| Hello everybody!
We are happy you could join us here! What an interesting week we had! Dollar keeps going lower against almost all currencies, Canadian dollar being a notable exception. Seems like everybody is talking about weak dollar. Media, papers and TV are full of talking heads with fantastic ideas about how to take advantage of weakening dollar. Our question is where were all these people few months ago BEFORE this big move started? Now everybody can see that the dollar is loosing ground, doesn't take an "expert".
So what now? Here is what we think. This move is over. That's right, we think that this particular move, especially in European currencies is about done. Now, let's get something clear. We do not claim that we have seen an exact turning point. We do however think that from now on we will see a development of consolidation or large turning formations. This statement applies chiefly to GBP-USD, EUR-USD and USD-CHF. This process will last a few weeks to 2-3 months before any new clear trend will emerge. And please remember, we don't only have opinions - we trade them!
We will adjust our opinions and trades as the price action develops. More on that later.
Over all we had a good week and month. November was positive for all 3 of our services. "Rainbow" made us 1069 pips for the month, "Daily Pound" produced 218 pips for the month and "Daily Euro" gained 156 pips in November. "Daily Pound" was a however a loser for the week. Please see the results below and follow the link to view details. |
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Here are the results we achieved last week:
- Rainbow made us 342 pips in closed trades;
- Daily Pound lost 62 pips;
- Daily Euro made 111 pips for the week;
Follow the link on the right to view details |
Last week's results. |
Last week we suggested a trade in GBP-CHF. We bought it at 2.3380 with a target of 2.3600. We expected this trade to take 2-3 weeks. We were wrong. This trade came to intended conclusion in 3 days. As you can see from the enclosed chart that we took partial profits at 2.3550 for 170 pips profit and balance of the position hit our target of 2.3600 a little later for 220 pips! We wish we were "wrong" like this more often. |
Here is a trade from 2 weeks ago. The currency is AUD-NZD. We went long here 1.1596 and closed at 1.1638 for 42 pips profit. Looks like we closed the position just in time. The price plummeted shortly after and no, we didn't see it coming. |
What we have here is a longer term trade. We went SHORT GBP-USD at 1.9810. Our target here is 1.9300 or there about. In other words, we are looking for about 500 pips profit. Now, it's possible we will see some back and forth here. With large ranges we are seeing now, swings of few hundred pips are likely. We are using only 50% leverage on this position as we must give plenty of room for adverse movement. In our view this particular position has a time frame of about a month.
We wish everybody good trading and see you next 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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