Weekly Trading Update - 22-26 November 2010

My 4 hour trading system (see right for details) has performed very well this week with two winning trades out of two. However the Forex Morning Trade system, which I use every day, only managed to break-even this week. I didn't actually trade the system today or yesterday because of the US holiday period, but it didn't make any difference anyway because both trades would have been stopped out at break-even after moving into profit initially. The full results for this week are as follows:

Monday: +40 points
Tuesday: -40 points
Wednesday: no trade
Thursday: 0 (break-even)
Friday: 0 (break-even)

There have been a few weeks now where the Forex Morning Trade system has only managed to break-even, but it still hasn't had a losing week since I first started trading it in September and I'm sure it will bounce back next week.

Luckily my 4 hour trading system produced the goods this week, as I mentioned earlier. The really successful trade was on the EUR/USD pair. I was waiting for the EMAs to cross downwards for an opportunity to go short, and after they did so I managed to bank a total profit of 100 points.

Rather than go though the details of this trade once more, you can read all about this particular set-up by reading my two previous blog posts:

- Potential Set-Up On The EUR/USD Pair - November 18 2010

- An Update On The EUR/USD Trade That I Mentioned On November 18

The other trade was on the USD/JPY pair and this trade is actually still open at the time of writing. This pair is in an upward trend on the daily chart, as indicated by the Supertrend indicator, so I was looking to go long on any upward EMA crossover on the 4 hour chart, and did so early this morning at 83.50.

I closed half the position for 40 points and moved my stop loss to break-even. I'm now in a quandary as the price is 45 points in profit but the US markets are likely to be very quiet today, so I'm seriously thinking about closing the other half very shortly and shutting up shop for the week.

Anyway whatever happens it has still been a very profitable week.

Have a great weekend, and I hope you're enjoying your Thanksgiving holiday if you're in the US.