Good day to all!
Summer is in full swing, we hope everybody is having a good time while on vacation or even at work. Nice summer weather makes a lot of situations look much better. There might be one week pause in our weekly comments section when this contributor goes on vacation. If it happens, that's going to be either second or third weekend of August. It has not been decided yet and we'll keep you posted.
In the meantime the Forex train keeps rolling. It runs over some people and others it takes places. We've been over the time both in front of that train as well as on top of it. This week we received an email regarding some of our position trades, specifically the writer wanted to know why we took position in EUR-CHF and CHF-JPY, as these are crosses that "move slowly".
Since we publish this page only once a week we try to present trades that are somewhat longer in duration. That of course is only small sample of all our trades. We take a lot of other trades during the trading week with shorter time frame in mind. Contact us for more details.
As far as those two mentioned pairs being "slow moving", well, one can take larger position to have a bigger impact. Also, while generally these crosses move somewhat less than other pairs, it's not written in stone. I recall moves as big as 180 pips EUR-CHF in 4 hours or 270 pips CHF-JPY in less than a day! The reason I remember them is because we had open trades at the time. Not all is what it seems.
Now, our systematic trading.
System 1 made 76 pips last week, which makes our total for the month of July 33 pips. Go here for all the details.
System 2 made 26 pips last week, bringing its monthly scorecard to -92 pips. Follow this link for trade by trade account. |
Discretionary trades.
First of all we must look closed trades, well trade. our GBP-CHF trade came to a speedy conclusion, pretty much as predicted. Nothing happening for a while and then decisive move and in a couple hours we took our profit. First target of 2.2750 gave partial profit of 75 pips, we closed the balance of position shortly after at 2.2875 for 200 pips prof! That turned out to be a pretty good trade.
Here's the chart. |
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| First exit for 75 pips profit, second for 200 pips! |
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Here is USD-CAD. So far trade is going our way. First trade is showing about 300 pips profit from 1.1060 and second trade is roughly 100 pips in profit from our 1.1280 entry. Once again we are looking at a target of 1.1500. We will likely close most of our position than and only keep a small position open. We'll keep you posted. |
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| Good progress so far, target still 1.1500. |
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| Now we're off to those "slow moving" trades. CHF-JPY trade is in positive about 75 pips at this writing. Our first target here is 95.00 and second 97.00. Here's the documentation. |
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| Trget still 95.00 and 97.00. |
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To conclude this discution we must cover EUR-CHF. Our target is still 1.5800. Corrent level of 1.5720-30 gives us a running profit of 50 pips. |
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| Trget remains 1.5800. |
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Something for next week?
Three or four weeks ago we mentioned a possible long term trade in EUR-CAD. Our order was placed at 1.4470. It was filled and than market promptly fell. Well, it's coming back to those levels so it might not be a bad idea to place an order to BUY at 1.4480 with a target of 1.5000. We envision the same situation as with GBP-CHF; when the move comes it will be fast and furious. Good luck. |
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| Target 1.5000. |
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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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