 pips for June and +104 pips for the year. To see trade by trade results follow this link.
Our System 2 produced 59 pips, making it's total for June + 78 pips and +230 pips for the year. Go here to view all details. |
Discretionary trades.
A review of our featured trades begins with our USD-CAD trade. As you might recall we entered this trade long at about 1.1050 with an intention of holding it to 1.1500. Well, that didn't happen. SOMEBODY was doing checking in the live account and close the position by mistake! Now, we made about 100 pips profit but that is not what was intended. In retrospect it worked out to our advantage as this pair took a dive on Friday. More on USD-CAD later. |
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| Profit of 100 pips. |
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| Next on the agenda is USD-JPY, which is currently about 90 pips in profit. If you remember our target here is 116.00. So far no accidents here. |
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| 90 pips in profit, target 116.00 |
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| Last week we featured CHF-JPY. Our BUY order was filled at 93.25 and so far we are at-70 pips down. Not much concern though as this is thought to be a longer term trade. Our targets are 95.00 and 97.50. |
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| First target 95.00 |
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| Now, as promised, more on USD-CAD. We got lucky to take some profit and see current levels as an opportunity to reenter. First, at the open on Sunday we will be entering a small long position at the market. That will likely be 1.1050-1.1060 level. Secondly we have a BUY order if a break out above 1.1280 happens. Our target remains 1.1500. |
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| Target still 1.1500 |
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| We wish everybody good trading and see you next 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 .
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