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Monday, January 3, 2011

Weekly Trading Update - 02-06 November 2009

Well it's been one of my busiest weeks for a long long time with several trades to tell you about. Not all of these trades have worked out, but the winning trades more than compensated for the losing ones. Let's start with the winning trades first of all.
The GBP/USD and GBP/JPY trades were two of the better ones. I was looking for upward crossovers on these two pairs on the 4 hour chart, because the Supertrend indicator was (and still is) showing a bullish trend on the daily chart.
I went long on the GBP/USD pair on Wednesday at 1.6470 and ended up closing half the position for 50 points and the other half was closed at 1.6550, which was overly cautious but I couldn't see it trading much higher than that at the time because of the previous resistance level.
On the GBP/JPY pair I went long at 149.32 also on Wednesday. I was waiting for a pull-back to the 149 level but it didn't happen and because I didn't want to miss out on this one, I ended up going long at 149.32. I then closed half the position at exactly 150.00 and the other half at 151.00 later that evening, which I was more than happy with.
Elsewhere there were a couple of trades on the EUR/GBP pair. I was looking to go short on this pair on the 4 hour chart because the daily Supertrend has recently indicated a new downward trend, and I did so at 0.8990 and 0.8973 after two EMA crossovers.
The first trade worked out okay. I banked 40 points with half the position before seeing the second half of the position get closed out at break-even. The second and more recent position is still open but it hasn't worked out well so far. My initial 40 point target hasn't yet been reached, and it looks like it's now heading upwards, so I'm preparing to take a 20 point loss if it continues to edge higher.
Finally the one other position I traded this week was on the EUR/USD pair. I wrote a blog post about this pair the other day saying how I thought it was now preparing to head downwards, but yet again it has made me look foolish. Not only has it headed higher again, but earlier in the week when I placed a sneaky long position, it didn't work out and I ended up taking a 30 point loss.
Worse was to follow because the next time the EMAs crossed upwards guess who decided to sit on the sidelines. Yes that's right I ignored this particular crossover and watched as it headed above 1.49.
So I really do think I should leave this pair alone for the time being, or at least until it finally breaks downwards, which I'm sure is about to happen soon.
Overall though it's been a profitable trading week with more than enough trades to keep me busy. There were even a few trading opportunities on the USD/JPY pair as well, but I'm waiting for this pair to show some kind of direction because it doesn't look like it's going to generate any runaway winners at the moment.
(If you would like full details of my main 4 hour trading strategy, you can access it for free when you subscribe to my newsletter. Simply fill in the short form above).


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