June 4, 2010

Weekly Trading Update - 31 May - 04 June 2010

It's been a tough week this week with my main 4 hour trading system providing me with two losing trades out of two. However it wasn't all bad as I had a few decent trades trading fibonacci extensions to balance things up.

I've been reading a lot about fibonacci extensions in the last few months as I want to find a few more day trading strategies to use in addition to my main 4 hour strategy, and I've had some decent successes so far.

As I mentioned in my last blog post I banked 20 points profit from a short position on the EUR/GBP pair on Wednesday, and I opened similar short positions on the AUD/USD yesterday (banking 30 points) and the EUR/GBP today (banking 20 points).

However as I've already mentioned, these profits were cancelled out by two losing trades. On the 4 hour chart I looked to go short on the GBP/USD and USD/JPY pairs on Tuesday after the EMAs started to cross downwards, but sadly they both turned out to be false crossovers and I ended up taking losses of 40 and 35 points respectively.

So overall I finished slightly down on the week, at least as far as my forex trading was concerned (I banked a profit of 12% selling some shares in Lloyds that I bought last week while I was in Prague, which more than paid for my holiday), but I'm pleased I seem to have found a way to successfully trade fibonacci extensions and pivot points.

Anyway if you would like full details of my main 4 hour trading strategy (which is normally a lot more successful), you can access it for free when you subscribe to my newsletter. Simply fill in the short form above.

 

 

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4 Comments on Weekly Trading Update - 31 May - 04 June 2010 »

June 6, 2010

Diarmuid @ 10:01 am:

Help please> If FX trading is about being right about the direction of a move - why not have relatively greater exposure to short term movements (where one is more likely to be right) as opposed to trying to catch larger moves? In other words, why don't people just load up for short term moves?
Enlightenment appreciated!

June 7, 2010

James Woolley @ 3:05 pm:

Well in general I would say that it's usually a lot harder to trade the shorter time frames because you have so much noise to deal with, ie random price movements.

On the longer time frames, however, technical indicators are much more reliable and you can filter out all of this noise, which is why my main trading system is based on the 4 hour and daily charts.

You can still make money on the shorter time frames, but it's much more of a challenge.

June 9, 2010

Diarmuid @ 7:13 am:

Thank you. Received and understood. Although I seem to be more successful with shorter time frames. Just don't like being too far out of the money I suppose!

July 5, 2010

Sotiris Bassakaropoulos @ 12:12 am:

Thanks for the tip on the fibonacci extensions will have to check them out too. :-)

Happy 4th July :-)

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