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www.forexe-books.com | Happy Labor Day!
Labor Day is upon us, which means one thing: summer is over. This one was a little different than typical summer in Forex trading. How so? Looks we avoided the "summer jitters" this year. Normally during vacation season, July and August, prices behave in more erratic way. When a lot big traders, money managers and other decision makers are vacationing seems like there is less money available for trading. The way it can be observed is that especially during European session prices tend move without any clear sense of direction. There is a lot sharp reversals, moves do not reach targets as suggested by , say, Fibonacci numbers, or other acknowledged means of price prediction. Not that any method is 100% accurate, but most of the time it's even tougher during summer.
For us it's easy to notice the "summer effect" in the performance of our daily systems, "Daily Pound" and "Daily Euro". Those systems trade every day, through thick and thin, always at the same time. We have records of trades going back number of years and can see that these 2 systems tend to under perform during summer. Well, not this year.
This summer has been different. We don't know exactly why, but strong moves in Yen crosses are the likely explanation. As the volatility spilled over to most other currencies, moves became bigger and made for better results in our systems.
"Daily Pound" made 326 pips in August and "Daily Euro" gained 234 pips. "Rainbow" had the best run ever over last 2 months, although last week's results were more in line with our historical returns. Follow the link below to details of all our trades.
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Here are the results we achieved last week:
- Rainbow made 285 pips in closed trades;
- Daily Pound gained 92 pips;
- Daily Euro earned 47 pips for the week;
Follow the link on the right to view details |
Last week's results. |
| Time to take a look at our "Trade of the week" from 08.26.07. We went LONG USD-CAD on the open at market. For us fill was 1.0525. We are looking for a move to around 1.0830. As a reminder, this trade was generated by daily charts, so it's a longer time frame trade. Our time outlook here is about 1 month, maybe a little longer. |
Here are couple of other trades from last week. First one is NZD-USD, where we went short at 0.7060 and rather quickly reached our target of 0.6955, for a gain of 105 pips.
Very good trade.
Next one is not that good. We sold EUR-JPY at 158.24. Prices became very choppy, without a clear sense of direction, so we decided to cut it short and took 39 pips loss.
That's a small loss. Once the price action start making sesnse to us, we can always enter it again.
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Next week's trade.
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For the first week of September, we are going to take a look at AUD-JPY. There is still a lot of movement in all AUD crosses, although it settled down some.
We placed an order to SELL at 93.55 with a target of 92.00. Target may be a little ambitious for hourly charts, so should ranges contract more, we will likely lower our expectations. | |
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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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