February 18, 2011
Weekly Trading Update - 14-18 February 2011
After I had my first losing week of the year last week, I am pleased to say that I was back in profit this week. It wasn't a massive profit by any means but it was good enough. My main 4 hour system found one really good trading opportunity, whilst the Forex Morning Trade system produced the goods yet again with an overall profit of 40 points. I started trading this system back in September and incredibly I still haven't had a single losing week. The full results for this week are as follows:
Monday: -40 points
Tuesday: +40 points
Wednesday: 0 (break-even)
Thursday: +40 points
Friday: no trade
As regards my 4 hour system, I thought I was going to be able to go long on both the GBP/USD and EUR/USD pairs once the EMAs crossed upwards on the 4 hour chart. However the crossover candle on the GBP/USD pair was very long and there was no subsequent pull-back once it closed, so there was no value in going long there.
Luckily there was a slight pull-back on the EUR/USD pair and I managed to get a decent long position at 1.3555. I normally look to close half the position for 50 points and let the other half run. However because I had to leave this one to run overnight, I decided to set my target price at 50 points and my stop loss at -40 points. The net result was that I woke up the next morning to find that this 50 point target was triggered overnight.
So overall it wasn't a bad week at all. It was a decent enough profit in the end. On the shares front I'm loaded up with Tesco shares at the moment (in my ISA, ordinary share trading account and spread betting account) and they are all nicely in profit now the price is back above 400p. I also have a few positions in Unilever, but I'm still waiting for these to go higher.
Anyway I will speak to you again next week. Have a great weekend.