September 19, 2008

Weekly Trading Update - September 15-19

My main 4 hour trading system threw up more trading opportunities this week than in recent weeks and thankfully they resulted in some outstanding profits on the whole. I took two positions on the EUR/USD and one on the USD/JPY pair.

The first trade occurred on Tuesday when there was a downwards EMA crossover on the 4 hour chart of the EUR/USD. I went short at 1.4171 and later closed half my position for 45 points and the other half for 80 points.

The next trade was on the USD/JPY pair on Wednesday. I was looking for short positions on this pair as per the daily Supertrend, and when the EMA's failed to cross upwards I took the opportunity to go short at 105.19. The price then continued to drop downwards and I closed half for 40 points and the other half for a nice 75 point profit.

Finally it was back to the EUR/USD earlier today when I was again looking to go short and I had an opportunity to do so with another downwards EMA crossover. I went short at 1.4237 and later closed half at 1.4200 and let the other half run. Because I'd had such a great week I decided to move my stop loss to break-even and go for a big point haul targeting 1.4100.

We were heavily overbought and I didn't think this was out of the question but unfortunately despite moving down a further 50 points or so to around 1.4150, it never made it to 1.4100 and instead actually reversed and triggered my stop loss which was my original entry point. So what could have been another good profit of around 80 points or so resulted in a profit of 0, but overall it was still a fantastic week.

I'm off now to have a lazy weekend in front of the TV cheering on the European boys in the Ryder Cup. Have a good one!

(If you would like full details of my main 4 hour forex trading strategy please subscribe to my free newsletter by filling in the form to the right).



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