May 29, 2009
Weekly Trading Update - May 25-29 2009
Well I mentioned in my last weekly update that there was unlikely to be too many trading opportunities this week and that looked like being the case, but thankfully there have been some decent EMA crossovers in the last few days on the GBP/USD and EUR/USD pairs.
Let's start with my favourite pair, the GBP/USD, first of all. Technically speaking this one didn't actually see an upwards EMA crossover because it never crossed downwards in the first place, but it did break upwards after a period of consolidation which was a good sign.
Anyway I entered a long position at 1.6050 and ended up closing half the position for 50 points and letting the other half run. I'm still sceptical about how much upside is left so I cautiously closed the other half as soon as it reached 1.6150.
The EUR/USD was a much purer set-up because we got a textbook crossover and I entered a long position on Thursday evening at 1.3940. The only problem with this position was that I couldn't really monitor it because it was getting very late so I played it safe and set the target price (to close out the entire position) at 1.4000. This level was indeed taken out overnight and I banked a nice 60 point profit but it's quite annoying because if it had taken place during the day I could have managed the position and let it run a lot longer.
So these were the two positions I traded this week using my main 4 hour trading system. However as I write the USD/JPY is currently in the process of crossing downwards and is looking very promising, but I will probably leave this one alone as I don't like opening new positions on Friday afternoons.
By the way as I predicted in the comments section of my last weekly update, the FTSE 100 and Dow Jones have both crossed upwards this week, twice in fact, and provided some decent trading opportunities, but I have to admit I missed them all because I wasn't watching them at the time.
I did also have some success trading the Forex Nitty Gritty method and the CCI divergence method on the 15 minute charts on Tuesday and Wednesday (albeit with smaller stakes), but overall I failed to match the huge profits that I achieved last week.
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