Well it's been a very profitable week this week but the major currency pairs still seem to be lacking a sense of direction. For instance the GBP/USD has been flirting with 1.50 for weeks now but still dawdles along in the 1.40s whilst the USD/JPY continues to drift aimlessly around the 100 mark.

This indecisiveness is hard to trade because ideally we want strong trends in one direction or the other that last 300 or 400 points or more. However with the summer months approaching I think we will continue to see these aimless fluctuations.

Anyway back on to the trades for the week. There were three in total - 2 winning trades and 1 losing trade.

The losing trade occurred right at the start of the week on the Monday. I was looking to go long on the GBP/USD as per the daily Supertrend, and entered as soon as the EMAs started crossing upwards. I waited for a pull-back and went long at 1.4630. Unfortunately, however, the EMAs turned downwards again and after giving it plenty of time to recover, I reluctantly closed out for a loss of 70 points, which was arguably 20-30 points too late.

Not to worry though because the next EMA crossover on the GBP/USD pair did come to fruition and after entering at 1.4618, the price fell initially, but then recovered nicely. I closed out half the position for 50 points and let the other half run, moving my stop loss to break-even. I didn't think it would get to 1.50 but let it run for most of the following day and eventually closed out at 1.4811, which I was more than happy with.

The final trade was on the USD/JPY pair. I actually broke my trading rules here because I entered a long position when the daily Supertrend was bearish, but I don't necessarily think there's anything wrong with that as long as you have confidence in your convictions.

The reason I wanted to go long was because this pair had been sold off so much, I thought it was due a nice rebound and so I took the opportunity to take a long position when the EMAs crossed upwards on the 4 hour chart on Wednesday. I opened the position at 96.91 and decided that I was going to hold out for at least 98.00 rather than close half the position early like I normally do. Anyway I ended up closing out the entire position for 135 points the following day.

So all in all it wasn't a bad week at all. Oh and by the way there was also a nice downwards crossover on the EUR/USD pair as well but unfortunately the price fell sharply without really retracing so I couldn't get a good entry point on this one.

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