This will be my last trading update for a while because I'm off to Thailand next Wednesday, and I'm pleased to report that I've ended the week on a high. I'll start by telling you about the trade that was carried over from last week first of all.

You may recall from last week's update that I was planning to hold on to my short position on the EUR/USD pair (taken at 1.4429) until it reached the 1.4200 - 1.4250 area. Well thankfully  More on Weekly Trading Update - 18-22 January 2010

I've been looking at the long-term charts of the EUR/USD pair today, and it looks like there could be significant downside potential if the price breaks below two key levels. Starting with the daily chart, the first target is 1.4218 which is simply the most recent low, and occurred just before Christmas last year.

Ordinarily it wouldn't necessarily be hugely significant if the price were to break through this level, but it's also worth pointing out that  More on EUR/USD Analysis - Watch For A Breakout Below 1.4218 / 1.4141

I've got back in the swing of things this week and my trading system generated a total of four trades altogether. One of those resulted in a small loss, but the other three generated some decent profits. Indeed one of these trades is still running at the moment and will hopefully hit my profit target at some point in the near future.

The losing trade was on the  More on Weekly Trading Update - 11-15 January 2010

I've been using candlestick charts for several years now and they are easily the best type of chart you can use in my opinion. Each candle tells you the high and low point, the opening and closing price, and whether the price moved upwards or downwards during that particular period. In addition the shape of each candle can give you vital clues as to the future direction of the market you are trading.

More on Using Candlestick Charts - Free Training Video

Sorry for taking so long to post this trading update but I've had a miserable time during the last week. Being snowed in was bad enough, but then we had power cuts on Wednesday and from Thursday onwards my computer hasn't been working at all. Thankfully I got someone to get it fixed today so I'm now back online and I can tell you about my one and only trade last week.

More on Weekly Trading Update - 04-08 January 2010