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We hope everybody had great Thanksgiving! Traditionally, this week tends to rather slow period of time in Forex trading. Not so much this year. Outside of US trading session on Thursday, when nothing happened, there was a lot of movement pretty much all week long. Last year Friday had been active. We remembered that and decided to continue our services through Holiday, without taking a break.
There were some notable developments. Both CHF and EUR made new all time highs against the dollar. EUR-USD almost reached a magical 1.5000 level, while USD-CHF dipped under 1.1000. These are very important levels, and are very likely to draw attention of both mainstream press, as well as financial decision makers. We don't know what is going to happen, next but whatever it is might set a tone for next 1-2 years. We will see.
All our services had a good week. Our mechanical systems, "Daily Pound" and "Daily Euro", registered enough gains to turn positive for the month.
Please see the results below and follow the link provided to view details.
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Here are the results we achieved last week:
- Rainbow made 686 pips in closed trades;
- Daily Pound made 205 pips;
- Daily Euro made 102 pips for the week;
Follow the link on the right to view details. |
Last week's results. |
| Here is our "Trade of the week" from 11.18.2007. As you recall, our intention was to go short CAD-JPY at 111.02 with a target of 108.00. Well, what we did is to go SHORT at the open, that turned out to be 114.11 and closed the trade at 111.85, for a profit of +226 pips. Our original order was still there, and the second trade was made. We closed it at a small loss of -24 pips. |
| Here is another one of our trades in JPY crosses. This is GBP-JPY. Just like the previous one, we sold this on Sunday open, and reached our target of 225.75, or +229 pips. Couple days later second trade was triggered and this one produced +90 pips when we closed it on Friday. |
| Here is one more trade from last week. We sold EUR-AUD at 1.6426, with a target of 1.6340. This turned out to be rather lucky trade, we took +96 pips, right after which market turned around and didn't look back. |
| Trade of the week. |  |
For this week we are taking a look at USD-CHF. We had a good trade in this cross just last Friday and we think there are more opportunities here. USD-CHF reached an all time low few days ago. We don't know whether this was a bottom, but chances are there is going to be a correction here of some magnitude.
Our set up is to BUY this pair at 1.1061, with a target of 1.1200. We are using 1H charts for this set up, so we think that, if executed, trade should come to a speedy conclusion within 2-3 days.
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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