April 30, 2010

Weekly Trading Update - 26-30 April 2010

There was an upward EMA crossover on both the GBP/USD and EUR/USD pairs this week, but because of all the negative news coming out about Greece, Portugal and Spain, I was simply too nervous about opening any long positions and watched from the sidelines instead. As it turned out both trades would have generated a profit, but I'm not too bothered.

I'm actually thinking about changing my stance on the EUR/USD pair. Despite the Supertrend indicator being red on the daily chart, I've been calling a bottom and going long on any upward EMA crossovers on the 4 hour chart. However you can't ignore the fundamentals and it's clear that all is not well in Euroland at the moment.

Anyway as regards my trading for this week, my only forex trade was on the EUR/GBP pair. This was a solid 30 point profit and you can read all about it by reading my last blog post.

Unfortunately my profit was reduced slightly after I placed an unsuccessful trade on Goldman Sachs a couple of hours ago. I went long at $145.94 after there looked to be a reversal taking place but my 100 point stop loss was triggered before the price started heading higher, much to my frustration. It was only small stakes so it wasn't exactly disastrous, but I'm annoyed with myself for placing the trade in the first place.

Overall though it wasn't too bad a week. I made a small profit so I can't really complain.

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