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Story of last week was certainly a FED rate interest rate decision. Rates were cut for the second time by 0.25%. A lot of people were surprised that USD got stronger over next few days, despite lower rates. We wrote about just such scenario on few occasions, most recently mentioned it here on 12.02.2007. Increasingly it looks like rates differential is becoming less and less of a factor when it comes to currency trading. This state of affair can easily last for a few years.
While we don't actively trade fundamental news releases, we always watch what is happening during those time. What we found most interesting, was the sudden and large rally in JPY. For example, AUD-JPY lost about 200 pips in matter of minutes. It was all recovered before the end of the week, but it just goes to show you that moves can come in other crosses, not just USD denominated pairs.
We are removing 2006 Weekly updates pages from navigation, in order to make the website easier to load. If anybody wants to see them, just let us know and we will post them again for a week.
Our services all posted positive results for last week. Please view the table below. Also, we updated our complete results pages, including performance graphs for our services. Follow the link below to see all details. |
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Here are the results we achieved last week:
- Rainbow made 129 pips in closed trades;
- Daily Pound made 223 pips;
- Daily Euro made 215 pips for the week;
Follow the link on the right to view details. |
Last week's results. |
| Our Trade of the week from 12.09.2007 is reviewed at the bottom of the page. Scroll down to see it. Here we are taking a look at another trade we took last week. We went long USD-CHF at 1.1370, with a target of 1.1480. Trade lasted 2 days and produced 110 pips. |
| Trade of the week. |  |
Here is the Trade of the week from 12.09.07 or last update. Set up was to SELL AUD-USD at 0.8640, with a target of 0.8500. We waited all week long for this trade to be executed. Finally it happened a few hours before the close on Friday. We decided to exit it, taking a few pips pf profit. More specifically, we closed it at 0.8621 or 19 pips gain.
We are repeating this trade for next week. Current set up is to SELL AUD-USD at 0.8590 with a target of 0.8450, or 140 pips. Moves are large and so is the volatility. Substantial swings both ways are likely. There is a strong possibility for a fairly large draw down.
We want to wish everybody great weekend and fantastic trading! | |
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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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