Weekly Trading Update - 31 May - 04 June 2010

It's been a tough week this week with my main 4 hour trading system providing me with two losing trades out of two. However it wasn't all bad as I had a few decent trades trading fibonacci extensions to balance things up.

I've been reading a lot about fibonacci extensions in the last few months as I want to find a few more day trading strategies to use in addition to my main 4 hour strategy, and I've had some decent successes so far.

As I mentioned in my last blog post I banked 20 points profit from a short position on the EUR/GBP pair on Wednesday, and I opened similar short positions on the AUD/USD yesterday (banking 30 points) and the EUR/GBP today (banking 20 points).

However as I've already mentioned, these profits were cancelled out by two losing trades. On the 4 hour chart I looked to go short on the GBP/USD and USD/JPY pairs on Tuesday after the EMAs started to cross downwards, but sadly they both turned out to be false crossovers and I ended up taking losses of 40 and 35 points respectively.

So overall I finished slightly down on the week, at least as far as my forex trading was concerned (I banked a profit of 12% selling some shares in Lloyds that I bought last week while I was in Prague, which more than paid for my holiday), but I'm pleased I seem to have found a way to successfully trade fibonacci extensions and pivot points.
Anyway if you would like full details of my main 4 hour trading strategy (which is normally a lot more successful), you can access it for free when you subscribe to my newsletter. Simply fill in the short form above.