Wow what a week. My long-term share portfolio may still be slightly depressed but the profits from forex trading continue to roll in. In fact it's been one of the most profitable weeks of the year, despite the fact that I only traded two positions.

The trend was clearly down on both the GBP/USD and EUR/USD pairs but there were no downwards EMA crossovers on the 4 hour charts so no positions were taken here. There were, however, two perfect downwards crossovers on the USD/JPY pair.

The first came on Monday afternoon and using the 2 hour chart for entry I went short on the pullback at 105.23. After a rapid fall I closed half the position at 104.55 and let the other run, moving my stop loss to break-even. The price continued to fall and after dipping below 104.00 I set my target price at an ambitious 103.00 and my new stop loss at 104.00 and went to bed. As it turned out it dropped to 103.50 but never really came close to my target price and eventually retraced back to my stop loss at 104.00, but it was still an excellent profit overall.

The second downwards EMA crossover came yesterday morning. I used the 2 hour chart to get a good entry again and went short at 105.59. The price briefly went the wrong way for 15 points or so but quickly reversed back down and into profit. I managed to close half the position for 40 points before moving my stop loss to break-even and letting the other half run.

This stop loss came within about 10 points of getting hit on numerous occasions but after leaving the position open overnight with a target of 104.60 it was still open a few hours ago. I eventually decided to call it a day and take my profits a few minutes before the market-moving non-farm payroll announcement, closing out at 104.84.

So overall it was a very profitable week and to top it all off I also made around 135 points experimenting with a new 5 minute scalping system that I'm currently working on using MACD and TRIX divergence, which was nice.

I'm still working on that particular system but if you would like full details of my main 4 hour trading strategy, please subscribe to my newsletter by filling in the form to the right.