May 30, 2008

Weekly Trading Update - May 27-30

After the terrible week last week, it was a profitable week this week but only just. It was still a frustrating week overall.

It started so well with a textbook upwards EMA crossover on the 4 hour chart of the USD/JPY on Tuesday. I went long at 103.72 and closed out later on for +52 after deciding not to close half the position and let the other half run, like I normally do, as I wanted to make sure I recouped some of last week's losses.

I was also patiently waiting for a downwards crossover on the GBP/USD pair, and it duly arrived late Tuesday afternoon. I went short at 1.9767 and was waiting to close half at +40, but annoyingly it didn't quite get there and reversed at about +30. My adjusted break-even was triggered so I ended up making exactly 0 points profit on this position.

There was another downwards crossover on Thursday (I was only looking for short positions on this pair as the daily Supertrend was indicating a bearish trend) and I went short at 1.9757 looking for it to finally breach 1.9700 this time round. Unfortunately it did go on to hit this level but not before it had reversed back upwards after a volatile news announcement, so I ended up closing this position at 1.9800 for a loss of around 43 points.

So although I did make some very small profits it was definitely a week to forget. The GBP/USD should have gone straight down just like the EUR/USD did (it fell around 270 points after crossing downwards) but it decided to faff around aimlessly.

Not to worry though, we all have blips occasionally. My long term equity curve is still sloping nicely upwards and that's the main thing. I'm sure the profits will be rolling in again soon.

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