Just before I go on holiday, I thought I would leave you with a long-term forex trading system that you may want to play around with. I came up with it over the weekend and it does seem to be very promising so far. It basically uses four variations of the Supertrend indicator, and seems to be most profitable on the weekly charts (where you start to get the really big trends).
So the indicators you need are as follows:
I don't normally mention forex robots very much on this blog, but there's been a lot of hype surrounding the upcoming launch of a new robot called USDBOT, so I thought I would bring it to your attention.
You can find out more about the USDBOT robot by clicking here and downloading the free report, but here's a quick run-down of some of the main features of this particular robot:
This will be my last trading update for a while because I'm off to Thailand next Wednesday, and I'm pleased to report that I've ended the week on a high. I'll start by telling you about the trade that was carried over from last week first of all.
You may recall from last week's update that I was planning to hold on to my short position on the EUR/USD pair (taken at 1.4429) until it reached the 1.4200 - 1.4250 area. Well thankfully More on Weekly Trading Update - 18-22 January 2010
I've been looking at the long-term charts of the EUR/USD pair today, and it looks like there could be significant downside potential if the price breaks below two key levels. Starting with the daily chart, the first target is 1.4218 which is simply the most recent low, and occurred just before Christmas last year.
Ordinarily it wouldn't necessarily be hugely significant if the price were to break through this level, but it's also worth pointing out that More on EUR/USD Analysis - Watch For A Breakout Below 1.4218 / 1.4141
I've got back in the swing of things this week and my trading system generated a total of four trades altogether. One of those resulted in a small loss, but the other three generated some decent profits. Indeed one of these trades is still running at the moment and will hopefully hit my profit target at some point in the near future.
The losing trade was on the More on Weekly Trading Update - 11-15 January 2010
