It's been another strong week this week. My main 4 hour trading system (see right for more details) generated three decent trading signals - two on the EUR/USD pair and one on the GBP/USD pair - and a net result of two winning trades out of three, whilst the Forex Morning Trade system, which trades early morning breakouts on the GBP/USD pair, generated a total profit of 80 points, as you can see below:

Monday: +40 points
Tuesday: -40 points
Wednesday: +40 points
Thursday: +40 points
Friday: no trade

I'm always going on about how good the Forex Morning Trade system is, but it really is a very profitable system and an absolute steal at just $97. Here's the link if you want to find out more:

http://www.theforexarticles.info/forex-morning-trade.html

Anyway going back to my 4 hour system and as I say, there were three trades altogether. Let's start with the GBP/USD pair. I was looking to go long on this pair because the Supertrend indicator was still green on the daily chart (indicating a bullish trend), and did so when the EMAs crossed upwards on the 4 hour chart.

I went long on Wednesday evening at 1.6072 after a slight pull-back. Unfortunately I had to hold on to this position overnight so I decided to set my stop loss at -40 and my target price (to close out the entire position) at +50 points. I woke up the next morning to find that this price target had been hit and 50 points had been safely banked.

The EUR/USD pair was a lot harder to trade because there was a lot of sideways price action. I was biased towards the upside because the Supertrend was still green on the daily chart, and so was looking for any upward EMA crossovers on the 4 hour chart.

The first opportunity came on Tuesday morning, but after going long at 1.4120, I was quickly stopped out for -40 points, much to my frustration. After that I decided I was going to wait for the Smoothed Repulse indicator to break decisively through the 0 level before going long again, and this happened on Wednesday night. I went long at 1.4121 and let it run overnight. Just like the GBP/USD trade, I was taken out at +50 points overnight.

So overall it's been a really profitable week. My stock trading hasn't been quite as successful because Lloyds and Tesco are still trading at very low levels, but I bought some shares in Barclays yesterday, and they are nicely in profit this morning. April is usually a very good month for shares, so let's hope we get another good month in 2011.