July 29, 2011

Weekly Trading Update - 25-29 July 2011

You could say it's been a relatively quiet week this week because my 4 hour trading system didn't come up with any decent trading opportunities. However I did manage to trade quite a few early morning breakouts. It's just a shame that a lot of them didn't work out too well this week for some reason.

I managed to lose 20 points on Monday and another 20 points on Wednesday. Thursday was a little better as the price broke upwards on the GBP/USD pair and I managed to close half the position for 14 points, but the second half was closed at break-even.

Today was the day I recouped my losses though, because the GBP/USD broke decisively out of the overnight range. I went short after the downward breakout, just above the S1 level and closed half the position for 20 points and the second half of the position for 40 points. I was going to wait and see if the S2 level was reached, which would have given me another 15 points, but I decided to take the profit and call it quits for another week.

It's safe to say it hasn't been one of my better weeks. After all those trades I'm pretty much back to where I started the week, so it was all a bit of a waste of time. However you do get weeks like these sometimes and you just have to ride them out.

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2 Comments on Weekly Trading Update - 25-29 July 2011 »

July 29, 2011

Trevor @ 4:57 pm:

Again the middle formula (H+L+C+todayO)/4 pays off (Friday S1>S2), while the top one (H+L+C)/3 does not.

James Woolley @ 8:08 pm:

Thanks Trevor. You mentioned it last week but I completely forgot to look into it. I'll consider using these pivot points next week.

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