September 25, 2009

Weekly Trading Update - 21-25 September 2009

Well this week could have been a spectacular one but it was sadly a case of missed opportunities. I've been talking about the GBP/USD entering a new downward trend for a few weeks now but when it did finally break downwards this week, it left me behind. I was waiting for a slight pull-back yesterday morning after the initial breakout so I could get a good entry point, but sadly there wasn't one. It was a similar story on the EUR/GBP and GBP/JPY pairs as well, so in the end I only ended up trading two positions.

The first trade was on the EUR/USD pair early Tuesday morning. The daily Supertrend was green, ie bullish, so I was still looking for long positions on the 4 hour chart, and I went long after an upwards EMA crossover at 1.4710. I then closed half the position for 50 points and let the other half run, moving my stop loss to break-even. Sadly my target price of 1.4850 didn't quite get triggered, and worse still the price then fell back to take me out at break-even.

(There was another upwards EMA crossover on this pair but I didn't trade this one as I thought the upward trend was starting to run out of momentum).

The second trade was slightly more profitable. It was on the USD/JPY later that day. I went short after a downwards EMA crossover at 91.41 and then closed half the position for 40 points and the second half of the position for a further 40 points at 90.61.

So it was still a profitable week but as I say it could have been a hugely profitable week if I could have got a few good entry points on some of the big movers.

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