Weekly Trading Update - 8-12 November 2010

Well I have been lucky and unlucky this week. I was lucky regarding my share portfolio in the sense that my 300p price target for Barclays was automatically triggered before falling back to it's current level of 279p, enabling me to sell the last of my shares and put me 100% in cash.
However I was quite unlucky with my forex trading because when trading the Forex Morning Trade system there were two occasions when the price just failed to hit the 40 point target and ended up going back to break-even. So overall the Forex Morning Trade system was unlucky not to generate more profits this week, but it did at least manage to generate a profit of 40 points overall, as you can see below:

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

Not spectacular results I'm sure you'll agree, but this system still hasn't had a losing week since I first started trading it back in September. Plus if someone were to offer me 40 points profit every single week then I would definitely take it.

If you would like to check out the Forex Morning Trade system for yourself, you can do so by visiting the official website, or by reading my full Forex Morning Trade review.

Elsewhere my 4 hour trading system didn't exactly cover itself in glory this week either. In fact it made a small loss overall. I opened two positions altogether - one on the GBP/USD pair and one on the USD/JPY pair.

Both were slightly risky because they both look as if they are close to the end of their long-term trend, but I unwisely traded them anyway. I took a short position on the USD/JPY pair on Tuesday morning at 80.96 when the EMAs crossed downwards on the 4 hour chart, and went long on the GBP/USD pair yesterday morning at 1.6138 when they crossed upwards.

With the USD/JPY trade I managed to close half the position for 40 points before the price reversed and took me out at break-even. However I was stopped out for a loss of 35 points on the GBP/USD trade so I ended up losing money on these two trades overall.

It was still quite a satisfying week overall because if you can still come out with a small profit even after you have had quite a bad week, then you are clearly doing something right.