June 14, 2008

Weekly Trading Update - June 9-13

After last week's return to form, it was another highly profitable week this week. I only took two positions but they both went completely to plan.

The first trade occurred on Monday on the USD/JPY pair. This was a textbook EMA crossover. I was waiting for an upwards crossover and it duly arrived so I was able to enter a long position at 105.66.

Despite dipping slightly initially, the price then continued upwards and after closing half my position for +45 points, I let the other half run and was finally closed out at 107.00 when my target price was hit. As it turned out I could have got another 140 points if I'd held on longer but not to worry.

The second position was taken on Tuesday when my preferred EMA's crossed downwards on the 4 hour chart of the EUR/USD pair. I went against my own rules slightly here as strictly speaking I should only have been looking for upwards crossovers, but the EMA (5) dipped below the 20, 50 and 200 period EMA so I decided this was a high probability trade and went short at 1.5600.

The price then surged downwards much to my delight so I was able to close half the position at 1.5500 for 100 points, and let the other half run eventually closing at 1.5471 after it looked like the move had run out of steam.

So overall an excellent week all round.

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