| Hello again,
We hope everybody had a "scary" Halloween! And we don't mean trading wise! Since our office doesn't really close, we anticipated some people to show up in the evening for trick or treating. Well, much to our surprise, nobody showed up to liberate our supply of cookies, candies and other goodies. Which meant that rest of the week we worked it ourselves.
Markets were in a playful mood that day. We opened couple positions on Tuesday, which came within couple of pips to our targets and then SHARPLY retraced! Took till Friday to realize profits in those positions. When that happened the moves were also fast and furious. That's pretty much when our week was "made" after largely uneventful previous few days.
Regardless, November came to a decent start. Please, view the results below and follow the link to see details of last week's trades.
Since launched our "Rainbow System" as a service, we had a very positive response to it. With that in mind, we are contemplating launching another service covering currencies other than currently offered.
What we have in mind are not so much exotic currencies, but rather secondary crosses of major currencies.
An example would be GBP-CAD, NZD-CHF, GBP-AUD, CAD-CHF etc. These crosses are not available from every broker so they would not be suitable to everybody. The way we see it now, new service would cover 12-15 additional crosses.To help us determine viability of this project and shape the way it works,
drop us line at info@spectrumforex.com . Based on your inputs and responses we will decide before the year's end. Your opinion is important so please, get involved.
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Here are the results we achieved last week:
- Rainbow made us 253 pips in closed trades;
- Daily Pound made 52 pips;
- Daily Euro gained 33 pips for the week;
Follow the link on the right to view details. |
Last week's results. |
Last week we suggested a trade in EUR-CAD. We designated it a longer term trade, based on the fact that our set up was created on daily charts. To our content, trade was fast in nature when it eventually materialize. Our entry was at 1.4360 with a target of 1.4500. price moved fast, and within one day we decided to take a profit at 1.4462, for a 102 pips profit. Our original target price of 1.4500 was realized a few hours later.
We felt at the time that move was losing steam, and we didn't want to get caught up in sideways move, for maybe days. That's why we decided to take profit faster. Overall we are happy as this trade produced a good profit in short time.
Here is a chart of the trade. |
Looks like there are going to be quite a few trades this coming week. For the purposes of this column we are going to focus on EUR-AUD. Yes, once again we are zooming in on this cross. We are however lowering our BUY price. We see a new set up with a buy price of 1.6565 and first target of 1.6640.
Now, at this writing, we think that we might hold it for much longer. That will depend on the behavior of the price and nature of move. And, of course, we must be right on direction first.
We'd like to wish everybody a great trading 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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