July 24, 2009
Weekly Trading Update - 20-24 July 2009
After the disappointment of last week, it's been a much more profitable week this week. My 4 hour trading system generated three decent set-ups (on the GBP/USD, GBP/JPY and USD/JPY pairs) and thankfully all of them worked out nicely.
The first two trades occurred on the GBP/JPY and USD/JPY pairs at roughly the same time on Tuesday evening. The daily Supertrend was (and still is) red so I was only looking for opportunities to go short and the EMAs did indeed cross downwards on the 4 hour chart for both of these pairs.
I went short on the GBP/JPY at 154.10 and opened a short position at 93.73 on the USD/JPY pair. Unfortunately they didn't move very much straight away so I had to let them run overnight. I set my profit targets at 100 and 40 points respectively. The 100 point target was triggered overnight on the GBP/JPY pair but the USD/JPY trade was still running when I woke up the next morning. However it did move nicely downwards and I managed to close half the position for 40 points and let the other half run, moving my stop loss down to break-even, however this stop loss was later taken out.
The other trade this week was on the GBP/USD pair. This pair is still in an upwards trend according to the Supertrend indicator on the daily chart so I was looking for upwards EMA crossovers on the 4 hour chart. I missed the first one unfortunately, because it happened between Sunday evening and Monday morning, but I did manage to catch the second crossover. This one occurred on Wednesday and I managed to go long at 1.6437.
I closed half the position for 50 points and let the other half run. I wasn't really sure how much upside potential there was so I ended up closing out at 1.6500, which was rather impatient of me but I was more than happy with that.
So overall it's been a pretty profitable week on the whole. There's a few set-ups developing today as well on the EUR/USD and GBP/JPY pairs but I won't be trading either of these as I made the mistake of opening a trade last Friday and it cost me dearly. A trader once told me he never ever trades on Fridays because they are too unpredictable and I'm starting to think he may be right.
Anyway have a great weekend and if you want to find out more about my 4 hour trading system, you can access it for free by filling in the short form above and subscribing to my newsletter.