October 31, 2008

Weekly Trading Update - October 27-31

It's only going to be a quick update this week because I only have one trading position to tell you about. I thought I was going to go the whole week without having a trade triggered by my 4 hour system, but thankfully there was a nice set-up earlier today on the EUR/USD pair.

The EMAs that I use crossed downwards on the 4 hour chart overnight before gradually retracing and allowing me to get a good entry point this morning. I screened down to the 2 hour chart and entered close to the near-term EMA on that time frame to enter a short position at 1.2770.

As this was likely to be my only trade of the week I wasn't looking to net a huge profit from this trade, particularly as that would probably involve holding a position over the weekend, which I don't generally like to do. So as soon as it dropped to 1.2720 I was out for 50 points (minus the spread) and was quite happy with that.

The GBP/USD pair also saw the EMAs cross downwards this afternoon, and would have been another profitable position, but I decided not to trade this one as Friday afternoon isn't generally a great time to open new positions.

So overall it was a pretty decent week this week with nearly 50 points being banked.

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