Well it's been quite a strange trading week this week with the GBP/USD and GBP/JPY pair unexpectedly posting some big gains, and some of the other pairs reversing their current trends. In the end I only ended up trading one position and that was on the GBP/JPY pair earlier in the week.
It was actually a short position, which may seem strange now, but at the time the GBP/JPY was still very much in a downward trend. After the EMAs crossed downwards on the 4 hour chart on Monday afternoon, I left an order to go short at exactly 142.00 (hoping for a decent pull-back) and this was subsequently triggered some time that evening.
I then spent several hours watching this pair go absolutely nowhere but thankfully it did eventually reach my initial 70 point target the following day. So I closed half the position, moved my stop loss down to break-even and let the other half run hoping it would move all the way down to the 1.40 area. Unfortunately this didn't turn out to be the case though and I was taken out at break-even.
Elsewhere there was a downward EMA crossover on the USD/JPY pair but I didn't fancy this one because the crossover candle was very long, which is never a good sign. There was also an upward EMA crossover on the EUR/USD pair which I should have traded in hindsight, but at the time I thought this pair was starting to run out of steam and would struggle to go any higher than 1.48.
So overall it's been a fairly disappointing week with just a small profit to show for my efforts, but at least the major currency pairs are putting in some strong moves. Hopefully this volatility will continue and we will see some better trading opportunities next week.
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