Weekly Trading Update - 11-15 October 2010

Well I'm enjoying a very good run at the moment because it's been another highly profitable week. I didn't actually use my 4 hour trading system (see right for more details) despite the fact that there were two good trading opportunities on the GBP/USD and EUR/USD pairs, but again traded Mark Fric's Forex Morning Trade system and generated a total profit of 120 points (minus the spreads).

The reason I didn't trade either of the two upward EMA crossovers on the GBP/USD and EUR/USD pairs was simply because there was no decent pull-back after the initial crossover. However, as I've already mentioned, the day trading system that I've been successfully using for several weeks now continues to do the business, as you can see below:

Monday: no trade
Tuesday: no trade
Wednesday: +40 points
Thursday: +40 points
Friday: +40 points

Strictly speaking Thursday's trade should also have been a no trade as one of the indicators used was slightly too high, but the indicator in my charting software is slightly different to the one used in MT4 and gave a signal to go long. I'm obviously not complaining though as it turned out to be a profitable trade.

If you haven't already purchased the Forex Morning Trade system, I can highly recommend you do so as it does seem to produce steady profits every week. The only drawback is that you need to be at your computer at 6.30 AM (UK time) every day to see that the trading conditions are met and to actually place the trade, but you can always use the enclosed EA if you so wish.

Anyway if would like to find out more about the Forex Morning Trade system, you can do so by visiting the official website, or by reading my full Forex Morning Trade review.

Away from the forex markets I've finally dipped my toe back into the stock markets. After selling my one and only share holding earlier in the week for an excellent profit I was 100% in cash, but I've decided to put some Barclays into my ISA and my ordinary dealing account. I also opened a long position in my spread betting account. All of the positions were opened between 280 and 280.5p.

At 280p this made Barclays the cheapest UK bank based on future P/E projections and it's also heavily oversold on a technical basis, so I see no reason why it won't move above the 300p level in the next few months. A good long term and short term bet in my opinion. The only danger is that the FTSE falls back to more reasonable levels, but if so I will buy a few more for the long-term.

Anyway enough of my waffling. I'll be back next week. Have a great weekend.