July 31, 2009

Weekly Trading Update - 27-31 July 2009

The major currency pairs that I normally trade, ie the GBP/USD, EUR/USD and USD/JPY pairs, seem to be trading sideways at the moment so I haven't traded them at all this week. There were two upward EMA crossovers on the 4 hour chart of the GBP/USD pair but I didn't feel confident about them at all, although they both would have yielded a small profit.

I did however trade three positions on a few other pairs. The first of these was on Monday morning on the USD/CHF pair. The daily Supertrend was red was I was only looking for short positions on the 4 hour chart and an opportunity arose when the EMAs crossed downwards. I went short at 1.0703 and later closed half the position for 40 points, but after moving my stop loss to break-even I was soon stopped out of this trade.

I also traded this pair short again the following morning but I fared even worse on this trade and ended up taking a 43 point loss after the price quickly surged upwards.

My saving grace was my position on the GBP/JPY pair on Tuesday evening. I went short at 155.46 and ended up having to hold onto it overnight. I set my stop loss at 156 and my target price at a very conservative level of 154.46 (for a 100 point profit). Thankfully despite coming very close to being stopped out, the price did in fact fall overnight and I was closed out at this level.

Overall it wasn't one of my better weeks though. Hopefully the big profits will return once the GBP/USD, EUR/USD and USD/JPY start becoming a little more volatile.

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