My equity in my account is now US$8102.76, I had opened the account with US$5000, so my account is still up 62% this year.
This week is a frustrating week for me and my readers (who had followed my trades). We had bought EURGBP and NZDUSD on 2 occassions based on buy signal from my indicators, both positions were stopped out, after that they rebounded sharply up.
But the encouraging thing is that my indicator has continued to proven that it is accurate and reliable, as the currency pairs eventually move according to its signals.
To counter the above problem, I may reduce my forex contract size from 100,000 to 50,000, so I can afford to place a stop further away.
I had lost 2 trades on my oil trading. Some readers question me about my indicator for oil trading. Actually that is a punt, seeing oil trading within the range of $131 to $139, its logic to sell at the resistance and buy at the support level. However oil has broken out of the range this week.
I try to keep to my rule on oil trading: Never short oil.
Yesterday I had shorted 50,000 EUR/JPY at 167.07, place a GTC stop at 167.90, target level at 165.90.
Reason for my bullishness in JPY is the fear factor. With bad news coming up in the financial market, this creates fear. And when fear builds up, this strengthens JPY.
Currently EUR/JPY is trading at 167.13
Unrealised loss is US$38.48
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