November 19, 2010
Weekly Trading Update - 15-19 November 2010
It's been a much quieter week this week because I couldn't trade on Tuesday or Wednesday as I had some health problems to deal with, as I mentioned in my last blog post. However I did manage to open one position using my main 4 hour trading system (see right for more details), and I was rather lucky with the Forex Morning Trade system as the system was stopped out at break-even on Tuesday and on Wednesday the trading conditions were not met, so there was no trade for that day.
It was still another pretty good week for this day trading system though, as you can see from the results below:
Monday: +40 points
Tuesday: 0 (break-even)
Wednesday: no trade
Thursday: -40 points
Friday: +40 points
40 points is a decent enough return, and I still haven't had a single losing week since I first began using the system back in September.
(Incidentally the system has been tweaked slightly, but I am still using the old settings of 40 points for the target price and stop loss, and 24 points as the point when I move my stop loss to break-even).
My 4 hour trading system found one decent set-up this week (although I think we could get a decent trade on the EUR/USD very soon, as I mentioned yesterday) and that was on the GBP/USD pair. The long-term trend is still bullish, as indicated by the Supertrend indicator on the daily chart so I entered a long position at 1.5987 after the EMAs crossed upwards on the 4 hour chart.
I usually close half the position for 50 points and let the other half run, but on this occasion it hit my target very quickly and I was more than happy to close the whole position for 50 points just to guarantee a decent profit for a week (as I was at break-even at this stage before today's winning trade on the FMT system).
So all in all it hasn't been a bad week at all in terms of my trading results, although it was a very stressful week away from trading, having been rushed to hospital on Tuesday with possible heart problems.