February 11, 2011
Weekly Trading Update - 07-11 February 2011
Unfortunately I had my first losing week of 2011 this week. The sideways price movement of the GBP/USD and EUR/USD pairs caused havoc with my main 4 hour trading system (see right for more details) and resulted in a few false signals being generated. Thankfully the Forex Morning Trade system did continue it's long winning run with a total profit of 40 points this week (the full results are shown below), but it wasn't enough to get me back into profit.
Monday: +40 points
Tuesday: -40 points
Wednesday: -40 points
Thursday: +40 points
Friday: +40 points
I still get asked a few questions about this system every week, and overall I have to say that I am still very enthusiastic about it. It nearly always produces a profit of 40 or 80 points for the week, so I can't really have any complaints.
Anyway going back to my 4 hour system it was certainly a week to forget. With regards to the EUR/USD pair, I traded the first EMA crossover and was stopped out for a loss of 40 points, having gone long at 1.3655.
The GBP/USD was even worse because I went long on two occasions this time, and lost out on both trades (-40 and -45). It was partly my own fault because I entered at the wrong time on the first one and anticipated an EMA crossover on the second one, rather than wait a bit longer for confirmation. However the sideways price action certainly didn't help matters.
I'm not too worried though. Everyone is entitled to a bad week now and then. Hopefully my stock trading will more than compensate for these losses because I have at least managed to buy two big lots of shares in Tesco this week at less than 400p (to add to my existing holding), which is an absolute steal in my opinion.
Anyway I'll speak to you again next week. Now I'm feeling slightly better at long last, I'm off to watch Bristol City tomorrow for the first time this season and I can't wait. They entertain the mighty Leeds United and it should be a cracking match in front of a capacity crowd. Here's hoping we get a much needed 3 points.