Well it could have been a very profitable week this week with all three of the major pairs that I trade crossing over (as regards the EMAs) in the direction of the overall trend. However the GBP/USD and USD/JPY did so overnight (plus the GBP/USD did so on Wednesday when I couldn't get a good entry) so I missed out on some nice price moves there, but I did manage to grab a few points on the EUR/USD pair.

I was looking for a downwards EMA crossover on the 4 hour chart for this pair because the daily Supertrend is still red (indicating a bearish trend). Thankfully they looked like crossing downwards yesterday morning so I used the 2 hour chart to enter a short position at 1.2575.

I was quite cautious about this trade because the big interest rate decisions were an hour or so away but I decided it was worth the risk because both the UK and Europe were almost guaranteed to cut rates, which would help the price fall further.

Anyway after closing half the position for 50 points, I let the other half run looking to close out for at least 100 points at 1.2475. The interest rate decisions did indeed help the price fall nicely but unfortunately it didn't quite hit my initial target and actually rebounded sharply. As a result I decided to close out at 1.2540.

So overall it wasn't one of my most profitable weeks trading the forex markets but it was still a reasonable enough profit.

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Have a good weekend.