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.
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