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After quite a tedious week last week, it's been Monday: no trade You may recall that in last week's trading update I was starting to become less enthusiastic about this trading system because of it's fairly average results in recent weeks. However it did very well this week and hopefully now January is out of the way, we can start to see some much better results. (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). My 4 hour system found two decent set-ups - on the GBP/USD and EUR/USD pairs - but as I mentioned in a recent blog post, the GBP/USD was untradeable because the crossover candle was simply too long for my liking and their was no pull-back for me to get a good entry point. However there was still a perfect set-up on the EUR/USD pair. The Supertrend indicator was still showing a bullish trend on the daily chart so I was looking to go long on an upward EMA crossover on the 4 hour chart. This occurred on Monday afternoon and I went long after a slight pull-back at 1.3690. I had to let it run overnight in the end but thankfully my 50 point target wasn't triggered (which would have closed out the entire position), and I managed to close half the position for 50 points the following morning and let the other half run. My price target was 1.3800 but due to impatience I ended up closing it slightly earlier at 1.3790. That was still a profit of 100 points, which I was more than happy with. So as I say, it was a pretty good week overall. Anyway that's all for now. Have a great weekend.
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Weekly Trading Update - 31 January - 04 February 2011
a much more productive week this time around. In fact there were no losing trades at all. I managed to find one profitable trade using my main 4 hour trading system (see right for details of this system), and the Forex Morning Trade system had a nice return to form this week with a total profit of 80 points in total. The full results are as follows: