Washington is hosting a World Summit this weekend. It is an emergency meeting of heads of states of 20 or so countries otherwise known as G-20.The summit, meant to be the first in a series, has a two-pronged agenda: reviving the ailing global economy, which has pushed up unemployment and shrunk people's savings, and exploring options for overhauling the global financial system to prevent similar financial crises in the future. The action plan would include measures aimed at making the global financial system more accountable to investors and more transparent to regulators. Most important to Forex traders, recent volatility in currencies is expected to be addressed as well. All said, however, outside of urgent rhetorics and calls to action, it is very unlikely any meaningful changes and reforms will be implemented.
World summit aside, trading goes on. British Pound suffered another round of very steep sell off, while Japanese Yen strengthened considerably once again. Our systems had another good week. Both of them recovered all losses suffered over previous couple of months. Please see results below. We updated detailed results pages, including performance graphs. They are current through Friday the 14th.
(Sunday, 11.14.2008)
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Here are the results for last week:
- Daily Pound made 268 pips ;
- Daily Euro gained 250 pips;
Follow the link on the right to view details.
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Last week's results.
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Our trade of the week from last update was in USD-CHF. The set up called for going long at 1.1820 with a target of 1.1950. As you can see it all worked out as planned, for a nice gain of 130 pips.
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With the world economic summit, or G-20 meeting this weekend in Washington, markets might be very news sensitive. Currency markets will be the first financials being traded, and adjusting to announcements coming from the gathering. It is very possible first few hours will be choppy and volatile. With this in mind, we are looking for a trade in AUD-JPY.
We chose intermediate time frame and are seeking an upside breakout. Buy order is placed at 65.80. First target is at 67.80 and second at 68.80, for 200 and 300 pips objective respectively.
We wish everybody 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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