February 28, 2009

Weekly Trading Update - February 23-27

My main trading strategy performed well this week with four trades being triggered in total. Three of those trades occurred on the EUR/USD so I will tell you about those first of all.

The Supertrend indicator on the daily chart was red so I was only looking for short positions from downward EMA crossovers on the 4 hour chart all this week.

The first crossover occurred on Monday evening (or at least it looked as if it was crossing downwards) and I went short at 1.2725. The price then dropped nicely and I closed half the position for 50 points and let the other half run overnight moving my stop loss to break-even and setting my exit price at the 150 points mark. Unfortunately I woke up to find that the downwards move didn't have much momentum behind it and I was closed out at break-even.

It was a similar story on Wednesday when it attempted to break downwards once more. I went short at 1.2750, closed half the position for 50 points before being stopped out at break-even once more.

Thankfully there was time for one last crossover, this time on Thursday evening. I went short at 1.2725 but was starting to regret this because it was getting very late and I still hadn't had a chance to close half for 50 points. So I ended up setting a stop loss at -50 and a limit price at +50 and letting the position run overnight. The net result was that I woke up to see the entire position closed out for 50 points, which I was more than happy with.

So those three trades on the EUR/USD worked out fairly well, but I also traded the Dow Jones this week. There was a perfect set-up on the 4 hour chart on Thursday evening and I went short at 7234.5. (I was looking for an entry point at 7250 but it failed to reach this level and I didn't want to miss out altogether so I accepted 7234.5).

I closed half of this position that same evening for 50 points and let the other half run overnight after moving my stop loss to break-even. It was still running when the Dow opened yesterday afternoon and I eventually ended up closing out the position as soon as it hit 7100 for a very nice profit.

So all in all it was a very profitable week. It could have been better if the EUR/USD had fallen more substantially than it actually did but as long as you can avoid making any losing trades then you can't really complain.

If you would like more information about my main 4 hour trading strategy, you can get all the details for free by subscribing to my newsletter above.



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1 Comment on Weekly Trading Update - February 23-27 »

February 28, 2009

FreedFX @ 7:17 pm:

This week really get some profit. Thanks for sharing this weekly review it really hep for next week move.


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