January 30, 2009
Weekly Trading Update - January 26-30
After last week's dramatic profits my trading system was a lot quieter this week and unfortunately it didn't create any real trading opportunities. The EMAs on the 4 hour chart of the EUR/USD did cross downwards and would have yielded a very nice profit but unfortunately it happened in the middle of the night so I was unable to take a position.
Elsewhere I was sure the GBP/USD and USD/JPY would cross downwards and present me with a good shorting opportunity at some point this week, but unfortunately it never happened (although I'm sure there will be some excellent shorting opportunities on these two pairs early next week).
So with no trades being signalled I was forced to use a few of my other back-up systems. One of those that I've started using recently is the Marketclub trading service, which I strongly recommend by the way. The weekly trend was red on all three of these pairs so I was looking for any short signals on the daily chart and thankfully there was one excellent signal to go short on the EUR/USD early this morning at 1.2875 (I entered shortly after at 1.2869).
I trade smaller positions when I'm using my back-up systems but even so this still provided me with a decent enough profit. I was going to hold this one over the weekend but I decided to take the profit as soon as it hit 1.2800 earlier this afternoon.
This was the only short signal generated by Marketclub on the three major pairs that I trade, but I have to say I'm becoming increasingly impressed by their service. As I said in my last post, I've been a member for several months now but haven't really used their service too much up to now, but their automated signals do seem to yield some excellent profits in the majority of cases, particularly on forex pairs and commodities.
I was planning to do some short-term trading using some of the techniques outlined in the Forex Trading Made EZ course, which I also use from time to time, but I ended up researching and buying a few shares for my portfolio and having a few lazy days instead.
So overall it was a fairly average week in terms of profits but I'm confident we will see some good downward moves next week on the GBP/USD and USD/JPY pairs.
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