Last week currency markets exhibited behavior very typical for this season, the year end calm. Comparing to week before, there was very little activity, as many players took Christmas vacation. Also, for tax and other reasons, people tend to stand on sidelines. There was even very little reaction to terrible data coming from US. Employment and housing numbers were once again bad, but failed to cause any sizeable moves. This is normal during the year end calm.
Next week we will discuss annual results of our services and compare them to previous years. Also, we plan to take a look at some long term charts and try to see if they reveal anything about coming year. So, our update will have a little different format.
We took a long a time of off trading during Christmas, so there were very few trades in the services we offer. Please see the results before.
We want to wish everybody great trading and strong profits in 2009.
Happy New Year!
(Sunday, 12.28.2008).
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Here are the results for last week:
- Daily Pound made 9 pips ;
- Daily Euro gained 14 pips;
Follow the link on the right to view details.
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Last week's results.
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With the slow down of price movements in currencies, the ranges contracted significantly. The trade we mentioned last week didn't happen. USD-CAD never reached entry point of 1.2407. We lowered it down to 1.2265, with an objective of 1.2365 and will try this for now.
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Next week edition of our update will be devoted to a longer term view discussion. We will try to look at what might happen next year in the world of currency trading. trade of the week will also cover a long term trade, if we can find one. But while we are waiting for that, here is one more order we are placing on shorter term charts.
Our intention is to buy AUD-USD at 0.6905. The bottoming pattern we are looking at is rather long (for the time frame) so it might take more than one move up in order to meet our target of 0.7000.
We want to wish all our readers great trading and a Happy New Year!
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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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