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After the fireworks a week ago, things have calm down a little bit. Yen crosses retracted somewhat, although, in terms of pips the moves were still large. GBP-JPY, for example, still had 300 pips daily ranges, but it all seemed puny after the run before. Most of the week prices of about all currencies were settling down. Historically it's very common behavior, happens just about every time after excessive moves. By excessive we mean out of proportion with most recent market activity. Things sprang back to life late in the week, Friday to be more precise.
What's next? Focus still remains on JPY crosses, as that will set the tone for a lot of other currencies. So far last few days have been rather inconclusive as far as indication of future direction goes. In our view, we will get some clues over next 5-10 days and not only for the Yen.
Our "Rainbow" system finished the month of July with a gain of 3173 pips!!!
We feel it's necessary to state the following:These are very unusual results and are unlikely to continue. Please review our history to see returns over longer period of time,
and see what's more "typical" for our systems.
Of course we would like to see gains like that, but that's a very tall order. You never know, however, that's why we keep doing what we've been doing. Occasionally it really pays off.
"Rainbow" made 597 pips last week. Early on we concentrated on JPY and later in the week we moved to other crosses. We are going into the week with one open trade.
"Daily Pound" had a soft period, posting 19 pips gain last week.
"Daily Euro" did good, gaining 75 pips, but most of it came late on Friday.
Please follow the link below to see complete details of all our trades. |
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Here are the results we achieved last week:
- Rainbow made 597 pips in closed trades;
- Daily Pound gained 19 pips;
- Daily Euro earned 75 pips for the week;
Follow the link on the right to view details |
Last week's results. |
| Our "Trade of the week" from 07.29.2007. Set up was to go SHORT at 97.75. Order was filled very fast after markets opened, but the price reversed almost immediately and we were stopped out, for a loss of 115 pips. That was our only loosing trade last week, all remaining trades worked out, including other Yen trades. On Friday we took advantage of the strength in CHF and made 83 pips going SHORT USD-CHF. |
| Here is another one of our JPY trades from last week. We went SHORT GBP- JPY at 242.24, with a target of 240.00. Target was met fast and we pocketed 224 pips. Our other Yen trades were in AUD-JPY and CAD-JPY. Those were also profitable, but not as much as previous week. |
For next week we are taking a look at USD-CAD. Lately it has been range bound and it might remain so for a while. Our set up is to go Long at 1.0607, with a target 1.0685. See the chart.
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 . |
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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