April 12, 2008

Weekly Trading Update - April 7-11

Not one of my better weeks this week. I only ended up taking one position on the GBP/USD, which although profitable could have been so much better.

The daily trend, as indicated by my trusted Supertrend indicator, was downwards so I was only looking for short positions on the 4 hour chart.

Luckily a great opportunity presented itself on Monday morning when the EMA (5) crossed downwards through the EMA (20) and I managed to enter a short position at 1.9886. I was expecting a big move downwards from here because we were very close to the EMA (200) which usually arouses traders interests and often acts as a precursor to a large move one way or the other away from this indicator, and the probability was that it was downwards based on my charts.

Everything then went to plan and I closed out half my position at 1.9850 for a safe profit and let the other half run to hopefully catch a big move. Unfortunately, however, my break-even stop loss was triggered and so I was left with just a 36 point profit. The annoying thing is we did subsequently get a big move right down to 1.9650 in the next few days.

So overall it wasn't one of my better weeks but a profit's a profit as they say, and there's always next week.

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