European Union leaders will this week discuss the creation of a permanent mechanism to shore up over-indebted countries as the European Central Bank tries to hammer out plans to aid the region?s weakest lenders.They are expected to go as far as to change the language of the EU treaty, which would allow for this. Otherwise, the proposed solutions would fly in face of internal laws of some of the members.
It will take some time to see if any of this will indeed calm the markets. But even more importantly, there is talk about unifying fiscal policies, something that has been internal affair of member states. This particular aspect is very controversial and unlikely to become a reality soon, but could lead to better cooperation in the future.
Our services had a mixed week, but they are both positive for the month and the year. This has been a very good year for our systems, something we will discuss in depth during next update.
(Sunday 12.12.2010.)
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Here are the results for last week:
- Daily Pound made 131 pips ;
- Daily Euro lost 3 pips;
Follow the link on the right to view details.
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Last week's results.
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For couple of updates now we have been following the NZD-JPY pair. The first trade brought a 45 pips loss and second trade was under way. This one was entered at 63.00 with 100 pips objective. The target of 62.00 was met few days later for a decent gain.
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Another trade from the last update was in EUR-CAD. The plan was to buy it at 1.3560. Our order was triggered soon after, but the price reversed immediately and we took 80 pips loss. We continued to track the price, as it was moving down, with another buy order. This one was eventually initiated at 1.3305 and brought 100 pips in a fast move.
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Trade of the week.
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During this week of indecision, the Swiss Franc appeared to have returned to popularity. It largely remained steady against the USD and gained in relation to many other currencies. We want to see if this continues. For that, we want to take a trade in GBP-CHF, looking for a sell. The order is placed at 1.5470, with an objective of 1.5400.
We wish everybody a great trading week and a joyous Christmas season!
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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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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.
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