April 24, 2009

Weekly Trading Update - April 20-24

Well it's been a reasonably profitable week this week, although the prediction that I made about the EUR/USD a few days ago has turned out to be completely wrong, and I actually traded this one as well which I don't normally do.

I traded two positions overall. There was the GBP/USD trade that I mentioned in my last blog post which was based on the outcome of Alistair Darling's budget on Wednesday and there was the losing EUR/USD trade.

The GBP/USD trade yielded around 130 points but unfortunately the EUR/USD trade cost me just over 70 points. I went short at 1.2979 and the price did fall below 1.29 at one point but it failed to hit my initial price target of 1.28 and actually went on to take out my stop loss at 1.3050. I still think this pair will fall below 1.30 again but overall this was a fairly bad trade.

My main 4 hour trading strategy annoyingly didn't produce any real trading opportunities this week. There was an upwards EMA crossover on the GBP/USD pair but I didn't really like the look of this one because I'm dubious about how much higher this pair can actually go.

I'm hoping there will be some better trading opportunities next week.

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