Well it's been a fascinating week on the markets. I'm sitting here watching the oil price getting absolutely hammered, and am tempted to buy a crude oil ETF for the long term with the current price just below $95, but ideally I would prefer it to fall to around $90.
Anyway back to the forex markets and it's been a fairly quiet week overall. My main 4 hour trading system didn't actually generate any trades at all. There was one on the EUR/GBP pair which would have worked out well, but this occurred on Bank Holiday Monday (and on the day it was announced that you know who had been captured) so it would never have been considered, even if I had been at my computer that day.
Thankfully the Forex Morning Trade system had a return to form and generated a total profit of 80 points, as you can see below:
Monday: no trade (bank holiday)
Tuesday: +40 points
Wednesday: 0 (break-even)
Thursday: no trade
Friday: +40 points
This system does have the occasional losing week, but on the whole it has been extremely profitable. Mark Fric has made a few adjustments recently, but I am still using the original settings of 40 points for the stop loss and target price, and moving the stop loss to break-even when it is 24 points in profit. This seems to work really well so I see no reason to change it at the current time.
If you want to find out more about the Forex Morning Trade system, you can do so by clicking here.
With regards to my share trading, I've had slightly mixed fortunes. I made the decision to close out most of my positions with the FTSE trading close to the stubborn resistance level of 6100. I closed multiple positions in Tesco at 410p for some very healthy profits (with the aim of buying in lower) and closed my positions in Barclays for a small profit.
I am left with one long term holding in Tesco and another long term holding in Lloyds, which actually dropped a lot this week. However I think they have tried to issue all the bad news at once, so it should hopefully be onwards and upwards from here on in.
It's nice to be sitting on a pile of cash at the moment as there are quite a few bargains around. However I think I will try and be patient because the Supertrend indicator has only just turned red on the FTSE 100 daily chart and the Smoothed Repulse indicator has just crossed below 0, which suggests that there could be a lot more downside to come.
Next week should be very interesting and it's actually a full five day week for once. Bank holidays are all well and good, but when you work for yourself they can be quite frustrating because you cannot earn any money. Anyway have a great weekend and I will speak to you again soon.
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