October 21, 2011
Weekly Trading Update - 17-21 October 2011
I didn't place any forex trades at all this week and it was simply because I was too distracted by the share price movements of Tomco Energy, which is now up over 50% this week (and was up 100% at one stage).
I mainly invest in FTSE 100 stocks these days, but this is the one AIM stock that I hold in my share portfolio and it's finally burst into life. I have several million shares in this oil shale company and a few spread betting positions as well.
I'm holding out for at least 10p in the long run, and hopefully a lot more, but in the meantime I have been banking some massive profits from two of my spread betting positions (and I have since opened one more long position), which is why I couldn't be bothered to trade forex this week.
In fact I haven't even looked at a forex chart at all this week until a few minutes ago. Looking at the charts I don't think I missed much. It's looks as if there was one breakout opportunity that would have yielded around 20 points, and a few false EMA crossovers on the 4 hour charts which would definitely have resulted in losses.
So it's probably best that I didn't trade any positions this week as most of the major pairs, and indeed the major stock market indices, seem to be trading sideways and lacking any real direction at the moment. Hopefully we will start to see some definite trends emerging in the next few weeks.
(Incidentally for legal reasons I should point out that in no way am I recommending that you buy shares in Tomco Energy. This is a high risk stock and the only reason I mentioned it was to explain why I didn't open any forex positions this week).