June 26, 2009

Weekly Trading Update - 22-26 June 2009

Well the first thing I should say is that my free trade on the GBP/USD pair that was carried over from last week was stopped out at break-even right at the start of the week. So that was disappointing, but thankfully there have still been a couple of decent trades this week.

Let's start with the GBP/USD first of all. There were two upward EMA crossovers on this pair. Unfortunately the first one didn't provide a good entry point until the early hours of the morning so I was unable to trade this one, but the second one occurred early this morning. In fact I entered a trade at 1.6429 as soon as I turned on the computer.

I closed out half the position for 50 points and the other half of the position is still running at the time of writing, and is again essentially a free trade because I've moved my stop loss up to break-even. I shall once again be holding out for a push upwards towards the 1.70 level. I'm convinced we're going to get there sooner or later looking at the long-term fibonacci retracement levels.

The EUR/USD has also followed a similar pattern this week as well with two positive EMA crossovers on the 4 hour chart. The first occurred on Tuesday but the price just raced away so I couldn't enter on a pull-back like I normally do. However I was able to enter a position on the second crossover, which occurred yesterday, and went long at 1.3985.

For this trade I once again managed to close half the position for 50 points but closed the second half of the position as soon as the price hit 1.4100 earlier today. I probably should have held on a bit longer but I wanted to bank some decent profits for the week.

Finally I was waiting for an upwards EMA crossover on the USD/JPY because everything was in place but when it did eventually cross upwards early yesterday morning, it was a big disappointment because not only did it not pull-back for me to enter a position, but it quickly reversed back downwards anyway.

So overall it's been a fairly profitable week, particularly as I've had some success with a few short-term trades as well, but it could have been a lot better.

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