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www.forexe-books.com | Welcome back!
We hope everybody had a great Halloween! There is time for work but also time to play, and Halloween is one of those times when just about everybody is in a festive mood.
On a trading front the biggest story was certainly another rate cut by FED. Another 0.25% lower. Dollar headed lower after that, most noticeably against GBP, which climbed to another decade high of over 2.0800. But that's really nothing comparing to USD-CAD which broke a 30 years old support of 0.9500, ending the week at about 0.9350. WOW!
This is big news, but makes it really difficult to make any kind of worthwhile analysis. Anything can happen now. Another 500-700 pips down or 1500 pips rebound. We think the latter is more likely.
Last week we promised to do some really long term analysis for AUD-USD. You can find it farther down this page.
We updated our complete results pages through 11.02.2007, including performance graphs for all our services. You can find those by following the link below to our "Services" page and navigating from there. |
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Here are the results we achieved last week:
- Rainbow lost 157 pips in closed trades;
- Daily Pound lost 98 pips;
- Daily Euro lost 46 pips for the week;
Follow the link on the right to view details |
Last week's results. |
| Here is a look at our "Trade of the week" from 10.28.2007. Set up was to go SHORT GBP-JPY at 232.70 with a target 230.55. As we know, market went completely the other way. Our entry was not touched so trade was not executed. |
| Just like we mentioned last week, here is a closer look at a very long term chart of AUD-USD. Chart was composed in spreadsheets using monthly close data, going back to 1969. Prices went through last major resistance area of around 0.8000 like it was nothing. Now we are in the neighborhood of next major obstacle of about 0.9400. Next most important target would be 1.17-1.18. Does it mean we are on straight line for another 2300-2400 pips run? Very unlikely. Even in such massive bull markets like the one AUD is experiencing right know, some pull backs are to be expected. Probabilities dictate, that before we see next up target, some sell off should come first. Very logical target would be 0.7700-0.7800 area or 1500 pips from here. Now, remember, we are looking at a very long term chart. Nothing of that will happen tomorrow. As a matter of fact, the pull back might not happen for few months, or start next week. This can easily last 1-2 years before new major leg up beggins. That's how we see this pair going forward. |
| Trade of the week. |  |
We are doing something a little different this week. We are taking a look at GBP-NZD, a cross that we don't cover in our "Rainbow" service. We think this pair is ready for a good size run up. Might not be a bad idea to go long at 2.78 with a nice size target at 2.90. We are using daily charts for this, so 3-4 weeks time frame is to be expected. That is, if the trade is initiated in the first place. We will take this trade but it's not part of any of our services, since most traders don't have access to this pair.
We wish everybody a great trading week! | |
One of rare Forex books we are comfortable recommending. Well written, easy to implement. Solid work. Click here to view more! |
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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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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