The markets seemed very quiet and uneventful this week and as a result I only ended up taking positions on two days, but thankfully I managed to squeeze out some profits.

You may recall I experimented with the ADX indicator last week, and although I think this indicator could be useful I didn't make any direct decisions from it this week. Instead I adopted my usual 4 hour crossover method and only used the 30 minute ADX for additional guidance.

My first trade didn't come until Thursday when we had a failed upwards crossover and a new EMA crossover downwards (5 crossing 20) on the 4 hour charts. I was waiting for this move as the daily Supertrend was still red meaning I was automatically looking to take a short position.

The great thing about my method of trading is that when a position goes into profit I usually close half the position and let the other half run, which can sometimes yield a profit of 100-200 points.

Unfortunately this was not one of those occasions. Even though all of my indicators were signalling a strong down move was imminent, including the shorter term ADX, it just didn't happen, which happens occasionally.

So the net result was that I took two short positions at 19819 and 19815 at different times and closed half of both at 19790 and 19793 respectively to bank some profits for the week. Unfortunately the other half of each position ended up being automatically closed at break even as the GBP/USD later reversed into a new upwards trend.

My other trade this week was on the EUR/USD currency pair. The daily trend has been strongly upwards recently, but with the 4 hour EMA (5) below the EMA (20) for much of the week I was patiently waiting for an upwards crossover and the start of a new move higher.

This move came on Friday and I took a long position close to the EMA (5) for maximum value at 15696. The price moved steadily upwards but after struggling to break 19740 and not wanting to hold any position come the 1.30 non-farm payrolls announcement, I decided to close out the entire position at 19736.

So overall it was a decent enough week, but a case of what might have been regarding the GBP/USD trade on Thursday.

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