Sunday November 27 2005.
We hope everybody had a good Thanksgiving!
Due to a holyday in the US the second halve of the week was relatively slow.
Our featured trading systems had decent results last week. System 1 showed a gain of 62 pips. Monthly results for November are very good +270 pips!
System 2 had another good week with a gain of 83 pips. Monthly results for November are very good + 380 pips! While the month is not over yet, this makes it one of the best months on record for our method!
Recap of last week's comments.
We still hold our position in NZD-USD. While it continued to move in our direction we believe there is some more life left in this move so we hold on. We will sell part of our holdings at 0.7000 and the remainder at .7050 if and when this happens.
As stated in last weeks comments we also opened a long position in GBP-USD right at market open. After a week's holding we are down about 50 pips. We continue holding that position. Read last week's comments.
We hope you enjoy these pages. Feel free to express your comments and opinions at info@spectrumforex.com |
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| Currently about 50 pips below entry |
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Other trades.
Once again we must stress that we do not present ALL trades we enter but rather a sample of our activity.
Another trade we entered last week was long GBP/JPY trade using 1H charts. We sought a 206.00 level. As you can see that has not happened. We no longer feel strongly about this trade short term. It was decided to close trade as soon as market opens Sunday. We will likely take a profit of 40 or so pips and turn our attention elsewhere. |
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| Our GBP-JPY trade |
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| Out of some interesting developments for this coming week is, in our view, situation unfolding in GBP-CHF. On the attached screen shot please view where our Limit Buy Order is located. If triggered we believe it will have a high probability of producing 150+ pips in relatively short order. |
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| Our Limit Buy Order |
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We see another interesting development right know in AUD-NZD. Both Weekly Charts and Daily Charts indicate a massive support. We think there will be a correction of 200-300 pips taking us back to maybe 1.09 level. That said we are not going to just buy in but rather closely watch 1H and 3H charts for a reversal. That process might take even a week or longer. If completed however, probabilities for 200 or so pips profit are high.
There is a caveat here. If weakness in NZD happens too fast it might force us to exit our USD-NZD position. We will keep close eye on both! |
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| Note support on weekly chart |
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| Support area on daily chart |
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