| Good day everybody!
We hope everybody had a prosperous week or at least not a loosing one. From our standpoint it was an unusually slow week. Our mechanical systems produced very few trades as did our Rainbow system. In fact I think that the leaves were changing color faster that any price movement. I mentioned the leaves because I must take this opportunity to comment on the fantastic weather we had been experiencing here in Seattle area over last week! Days are starting a little foggy, with nice crispy cold only to turn into uninterrupted sunshine lasting all day with benign temperature. All vegetation is assuming these deeply saturated colors that are simply beautiful. I guess markets are enjoying this mesmerizing fall and that's why everything is so slow. For us at least.
That won't last of course, and we will see some fireworks in the markets. We expect much more action in our systems this coming week.
There was an email with a question about our systems. Since it's not the first time we received similar question I decided to touch up on it. Our reader wanted to know if we trade more currencies in the manner of our Mechanical systems. The answer is YES, we trade 14 different combinations of currencies and /or time frames. That' how we manage our proprietary pool of money. It would be too complicated and cumbersome to offer all of them as services. We can work something out on individual bases so if interested please inquire at info@spectrumforex.com
At the end of the year we will make a review of our offerings and maybe expend and/or change current services. We'll see.
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Here are the results we achieved last week:
- Rainbow made us 266 pips in closed trades;
- Daily Pound produced 91 pips;
- Daily Euro gained 4 pips for the week;
Follow the link on the right to view details. |
Last week's details. |
Discretionary trades.
Last week we featured a trade in AUD-NZD going long. We entered it at 1.1290 with a target of 1.1500 and expected time frame a few weeks. Price moved our way right away and we took a partial profit at 1.1339 for a 49 pip profit. Our Rainbow system produced so few trades this week that by the end of the week we decided to close this position entirely and pocket the gain. We closed very late on Friday, our exit price was 1.1420 for a profit of 130 pips.
Our Rainbow subscribers were of course notified and could exit their positions also. We will continue monitoring this cross as we think there will be more high probability trades here over nearby future. |
Now, I think everybody is used to opening predominantly long positions. This week for a change we see an opportunity going SHORT. The cross is EUR-CHF and we went short at 1.5924 around the closing Friday. Our target here is 1.5850 or about 75 pips. We will not place a firm Stop/Loss but rather monitor position. Our mental S/L is about 1.6000 but it depends on when and in what manner price arrives there.
The fact that we are using daily chart should indicate we expect a little longer term trade. But who knows?
We closed our AUD-NZD trade sooner that anticipated also.
We'd like wish everybody great trading and see you next 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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