 | Good morning,
It's morning here, hence the greeting. Interesting week we just had in the world of FX trading. EURO made an all time high against USD and JPY as well. All time highs since the inception of EUR, that is. "Experts" say that's because China put a lid on the amount of it's holdings of foreign currency reserves in USD, therefore other currencies, mainly EUR and GBP will be accumulated. Other countries with large or fairly large foreign holdings are rumored to follow suit. The usual suspects, Japan, India, Russia...
There is no real way to confirm or deny any of this, but it makes for good conversation subject as well as headlines.
There is something we find very peculiar. Daily ranges of EUR-USD. Despite being at highest levels ever the daily ranges are tightest in years. There is very little intraday movement here, relative to the lofty valuations. Quite surprising. It's hard to say what it means, as it could be many things.
Just like we had thought, last week proved to be very busy for us. Our "Rainbow" had 8 trades, all of them are closed. Only one of those trades was a loser, and that proved to be our "Trade of the week". Talk about irony. More on that down this page. Altogether a very good week. You can go here to see snapshots of all those trades.
"Daily pound" also had a good week. The system caught good moves on both Thursday and Friday.
"Daily euro" is getting ahead much slower. Victim of mentioned earlier tight ranges.
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Here are the results we achieved last week:
- Rainbow made us 496 pips in closed trades;
- Daily Pound earned 211 pips;
- Daily Euro gained 22 pips for the week;
Follow the link on the right to view details |
Last week's results. |
Our last "Trade of the week". Stipulation was to go short CAD-JPY when markets opened last week. We did just that and got stopped out for a loss of 70 pips. The only losing trade from last week. |
| On top of entering our CAD-JPY trade at the market on the open, we also entered following trades to the short side AUD-USD, AUD-JPY, EUR-CHF and GBP-JPY. This must have been the most trades ever that we initiated at the same time. You can see all of them by following this link. Here is our AUD-JPY trade. |
Here is one from many possible trades for this coming week, one we feel, presents good probability of being profitable if entered. We are looking at AUD-NZD. Our set up is to BUY at 1.1257 with a target of 1.1340.
From all of us here, have a great week and good trading! |  |
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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