Media are full of threats of "currency wars", the name used by the Brazilian Finance Minister in response to fast rising Real. And he is not alone -tensions regarding currencies are present in many countries, especially those which appreciated drastically. Some central banks resolved to open intervention, while others imposed capital flow, in order to prevent home currency from undue appreciation.
This issue was a focal point of the IMF meeting over the weekend. No agreement was reached, other than most participants expressed disappointment with Chinese unwillingness to allow Yuan appreciation. Current sentiment is that this is a root of all evil, perhaps an over exaggerated claim, but one which many repeat. Since the IMF summit failed to produce results, we should expect more angry rhetoric and new steps from individual countries. Forex trading is entering new, even more interesting phase.
Our systems had positive week. Please see the results below and follow the link for details. Also, complete results for the year, including performance graphs, have been updated, so feel free to take a look.
(Sunday 10.10.2010.)
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Here are the results for last week:
- Daily Pound made 55 pips ;
- Daily Euro gained 108 pips;
Follow the link on the right to view details.
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Last week's results.
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Our latest trade of the week has not happened. Not yet, at least. The GBP-JPY is drifting down with our buy order on its tail. At present, it stands at 132.00, with a 100 pips target. However, should the price make a new low, dip under 130.00, the order will be moved to about 131.40.
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Trade of the week.
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We have been following the USD-CHF for some time, trying to buy it. Unfortunately for us, this pair has just been moving lower. Thankfully, our orders have not been filled, avoiding losing trades. We simply keep moving our entry levels down with price, placing them at just above most recent high. Currently it is at 0.9706, with 100 pips objective.
Have a great trading week!
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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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