December 10, 2010
Weekly Trading Update - 06-10 December 2010
This will definitely be the last week I trade forex until after Christmas, although I will still continue to trade shares as we nearly always get a nice Christmas rally. It's been a pretty average week overall. My 4 hour trading system (see right for more details) posted a slight loss overall, but the Forex Morning Trade system finished 40 points in profit thanks to a nice trade earlier today. The full results from this day trading system are as follows:
Monday: no trade
Tuesday: +40 points
Wednesday: 0 (break-even)
Thursday: -40 points
Friday: +40 points
It could have been an excellent week because the price came very close to reaching it's 40 point target on Wednesday as well, but sadly it just failed to do so and came back to break-even. Overall though this system continues to keep on building profits slowly and steadily, and still hasn't had a losing week so far.
As I say, my 4 hour trading system had a losing week this week. I was looking to go short on both the GBP/USD and EUR/USD pairs as the Supertrend indicator is now red for both of these pairs on the daily chart. However despite a few good signals, they just didn't want to play ball.
The EUR/USD pair did at least generate two winning trades where I managed to close half the position for 50 points, but on both occasions the price came back to take me out at break-even.
The downward EMA crossovers on the GBP/USD were not as successful, however, as I posted losses of 35 and 40 points on the two positions that I opened. In fact the price never even got close to my initial 50 point target on either occasion.
So all in all I finished the week slightly ahead, but it was a fairly modest profit.
2010 has been a very profitable year overall, though, and I shall be back and raring to go in the new year. In the meantime I will continue to write a few blog posts and stay in touch with my email subscribers up until the end of the year, so I won't be leaving you just yet.