December 11, 2009

Weekly Trading Update - 07-11 December 2009

It's been a fairly quiet week this week with just two trades to tell you about. Thankfully both turned out to be winning trades, although I could have made more by letting them run for a while longer. The first trade was on the GBP/JPY pair and the second was on the USD/JPY pair.

I'll start with the GBP/JPY pair first of all because this was my most profitable trade. I highlighted this potential set-up on this blog back on Monday night, and the subsequent EMA crossover occurred a few hours later in the overnight trading session.

After a slight retracement the following morning I managed to get a decent entry point, entering a short position at exactly 146.00. I provided an in-running commentary of this trade in the original blog post, but if you've haven't already read it, I closed half the position for 70 points and the other half at 144.20 for a 180 point profit.

The one other trade was on the USD/JPY pair. I've been watching this pair closely because the Supertrend indicator has recently turned green on the daily chart (indicating a bullish trend). So after a nice little sell-off I was waiting for the EMAs to cross upwards on the 4 hour chart, for a fairly safe trade, and it worked out fairly well.

The crossover occurred overnight once again, as is often the case with the yen-related pairs, but I managed to enter a long position first thing this morning at 88.75 (a little later than I would have liked). I closed half the position for 40 points and closed the second half of the position at 89.35 a short while ago.

It may well continue to creep up towards the 90.00 level but with consumer confidence figures due out in a short while, I thought it was best to take the profits and finish up for the week.

(If you would like full details of my main 4 hour trading strategy, you can access it for free when you subscribe to my newsletter. Simply fill in the short form above).

 

 

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3 Comments on Weekly Trading Update - 07-11 December 2009 »

December 15, 2009

Sofiane @ 2:20 am:

Hello, I use MT4, with Windsor broker, and sometimes my super trend is different then yours, do you know how i could fix that problem?

Thanks for your time
Sofiane K

December 16, 2009

MIBLUE @ 2:53 am:

Do you do coaching like the people at www.getforexalerts.com ?
I will check out your newsletter.

December 19, 2009

pat osifo @ 3:41 pm:

Uncle James please sir would you mind explaining to me how to close out first half of a trade. I know it might sound stupid maybe but I am just a newbie and I read about it, and wonder how it is done. please teach me. Thanks in advance.

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