 | Greetings and salutations!
We trust everybody had a good trading week. Certainly there was enough action in the markets, unlike the week before, to stay busy. There was another FED meeting and that one brought no change neither. We explained on these pages a few times that we do not trade in anticipation of fundamental announcements. We are simply aware when they come out but vast majority of our trading technical and chart based. We have no capacity to predict what the news releases will bring and how the markets will react to them. Sad, isn't it? What's left is technical analysis WITHIN the general framework of global interest rates and broad economic conditions. Wow, that sounded really good, I'm ready for CNBC.(ha,ha.)
USD gained against European currencies, EUR and CHF. Not that much however against GBP. Question is, will GBP join the other currencies from continent in weakness against USD? If that is the case, there might be some good moves in GBP denominated crosses. More on that farther down this page. We think we'll see some strength in JPY and maybe CAD. Our "Rainbow" subscribers will receive updates as they happen. Speaking of which, our systems had for most part a good week, except for "Daily Pound" which broke even for the week and has been under performing for couple of weeks now. Look below for results and follow the link provided if you want to see details.
Depending on this week's development our update next week might of abbreviated nature due to Christmas. We will, however, follow it with an extended and special New year's issue. That one should be fun, so don't miss it! |
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Here are the results we achieved last week:
- Rainbow made us 264 pips in closed trades;
- Daily Pound gained 4 pips;
- Daily Euro earned 144 pips for the week;
Follow the link on the right to view details. |
Last week's results. |
| Time to review our previous trades featured here. Two weeks ago we went SHORT GBP-USD. We closed a good portion of this trade last week but we still have a small floating position. Our ultimate target for this trade remains 1.9300 or so, but there is nothing wrong with closing it right here and taking 280 pips or so. All depends on your tolerance for waiting. Currently price is a little better than when we took partial profits for about 260 pips. For the purpose of record keeping this position remains on the books until we close it entirely. |
Here we have EUR-JPY trade from last week . As you recall we went SHORT here. Seems that as soon as we opened trade markets went against us. That state of affairs lasted most of the week. Finally on Friday price started going our way. Our position remains open. Our target is still 152.80. We'll keep you posted. |
We've chosen Mr. Mozart to keep us company for this week's trade. As we all know he liked to have fun so we think he'll bring us some too. We are looking at GBP-JPY. Our plan is to go SHORT at 229.36 with a target of 228.00. As you can see we already have a SELL order placed. We think this is 1-2 weeks trade, if successful.
We'd like wish everybody great week and good trading. See you in a 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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