Weekly Trading Update - 13-17 September 2010

Well I have to say I'm loving Mark Fric's Forex Morning Trade system. As I said in my recent review, the system opens one trade each day on the GBP/USD pair (if the conditions are met) and at exactly the same time each day (one and a half hours before the London market opens). I started trading this system this week and the results are as follows:

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

So that's a very impressive return of 120 points for the week. I've only started trading this system with small stakes of just £2 per point, but £240 for about 5 minutes work each day is a decent return.

From doing a lot of backtesting I know that not all weeks are as profitable as this. A lot of times you may get 2 winners, 1 losing trade and 2 no trades, or 3 winners and 2 losers (like last week). However the important point is that this system appears to be consistently profitable in the long run using a simple 40 point target price and stop loss.

Elsewhere I haven't been very busy at all. My main 4 hour trading system didn't come up with any decent trading opportunities because the major pairs moved against the daily Supertrend indicator.

I was tempted to trade the upward breakout on the GBP/USD pair, but with the breakout candle on the 4 hour chart being around 180 pips, and because it happened in the afternoon rather than the morning, I decided against opening any long positions. In the short term this proved to be the right decision but the upward move did continue for the next few days, so I missed out on some decent profits there.

Overall though I've had a good week and I'm pleased that I have another decent system that I can use on a daily basis, even if it does involve getting up at around 06.15 each day. If you want to find out more about this system you can do so by visiting the official website or by clicking here and reading my full Forex Morning Trade review.