November 14, 2008
Weekly Trading Update - November 10-14
It's been a profitable week for me overall this week, although I missed a lot of the huge price movements that took place. My usual trading system triggered two trades in total, one on the EUR/USD pair and one on the USD/JPY pair, but I only managed to trade the EUR/USD because the USD/JPY move happened too late in the day with the downwards EMA crossover happening late Monday evening.
Nevertheless, although this latter position would have been profitable, I can console myself with the fact that I managed to squeeze out a nice profit from the downwards EMA crossover on the EUR/USD a few hours earlier on Monday. The crossover was on the 4 hour chart, as always, and using the 2 hour chart for entry I entered a short position close to the EMA(5) at 1.2796.
I didn't have to wait long until my initial target profit level was reached and I closed out the entire position for 50 points profit. I would normally close half and let the other half run at this point, and this is what I should have done, but I have an annoying habit of banking any profits I make early if they happen on Mondays so that I'm nicely positioned for the rest of the week.
There were no other trades triggered this week using my usual trading system, but this week I also decided to start trading the impressive Forex Avenger system using real money, albeit with smaller stakes. Using this system there was also only one trade triggered and this occurred on the EUR/USD pair (the recommended pair to trade using this system) yesterday afternoon. I went short at 1.2509 and thankfully the 30 point profit target was hit soon after without any problems.
So overall a decent enough week, although I really must start letting winning positions (from my main trading system) run for a lot longer to maximise my profits. If you would like full details of my main 4 hour trading system please subscribe to my newsletter above, and if you haven't already done so, you can find out more about the Forex Avenger system by reading my full Forex Avenger review.