 | Good day everybody!
So here we are, another week has gone by and, to be frank, that's quite good. That's been an uncharacteristically slow week for us. Especially our "Rainbow" service. We just couldn't find trades to enter, hence no action. We wait for the set ups that meet parameters of the system and if we don't see them we sit on our hands.
We had an interesting situation when Bank of Japan(BOJ) was making interest rate decision. That happened just around the time when we issue our daily updates. Seeing somewhat wild action going both ways we opted to stay out. We had couple of trades to place and even though they would have worked out, we think the decision was right on not taking action as that would have been against our official position of not trading news releases.
Here we have it, BOJ raised rates by 0.25% to 0.50%, putting a small dent into the ever popular carry trades and still the Yen weakened across the board. That was to be somewhat expected after previous week, when yen was very strong. What's far more complicated is current situation. Was Friday the end to Yen weakness or will it continue? Our view is skewed towards the former but we need some additional clues.
We go into the weekend with two open positions in "Rainbow" system. We had one break even trade.
"Daily Pound" lost 10 pips and "Daily Euro" lost 4 pips, so for all practical purposes this was break even week. We might have as well taken vacation and not do anything, that's how "exciting" it was.
You can follow the link to the right of results in order to see all the details.
We are looking forward to next couple of weeks, thinking they will present more opportunities.
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Here are the results we achieved last week:
- Rainbow made us 0 pips in closed trades;
- Daily Pound lost 10 pips;
- Daily Euro lost 4 pips for the week;
Follow the link on the right to view details. |
Last week's results. |
Last week we featured a possible trade in AUD-CAD. That trade didn't happen but we have more about farther down this page. The only other trade mentioned here and not yet resolved is our short trade in EUR-CAD. We entered at 1.5250 with a target of 1.5100. It's taking longer than the 2 weeks we thought it would. As you can see it's very close to break even. We stay in it with the same target. |
We are taking another look at AUD-CAD. We discussed last week but the price moved away from entry. This time we are using 4 H chart not 1 H like we did on previous occasion. Trade remains to the down side. Possible entry has been adjusted to 0.9120 with a target of 0.9050. Should that target be reached, 0.8900 is a possibility.
This currency pair is not covered by our "Rainbow" service as not every broker offers it for trading.
We wish everybody great trading and see you next week! |  |
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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