July 11, 2008

Weekly Trading Update - July 7-11

It was a reasonable week this week but it could have been so much better. I took two positions overall, both at roughly the same time on Wednesday afternoon.

I was looking to go long on both the GBP/USD and EUR/USD as per the daily Supertrend for both pairs, and had the opportunity to do so on Wednesday afternoon when the EMA's that I use crossed upwards on both pairs on the 4 hour chart.

The first trade was on the EUR/USD pair, and I went long at 1.5711 after a slight pullback. The second trade was on the GBP/USD and I went long on this one at 1.9775.

I was looking to close half my position on each trade for 50 points, which I managed to do on the GBP/USD, but the EUR/USD didn't quite make it and it fell back to my break-even point which was my initial entry, so no profit there unfortunately. The GBP/USD also retraced and my remaining half was also closed out at break-even. So the net result is that I managed to close half of one position for 50 points profit.

The really annoying thing is that both pairs have since soared higher after retracing to my break-even point so I could potentially have made a good few hundred points profit this week, but not to worry.

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