July 25, 2008

Weekly Trading Update - July 21-25

My trading system triggered three trades this week. Two turned out to be winners and one was stopped out at breakeven.

The first trade was on the EUR/USD on Monday. I was looking for an upwards EMA crossover due to the positive daily Supertrend and it duly arrived early that day. I waited for a pullback and went long around lunchtime at 1.5870. The price then dropped briefly, threatening to hit my stop loss but not quite making it, before thankfully resuming it's upwards move and I closed the entire position later that day at 1.5915 for around 45 points (minus the spread).

The second trade also occurred on Monday on the GBP/USD pair this time. The EMA's that I use crossed upwards on the 4 hour chart and I went long quite late in the day at 1.9985. I then closed out the entire position at 2.0031 rather than letting half the position run overnight.

It could have been a really profitable week had the third trade also been a winner, but unfortunately this one ran out of momentum pretty quickly. It was again a long position on the GBP/USD, on Wednesday evening this time. I had a bad feeling about this one straight after opening this position because the price was hardly moving.

I went long at 1.9968 and after seeing it go 20 points in my favour it subsequently fell back and I ended up giving up on this one so I could go to bed, and closed out the position after it hit my initial entry point.

Overall though, without wanting to reveal my stake size, a profit of around 85 points is an excellent return for the week so I can't complain.

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