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Welcome in 2007!
So here we are, our first edition of 2007. We hope you had great fun celebrating New Year and also reading our last week's section. Well, after the trading miasma around Christmas and New Year, the markets opened 2007 with some new enthusiasm and a sense of urgency. We have seen very strong, directional moves in just about every currency cross. And, as we predicted, USD has been the star so far. That is not the entire story, however as JPY crosses experienced long anticipated correction. We wonder how many people did actually make the correct moves here. As you might recall, we had a short EUR-JPY position which we exited at a loss in order to close our books for 2006. Not a problem, however, as we experienced very strong first week of 2007. By the way, in our humble opinion, those correctional moves in JPY crosses are not over yet.
The first week on 2007 was very good for us. In spite of being a day shorter, no trading Sunday/Monday, we had stellar results. All three of our featured services had very strong gains. Solid start to New Year. Please look below for complete results. We only hope this was a harbinger of things to come and entire year will be as good.
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Here are the results we achieved last week:
- Rainbow made us 316 pips in closed trades;
- Daily Pound gained 271 pips;
- Daily Euro earned 185 pips for the week;
Follow the link on the right to view details. |
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We haven't featured any trades here over last couple of weeks. The only one open trade that was featured here, on these pages and not completely closed, has been short GBP-USD. That trade was featured on 12.03.2006. We shorted GBP-USD at 1.9810 with a longer target of 1.9300. A week later we took partial profits for 265 pips and considered the position closed for the purpose of record keeping 12.10.2006. We took some more profits this last Friday for exactly 500 pips profit. We still have a very small, residual position, seeking 1.9100 level or so. These additional pips are NOT included in our results because for the purpose of record keeping this position has already been closed.
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Due to extensive nature of the moves over last few days, it's rather difficult to find trades that fit our criteria. We will wait for a couple of days and see if the prices will settle down and create new high probability opportunities. There is however a possible trade we see for those who are not faint of heart. Cross is EUR-CAD. Canadian dollar has shown some strength and we think it will continue. There is a number of possible scenarios here. Here is our play: after markets open on Sunday, go short EUR-CAD at the market around 1.5250 or so with a target of 1.5120 or 130 pips or so. Any major news effecting this cross or large gap on opening will cancel this play and we'll wait for better setups. If you are inclined to take this trade remember, use very little leverage!
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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