July 19, 2008

Weekly Trading Update - July 14-18

A quick trading update this week because I only ended up making one trade. That one trade, though, turned out to be a beauty.

It was on the USD/JPY pair and occurred on Thursday. I should really only have been looking to go short on this pair because the daily Supertrend had turned red, but there was an upwards EMA crossover on the 4 hour chart that was backed up by certain other indicators so I decided it was worth the risk.

As I say the EMA's crossed upwards whilst at the same time the RSI was crossing upwards through the 50 mark, the CCI was crossing upwards through 0, and the MACD and TRIX were both crossing upwards as well. So this looked like an excellent long position and I entered at 105.39.

Luckily for me the price surged upwards during the afternoon session (UK time) and I resisted the temptation to close half my position like I usually do because the various indicators were all so bullish. I was looking for at least 100 points but ended up holding on until 106.85 to bank just short of 150 points, which was nice :-)

So overall it was a nice profitable week and it just goes to show that you don't necessarily have to be scalping the markets all day taking multiple positions in order to make big profits. Just one decent trade a week is all you need.

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