November 28, 2008

Weekly Trading Update - November 24-28

Well it wasn't one of my most profitable weeks this week to say the least, but I guess it's still better than making a loss. There was just one trade in total and that was on the USD/JPY pair on Tuesday evening.

I was looking to go short on this pair, as determined by the daily Supertrend, and was encouraged to do so when it looked like the EMAs were about to cross downwards on the 4 hour chart. I screened down to the 2 hour chart to get a good entry and went short at 95.61. The price then dropped fairly quickly and I closed half the position for +40 and let the other half run, moving my stop loss to break-even.

I thought we were in for a nice fall, but after it dipped below the 95.00 level it quickly bounced back, and so I decided to play it safe and closed out completely at 95.22 for just under 40 points profit this time.

So that was the only trade this week. There was another opportunity this afternoon when the EUR/USD crossed nicely downwards but unfortunately I missed out on this one because I waited for a pullback on the 2 hour chart to get a good entry but it never came. It's a shame because I had been waiting for this pair to cross downwards all week, and it would have been a decent trade as well.

Not to worry though. Hopefully next week will be a little more eventful when we return to normality and a full trading week.

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