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A very, very interesting week we just had.One could say a week to remember.Stock market went through series of violent moves. The financial sector in particular behaved like a yo-yo.Fannie Mae and Freddie Mac, the two mortgage agencies holding about 5 Trillion in US home loans, needed farther FED assistance. Also, US treasury announced no more bailouts for any financial company. Oil finally had some long awaited sell off. And, of course, the dollar. Green back once again hit new low against Euro, and GBP-USD moved sharply above 2.0000, for the first time in months. Similar story with other currencies. Somehow USD managed to regain some ground later on in the week.
Normally, one of events like these would be enough to keep media going for a while. These are all big news.
In light of this turmoil, our services had a remarkably quiet week. Both were profitable, but without any large gains. Please see results before and follow the link for details. |
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Here are the results for last week:
- Daily Pound made 83 pips ;
- Daily Euro gained 25 pips;
Follow the link on the right to view details. |
Last week's results.
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Trade we suggested last week didn't happen. Let us review: we were taking a look at AUD-USD. Plan was to sell at 0.9593. Well, price never reached entry level. We are planning another trade, also to the dowside. Our new entry price is at 0.9673 and we expect the price to go to 0.9600. |
| Trade of the week. |  |
This trade is not strictly speaking for next week. We are taking a look at GBP-JPY, using daily chart. Looks to us that this cross is ready for a move up. We placed a buy order at 214.15, with a target of 220.00.
Potential for this move is probably higher, but that would require rather long holding time. Even as is, it might easily take a month for this trade to work itself out. Due large potential draw down, we will use low leverage.
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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