February 20, 2009
Weekly Trading Update - February 16-20
My main trading strategy generated two good trading opportunities this week. Unfortunately they both occurred overnight so I didn't get to trade either of them.
For those of you who are interested, I was looking for long positions on the GBP/USD and short positions on the EUR/USD (as per the daily Supertrend) and there were suitable EMA crossovers for these two pairs in the early hours of Thursday and Friday morning respectively.
(EDIT: I've just noticed the GBP/USD actually crossed upwards this morning as well but I must have been too busy with my new system to notice).
So I was left to trade some of my other systems this week, although to be honest I've been extensively testing just one new strategy that I'm currently working on. Regular readers will know that I spend hours on end testing out new systems, particular on the shorter time frames, but I'm really excited about this one.
It's based entirely on the GBP/USD pair and looks to take 20 point slices out of the market each day. In fact it's similar to the Forex Trading Made EZ method, which is a good method in itself, but this one is a little more advanced. I've been testing it out and tweaking it for a few weeks now and it's proving to be very profitable so far. One of my goals this year is to develop a short-term trading system that I, and indeed every one of my readers and subscribers, can use to generate consistent profits on a daily basis.
My longer-term 4 hour trading strategy is a consistent earner but it doesn't always capture that many trades, which is why I want a solid 5 minute system in place as well. Anyway I'm hoping that this strategy could be the one. It's captured three 20 point moves today and has only had one 20 point loss all week. Plus it's equally as impressive when back-testing it over several weeks, so the early signs are good.
Hopefully I will have tweaked it as much as possible and will have it available some time this year so watch this space.
In the meantime if you would like details of my main 4 hour trading strategy, you can access it by filling in the short form above and subscribing to my newsletter.