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.

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