Welcome back!
We hope everybody had eventful and most important profitable week. There were decent moves especially dollar continued to loose ground across the board. The mainstream press has finally noticed that dollar is falling. There was a segment on CNBC about it as well as number of articles in newspapers. To us it means that perhaps this particular move is loosing steam? We are not saying that some massive reversal will start tomorrow, but perhaps some consolidation is in order. This would be a good time to take some partial profits if one has a long term short dollar position. Our view is : when everybody (main press) sees something, it's too obvious therefore unsustainable.
Another development is less earth shattering: our services will be suspended for 2 days this week, due to the fact that several of us has overlapping vacations. Customers will be notified individually which days are inactive. We apologize for the inconvenience but please understand, we must take a break also!
Now it's time to take a look at last week's results. Both Systems were choppy last week.
System 1 produced 15 pips and is also August's total. Follow this link for details.
System 2 made 13 pips which makes it's monthly total also 13 pips. Go here to see all trades.
Both Systems had a positive week but without much fanfare. |
Discretionary trades.
Last week we suggested a trade in GBP-USD. We had a BUY order at 1.8685 with a target of 1.8770. We expressed an opinion that trade might be over in one day. Well, that didn't happen but trade came to a conclusion on second day. We are quite happy. Here is what happened, we took partial profits at 1.8750 for +65 pips and the balance of the trade was closed at 1.8770 for 85 pips profit. Take a look !
|
 |
| First profit 65 pips, second 85 pips! |
|
|
Now, trades of longer duration, both of which are positive but stubbornly refuse to finish the moves.
EUR-CHF came twice very close to our target of 1.5800 but failed to reach it. Currently we are 85 pips in positive territory and continue holding it. Here is the chart. |
 |
| Current profit 85 pips, target 1.5800. |
|
|
| Now USD-CAD. We have 2 trades here one is about +200 pips while the other basically break even. If you recall our target here is 1.1500 and we maintain it. Also we have two other trades that mentioned over last few weeks. Those are LONG CHF-JPY and EUR-CAD. They are both slightly positive but we will cover them in more details next week. Here is the chart for USD-CAD. |
 |
| Target remains 1.1500. |
|
|
Next week's trade.
There were a number of promising short term set ups late last week but they all came to conclusion on Friday. So here is a trade that may be quick, might be not but we see high degree of probability o being profitable. The cross is AUD-NZD. At the close Friday we went SHORT this pair at 1.2234. Our target is 1.2100. By the way, we believe NZD , which have been a looser against everything so far this year, is about to turn around across the board. Please contact us if you want more info about possible trades here. |
 |
| Target 1.2100. |
|
|
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 . |
|