December 18, 2009

Weekly Trading Update - 14-18 December 2009

This is my last trading update before Christmas simply because I don't plan on opening any new trades next week, and probably not until the start of next year either. Back to this week and I fared pretty well, despite the fact that I had two losing trades that ate into some of my profits.

The two losing trades were on the GBP/JPY and GBP/USD pairs. They were basically two EMA crossovers that didn't work out, despite the fact that they moved in the same direction as the overall trend.

They occurred on Monday and Tuesday respectively and resulted in losses of 48 and 37 points respectively (I closed them out as soon as I felt the position had no chance of working out).

Thankfully the winning trades compensated for these losses. I'll keep this brief because I want to watch the final of Countdown in a few minutes time.

Basically I again went short on the GBP/JPY and GBP/USD pairs after a subsequent downward EMA crossover on the 4 hour chart, and went long on the USD/JPY after an upward EMA crossover.

These trades resulted in profits of gains of 70 points on the GBP/JPY pair (on the first half of the position, the second half was closed out at break-even), 50 and 120 points (on the first and second halves of the position) on the GBP/USD pair, and 40 and 80 points on the USD/JPY pair.

So overall it wasn't too bad a week.

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