September 12, 2008

Weekly Trading Update - September 8-12

My favoured 4 hour trading system generated two decent trades this week, both on the USD/JPY pair. However both downwards EMA crossovers happened in the middle of the night so I couldn't trade either of them. So with no downwards crossovers on the GBP/USD or EUR/USD pairs either (I was only looking to go short), I only traded breakout trades on the 1 hour charts this week.

There were three trades in total. The first occurred on Tuesday on the USD/JPY pair. The 5, 20 and 50 period EMA were all converging and were all very close to each other so I waited for a breakout, which happened to be downwards, and went short at 107.51. I then closed half my position for a 40 point profit and let the other half run, but unfortunately this was automatically stopped out at break-even.

The other two trades occurred on Wednesday when both the GBP/USD and EUR/USD pairs broke downwards in a similar fashion. I decided to trade both of these pairs. The EUR/USD went down initially before rebounding and taking out my stop loss which I'd moved to break-even so no profit there but the GBP/USD went down nicely and I managed to close out half for 50 points, but the other half was again stopped out at break-even after bouncing back upwards.

It was quite unlucky that both these positions were stopped out quite early because they subsequently dropped quite sharply right through to Thursday. I also missed out on the GBP/USD and EUR/USD breaking upwards today because, well basically I overslept and didn't wake up until 9.30 when they had already broken upwards.

So what could have been a 500+ point profit this week was, well a lot less, but it was still a profitable week so I can't complain.



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1 Comment on Weekly Trading Update - September 8-12 »

September 12, 2008

Napali (BRA) @ 9:21 pm:

Hi James! I'm a newby in the Forex world and I really appreciate your posts. For a while I have a demo account and I'm studing to get the necessary feeling to start a real. Fortunately I found this blog that'll help me much in this journey. It is amazing the power of globalization, connecting people from around the world with equal interests, exchanging ideas, experiences for the benefit of all. "It is not worth a master who does not share your knowledge". Thank you very much dude. ;)
P.S. I Hope to be able to give some feedback soon.

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