Weekly Trading Update - 07-11 June 2010

This could potentially be my last trading update until September because for the next four or five weeks I shall be glued to the World Cup (with many matches starting as early as 12.30) and will probably concentrate on my stock trading rather than my forex trading. Then after that I will hopefully be going to Thailand for 6 weeks so I won't be trading forex then either. Anyway it's not definite yet. I suspect I will continue placing a few trades but we'll have to wait and see.

Anyway back to this week and it's been a reasonable enough week. My 4 hour trading system generated two profitable trades, even though the profits were relatively small, and my fibonacci trades, which I started trading last week, generated two winning trades out of three.

I banked 20 points going short on the USD/CAD pair earlier today at 1.0348 close to both the pivot point and the 161.8% fibonacci extension level and I also banked 20 points on the USD/JPY on Monday afternoon. Unfortunately I placed a silly trade on the EUR/GBP pair on Tuesday which cost me 20 points but I learn't my lesson not to place a trade based on fibonacci extensions alone. The other two trades were close to strong resistance lines but this one wasn't.

Regarding my main 4 hour trading system there were two trades in total. The first was on the USD/JPY pair late Monday night. The EMAs crossed downwards on the 4 hour chart and I went short at 91.70. Because I couldn't sit and watch it overnight I set my limit order at 40 points and went to bed. Thankfully I woke up the next morning to see this order had been filled, which is always a great feeling.

The second trade was on the EUR/GBP pair on Tuesday morning. The EMAs had tried and failed to cross upwards so I went short at 0.8270 after the price fell once more. I wasn't totally confident about this one, particularly after the price moved back upwards. At one point I was down 10 points so when the price fell back downwards and was 20 points in profit I decided to bank the profit while it was there. Of course the price did inevitably reach my initial 40 point target, but there was a lot of indecision before that and I doubt if I would have held on that long.

So it was a pretty good week overall as regards my forex trades. Elsewhere it's been another bumper week on the markets with Lloyds again producing the goods, but as this is a forex blog I won't bore you with the details.
I'm off now to enjoy the World Cup and cheer on England, who will of course be lifting the trophy on July 11th (you never know, miracles do happen!!). Have a great weekend.

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