|
| Ireland today, who tomorrow?
|
|
The Irish banking crises is partly resolved, if we can call it that. The EU and IMF accepted a formal request from the Ireland to shore up (bail out) that country's financial system. An estimated 90 billon Euro have been pledged, although the final tally might be much higher. This aid comes in a form of loans, which add to Ireland's already impressive debt load, which might or might not be repaid
Speculators have already moved on, zooming in on the remaining countries of the PIIGS group. Spanish an Portuguese bonds came under intense pressure from the markets, with interest rates on these securities shooting up. While governments of both countries strongly deny that financial assistance is needed, the markets remember that Greece and Ireland voiced the same opinion. So the run on Iberian bonds is on, putting a squeeze on the Euro and lifting the Dollar. European debt fears will likely dominate Forex sentiment for the most immediate future...
Our services had very good week with both of them posting gains. Please see results below and follow the link for details. As is customary for Thanksgiving, this was short trading week, with no updates during the last two days. This week services are back to normal. Also, full results pages have been updated including performance graphs.
(Sunday, 11.28.2008)
|
|
|
Here are the results for last week:
- Daily Pound made 42 pips ;
- Daily Euro gained 275 pips;
Follow the link on the right to view details.
|
Last week's results.
|
In our last update we discussed possible trades in NZD-JPY. We were looking for a buy at 65.00 and/or a sell at 63.00. The buy order was filled at, but after a small run up the price reversed sharply. We got stopped out for a 45 pips loss. The NZD-JPY kept falling and initiated the sell order, too. Right now this trade is at about break even and our objective is 100-120 pips. For the moment stop is just above the 63.80 minor high, but it will be moved lower if this pair keeps selling off.
|
Trade of the week.
| 
|
Inresponse to the sovereign debt crises in Europe, the common currency dropped significantly in recent weeks. It lost about 1000 pips in relation to the US Dollar, but also fell against other currencies. One of them is the Canadian Dollar.
During last two trading days, however, the EUR-CAD leveled off and is showing signs of a turn around. We are using short term, hourly chart, and expect a relatively small, 90 pips bounce in the sell off. The plan is to buy it at 1.3560 and get out at 1.3650.
Have 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 .
|
Risk disclaimer:
Substantial risk is involved. Forex trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the Forex markets. Don't trade with money you can't afford to lose. Nothing in our website shall be deemed a solicitation or an offer to Buy/Sell futures and/or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on our site. Also, the past performance of any trading methodology is not necessarily indicative of futures results. Trading involves high risks and you can lose a lot of money.
|
|
