September 30, 2011
Weekly Trading Update - 26-30 September 2011
After a brilliant week last week, the profits have been harder to come by this week. In fact it's been a very poor week. The markets moved too much early on to trade any early morning breakouts. There was just the one trade on Wednesday but that resulted in a 20 point loss (after being 15 points in profit).
My 4 hour trading system (see right for more details) wasn't too successful either because there were a few false moves. So let me briefly talk you through some of the trades that I placed.
On the FTSE 100 I went short yesterday at 5158, and was really confident about this one. This had all the hallmarks of a high probability trade. On the 4 hour chart there was a downward EMA crossover and 2 consecutive bearish pin bars before that. However the price still went up and I had to take a 40 point loss.
Thankfully the FTSE fell again this morning and I was able to enter another short at 5170. This time I closed the entire position for 40 points. I would normally have closed half and let the other run, but as it's Friday I decided to play it safe.
It was a similar story on the EUR/USD pair as well. I entered a short position at 1.3555 and closed the entire position for 50 points a short while ago.
There was one other trade that I placed. This was on the GBP/USD on Wednesday night. It was late at night and the EMAs looked like they were crossing downwards and I eagerly entered a short position just before I went to bed (rather than wait for confirmation of a downward crossover). Sadly I paid the price and my 40 point stop loss was taken out overnight.
I was tempted to enter a short on the GBP/USD pair this morning as well but thankfully I chose the EUR/USD pair instead.
Overall though I finished the week pretty much where I started, and with the stock markets lacking any clear direction, it has been quite a frustrating week.