September 26, 2008

Weekly Trading Update - September 22-26

My trusted 4 hour trading system came up with 3 trades this week. 2 turned out to be winners and 1 had to be cut short, but overall it was another profitable week thankfully.

I was up bright and early Monday morning and a position was signalled straight away. The EMA's had crossed upwards on the 4 hour chart of both the GBP/USD and EUR/USD pairs the previous Friday and both had a positive daily Supertrend, so I could have went long on either pair but I opted for the EUR/USD in the end.

I entered on a pullback to the short-term EMA, taking a long position at 1.4476. The price then rose steadily throughout the day and after closing half the position for 40 points, I let the other half run before closing out at 1.4600. At the time I thought this was an excellent points haul but as it turned out, I exited far too early as it put on another 265 points.

There were another 3 good set-ups during the week, all on the USD/JPY pair. I was expecting a decent move downwards at some point but none of these had enough momentum behind them. The first set-up occurred during the middle of the night so I didn't trade this one, but I did trade the other two.

The first of these was yesterday morning when the EMA's crossed downwards again. I entered a short position at 105.85 but this one never really got going and I ended up cutting my losses when it started rising several hours later, and got out at 106.20 for a loss of 35 points.

The final position was a little better. My EMA's crossed downwards again this morning and I went short at 105.92, using the 2 hour chart to pick my entry point. The price did drop nicely this time and I closed half the position for 40 points and the other half for 62 points. I waited to see if it was going to drop below 105.00 but it didn't so I was forced to close this second portion when it started rising again.

Overall it was a very good week and I'm delighted that my trading system is still bringing home the bacon.

If you would like full details of this simple, but profitable trading system, please subscribe to my newsletter by filling in the short form to the right.

 

 

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