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December has started. Many traders believe, that, for whatever reason, it is the hardest month to trade in all financial markets. Forex is no exception. Conventional wisdom dictates that one shouldn't trade last couple of weeks of the year, as a lot serious players and large traders take time off, volume goes down and markets are more likely to show all kinds of "spikes" and other strange activities. All that tends to distort charts creating even more confusion.
Very often positions are closed because traders and many managers simply want clear their books before the end of the year. Some more sophisticated market participants also adjust their holdings for tax purposes, paving a way for trades that otherwise wouldn't happen.
For the purposes of our services, that can only have effect on our "Rainbow" service. As the chart are less and less clear, we will be taking less trades. We don't expect a lot of activity here this month, but we will take trades as we see fit.
Our remaining services, "Daily Pound" and "Daily Euro", will see the usual number of trades placed, as they are mechanical in nature and we trade them regardless of market conditions. Besides, large price spikes can be of benefit to these systems, just like we saw on Wednesday.
Take a look at below for our results last week, and follow the link provided to see the details. |
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Here are the results we achieved last week:
- Rainbow made 0 pips in closed trades;
- Daily Pound made 225 pips;
- Daily Euro made 61 pips for the week;
Follow the link on the right to view details. |
Last week's results. |
| Here is the trade from last week. We bought GBP-NZD at 2.7100. Unfortunately for us, NZD showed some strength and the trade moved against us. We closed it at 2.6630. This trade was NOT a part of any of our services. We don't cover this pair on regular bases since it's not available through all brokers. |
| Trade of the week. |  |
For this week we are taking a look at AUD-USD. We are looking to go short here, at 0.8642 with a target of 0.8500. This set up is derived using 4H charts, so this trade might take 2-3 weeks to see results. One never knows for sure.
This trade was included in our services last week but the price didn't reach the entry level. We'll keep it active for one more week and see what happens.
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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