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Happy Labor Day!
Those of you living in the USA are hopefully enjoying last vestiges of summer put together with a prolonged weekend, in order to honor hard working people just like yourselves. It seems that weather is cooperating and all the BBQ-s and get togethers should be enjoyable. At least more fun that we've had here last months trading. Maybe we shouldn't complain entirely. Our discretionary trading was quite good, our mechanical systems, however, had a weak month. No wonder we are happy to see August go.
There is some news to bring up. Our discretionary trade recommendations have been available on a subscription bases to all interested. Until now the service has been catered individually to just about everybody. Seems like every person wanted different currencies and time frames. It was very difficult to come up with some please all formula and at the same time give everybody fair and competitive pricing.
Until now that is.
In the months on September we will be launching a subscription based service named "Rainbow". We will follow 14 different currencies, all trades will be targeted to work within couple days to few weeks. Trade recommendations will be issued once a day. If one doesn't like some currencies one simply skips those trades. Those preferring longer trades will simply drop trades of shorter duration and vice versa. Depending on market conditions we expect as many as 10 trades a week. Service will be priced in such a way that even if somebody doesn't use halve the trades highlighted, one still should get his/her money's worth.
More details will emerge over next few weeks, so keep checking our web site!
In the mean time our Systems did as follows:
System 1 made 5 pips last week and close the month of August at -161 pips. Ouch! Go here to see the details.
System 2 also made 5 pips last week and finished August with -88 pips. To view details go here.
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Discretionary trades.
Well, this week's report is somewhat on a lame side. The trades and situations we covered last week didn't develop into anything, yet that is. So, without farther procrastination her it is.
Trade we suggested in EUR-AUD, long at 1.6970 didn't happen as the price never reached that level. Regardless we are committed so here it is again: we have a buy order at 1.6970 with a target of 1.7200. |
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| Buy 1.697, target 1.72 |
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| A week ago we opened long positions in both USD-CAD and EUR-CAD. We will not be updating these trades every week as our intended time to remain in those trades is a few months. Regardless today is a good time to remind you of them and also to point out that these positions are entered at cash value, no leverage. Currently EUR-CAD is 25 pips positive and USD-CAD is -50 pips. |
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| Currently -50 pips |
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| So far +25 pips |
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Next week.
We see a situation under development in USD-JPY and it warrants our attention. We placed a BUY order at 117.52. If order is executed our target is 118.20. We believe this is a high probability set up and we think that if triggered, trade will come to intended conclusion within 1-2 days. |
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| Buy 117.52, target 118.2 |
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| To conclude this installment we'd like to wish everybody great week and profitable trading! |
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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