January 21, 2011
Weekly Trading Update - 17-21 January 2011
I have been more focused on my stock trading this week as the market falls have presented some excellent opportunities to pick up a few bargains (for the medium to long term) such as Tesco, IG Group and Glaxosmithkline. My forex trading only yielded a fairly modest profit overall, but it's better than losing money.
Let's start with the Forex Morning Trade system first of all. This day trading system, that I've been using for quite a few months now, is still doing the business even though the weekly profits are sometimes quite small. This was again the case this week with a total profit of 40 points, as you can see below:
Monday: no trade
Tuesday: +40 points
Wednesday: -40 points
Thursday: +40 points
Friday: 0 (break-even)
The key point is that it still hasn't had a losing week since I first started trading it back in September. The only period it hasn't done so well was over the Christmas and New Year period, but that's only to be expected, which is why I deliberately stopped using it just before Christmas.
My 4 hour trading system (see right for details) only came up with one good decent set-up and that was on the EUR/GBP pair. There was a downward trend on the daily chart (according to the Supertrend indicator) so I went short when the EMAs crossed downwards on the 4 hour chart.
I went short at 0.8375 and closed the entire position for 40 points. I would normally close half the position for 40 points and let the other half run, but as I had to leave it overnight I simply set my limit price 40 points away and went to bed. As it turned out the price reversed shortly afterwards anyway so this happened to be the most profitable outcome.
It seems so long ago now since I've had a week where I've banked 200 or 300 points profit from my 4 hour trading system, but I'm sure this will happen soon. For now I shall have to be content with 40 points (plus 40 points from the Forex Morning Trade system).
Anyway have a great weekend and I'll speak to you again soon.