April 16, 2010
Weekly Trading Update - 12-16 April 2010
It's been a mixed week this week. I had two trades that worked out pretty well (on the EUR/GBP and GBP/JPY pairs) and two small losses on the USD/JPY pair just to cancel things out. In the end I'm slightly up on the week but it's nothing to get excited about.
The GBP/USD and EUR/USD didn't produce any decent trading opportunities this week. Well actually if I had stuck to the trading rules of my 4 hour system I would have gone short on the EUR/USD pair after the EMAs crossed downwards, but I'm currently looking to go long on these two pairs.
So anyway the most profitable trade this week was on the GBP/JPY pair. The Supertrend is green on the daily chart, indicating a bullish trend, so I was looking for an upward EMA crossover on the 4 hour chart. This happened on Tuesday morning although I actually waited until the evening because that's when we had a definitive crossover and it was also when the Smoothed Repulse indicator crossed through the crucial 0 level.
I went long very late in the evening at 143.44 and let it run overnight. The next morning I closed half the position straight away at 144.02 and let the other half run, before closing out at 144.50 later in the day.
The other decent trade was on the EUR/GBP pair. I was looking to go short on this one as the daily Supertrend has recently turned red, and went short early yesterday morning at 0.8793. I then closed half the position for 40 points and moved my stop loss to break-even. Unfortunately the price temporarily rose this morning and took out this stop loss, before heading downwards again.
The losing trades were on the USD/JPY pair, as I've already mentioned. I was looking to go long on this pair and traded two upward EMA crossovers. However they both failed to materialise into winning trades. Everything looked good - the Smoothed Repulse had crossed through 0 and the EMAs had crossed nicely upwards - but sometimes trades just don't work out and in this case I took two 40 point losses.
So overall it wasn't the most profitable week I've ever had, but I'm confident we will get some decent trading opportunities on the GBP/USD and EUR/USD pairs in the next week or two.
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