October 22, 2010
Weekly Trading Update - 18-22 October 2010
It's been a fairly profitable week this week. Unfortunately my 4 hour trading system didn't come up with any really good set-ups. There was one on the EUR/USD pair but the desired entry point came overnight, and there was also a set-up on the USD/JPY which would have been profitable, but I just didn't fancy it. However I made some decent profits dipping in and out of Barclays, as I mentioned in last week's update, and the Forex Morning Trade system continued to deliver the goods with a total profit of 80 points this week, as you can see below:
Monday: +40 points
Tuesday: 0 (break-even)
Wednesday: no trade
Thursday: +40 points
Friday: no trade
I keep expecting this system to go through a bad patch, but it continues generating consistent profits week after week. I don't particularly like getting up at 6.15 every morning, particularly now it's getting colder in the UK, but it's well worth it when you see a nice 40 point profit a few hours later.
I like the fact that Mark Fric (the creator of the system) is always looking to stay on top of the game, and I think his recent adjustment of moving the stop loss to break-even once the price moves 24 points in your favour will help eliminate losing trades even further.
Looking ahead to next week, I'm hoping the EUR/USD and GBP/USD will break down through the Supertrend indicator on the daily chart (at 1.3614 and 1.5603 respectively) so the overall trend changes, because then my 4 hour system will really kick into action once more. At the moment it's difficult entering long positions because there looks to be limited upside each time there is an upward EMA crossover.
I'm also watching the USD/JPY chart very closely. There seems to be a nice bottom forming on the daily chart and with the parabolic SAR and MACD levelling out, there could be a nice breakout trade at some point in the near future if we can break through the 82 level.
Anyway that's all from me for another week. Bye for now.