April 22, 2011

Weekly Trading Update - 18-22 April 2011

Despite only having a four day week this week, I have to say it's been a very profitable one. My 4 hour system (see right for more details) produced two excellent trades on the GBP/USD and EUR/USD pairs, and the Forex Morning Trade system weighed in with a decent 40 point profit as well. Let's start with this system's results first of all. The full day by day breakdown is as follows:

Monday: +40 points
Tuesday: no trade
Wednesday: 0 (break-even)
Thursday: 0 (break-even)
Friday: no trade (bank holiday)

This system could easily have generated a few more 40 point profit days but it was quite unlucky on a few occasions. Yesterday, for example, it moved upwards to hit the initial 24 target (where the stop loss is then moved to break-even), before dipping down to take me out at break-even. It then resumed it's upward trend and easily reached it's 40 point target, which was quite annoying.

Not to worry though. It still produced another profitable week and is still the most profitable and most reliable third party trading system that I have come across so far. If you would like to find out more about this excellent system, you can do by clicking here.

Going back to my 4 hour system and as I say, it produced two excellent trades. The first was on the GBP/USD pair on Tuesday afternoon/evening. Both this pair and the EUR/USD are still in upward trends on the daily chart (according to the Supertrend indicator) so I was looking to go long on any upward EMA crossovers on the 4 hour chart.

I went long on the GBP/USD at 1.6306 after a slight pull-back. I would have attempted to close half the position for 50 points, like normal, but I had to let it run overnight. So I set an ambitious price target of 80 points to close the entire position. This wasn't triggered and I ended up going back to my normal plan and closing half at 50 points the following morning, moving my stop loss to break-even.

This stop loss wasn't quite triggered and I ended up closing the second half of the position at 1.6450, after this target price was hit in the next overnight session. I was delighted with this profit at the time, but was amazed to see it continue rising all the way to 1.6600. Not to worry though because I know for a fact that I would certainly have closed at 1.6500 if I hadn't decided to close out at 1.6450.

The EUR/USD trade also worked out pretty well. I went long at 1.4385 on Wednesday morning after a slight pull-back once more. I then closed half my position for 50 points, moved my stop loss to break-even, and set my target price at 1.4500, which was just under some of it's recent highs so I thought it was easily achievable. Thankfully this price was triggered pretty quickly to give a profit of 115 points.

So overall it was an excellent week. I just hope it can continue into next week although it won't be easy because it's only going to be a three day week here in the UK, with two bank holidays on Monday and Friday where I definitely will not be trading anything. Anyway have a great Easter and enjoy the unusually hot weather if you're here in the UK.



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