March 19, 2010
Weekly Trading Update - 15-19 March 2010
Just two trades for me this week (using my main 4 hour trading system) as I've been focused mainly on shares this week. I opened two long positions - one on the GBP/USD pair and one on the EUR/USD. As I mentioned last week I should really be going short on these two pairs as per my trading rules, but I still think they're both massively oversold.
Therefore I've been looking to go long when the EMAs cross upwards on the 4 hour chart, and as it turned out the EMAs crossed upwards on both these pairs on Tuesday. I went long on the GBP/USD pair and EUR/USD pairs at 1.5142 and 1.3723 respectively.
Regarding the GBP/USD trade I then closed half the position for 50 points and let the other half run, moving my stop loss up to break-even. I then closed the second half of the position as soon as it hit 1.53 the following day.
The EUR/USD trade wasn't quite as profitable. I did close half the position for 50 points but I was looking for at least 1.3850 with the second half of the position and it never made it. In fact the price fell back and I was closed out at break-even in the early hours of Thursday morning.
Overall though it was a reasonably profitable week using my main 4 hour trading system (fill in the form to the right if you want to check out this system for yourself).