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Last two weeks have been relatively quiet in some areas and not so in others. Here is the quiet part. European currencies. Well, they have not been moving much. All the major European crosses, EUR-USD, GBP-USD and USD-CHF have been, for all practical purposes stalled here. CHF is, at the moment, the weakest of them all, which have been demonstrated to us in very decisive way (we had a loosing trade in EUR-CHF).
Other currencies kept on moving, but at slower pace. First USD-CAD. Canadian dollar just keeps getting stronger, with, seemingly, no end in sight. Well, we think that's not far off. Mainstream financial media has been linking CAD to the price of oil. Whether that's true or not, that's another matter, but oil has indeed reached a new high of over $84 per barrel and USD-CAD is just over 0.9740. Daily charts of oil look it's about to turn, for a while at least, so we will see soon if this much vaunted correlation is indeed true. The other commodities currencies, AUD and NZD remain very strong also. In fact AUD-USD made new highs of over 0.9000. That's big.
Also very notable is the continued weakness in JPY, especially against the above mentioned currencies.
Slow movement in European currencies adversely effected our mechanical systems. The month of October has been very weak for us so far. Follow the link below to see details of our trades, as well as updated performance graphs and full results tables.
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Here are the results we achieved last week:
- Rainbow lost 164 pips in closed trades;
- Daily Pound lost 155 pips;
- Daily Euro lost 2 pips for the week;
Follow the link on the right to view details |
Last week's results. |
Our Trade of the Week from 10.07.2007. was short trade in AUD-CAD. That trade didn't happen, but there is more to it and it's explained at the bottom of this page. Scroll down to read more.
Here is our trade from the week before. Short position in GBP-USD, after a long time finally reached a target for 100 pips gain. |
| Another trade that was carried over from previous week. This one is EUR-CHF short position. This trade didn't work out and lost 124 pips. |
| Trade of the week. |  |
This week we are taking a look at AUD-CAD, once again. We highlighted this cross last week, but strangely enough, prices remained in extremely narrow price range and that set up is still valid. So, here it is, one more time. We are placing SELL order at 0.8750, with a target of 0.8650. We are looking for 100 pips gain here. Prices have been stalled here for a few weeks. Breakout will follow soon and chances are it will be to the downside.
We want to 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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