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Anybody traded the news release on Friday? Especially EUR-USD and GBP-USD? Noticed any changes from the weeks before? For a few months now Friday fundamental announcements have been met with a decent, strong and directional move in USD crosses. There has not been much whipsawing during these times. Until this Friday, that is. While we don't trade economic news, we had some positions in our mechanical services and they were effected. Most notably GBP-USD.
These are the dangers of reacting to set pieces of fundamental news. It's easy to get used to some "predictability". Markets have been responding in a decisive manner to these events for weeks now and all of a sudden there is a change. There is no way of knowing whether next week's announcements will result in different reaction. And we are not talking about guessing the numbers of the set piece of data, but rather markets response to them.
This Friday's price action can be just attributed to the market's behavior all week long. We have seen a lot of indecision and lack of commitment of any kind. The lone exception has been JPY, which just continued to get weaker.
This price choppiness in our target currencies resulted in weaker than average returns for us. All three of our services have been affected. View the results before and follow the link in order to see details.
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Here are the results we achieved last week:
- Rainbow made 0 pips in closed trades;
- Daily Pound lost 135 pips;
- Daily Euro lost 61 pips for the week;
Follow the link on the right to view details |
Last week's results. |
| Here is our trade from 09.30.2007, or last week. Premise was to go SHORT USD-JPY at 113.90, with a target of 112.70. As we can see, prices were moving opposite direction all week and our entry price has not been met. This trade has been cancelled |
| Trade of the week. |  |
We are going to take a look at a cross we rarely visit. We are talking about AUD-CAD. Like a lot of other crosses, this one has spent last week in a congestion zone about 130 pips wide. We are looking for a breakout here. Since move to the downside has slightly higher probability, me are placing a SELL order at 0.8750 with a target of 0.8650. About 100 pips.
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 .
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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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