Followers

Monday, January 3, 2011

Weekly Trading Update - 18-22 January 2010

This will be my last trading update for a while because I'm off to Thailand next Wednesday, and I'm pleased to report that I've ended the week on a high. I'll start by telling you about the trade that was carried over from last week first of all.
You may recall from last week's update that I was planning to hold on to my short position on the EUR/USD pair (taken at 1.4429) until it reached the 1.4200 - 1.4250 area. Well thankfully it did continue falling and I was eventually closed out at 1.42 in the early hours of Wednesday morning.
Apart from that there were four new positions that I opened. I opened one short position on the GBP/USD pair, and went long twice on the GBP/JPY pair and once on the USD/JPY pair.
The GBP/JPY EMA crossovers both run out of steam fairly quickly and I ended up taking losses of 50 and 45 points on this particular pair. Thankfully I was luckier with the USD/JPY trade because my 40 point stop loss avoided being taken out, and I later went on to bank profits of 40 points with the first half of the position and another 40 points with the second.
The GBP/USD was the most successful trade. This was a textbook EMA crossover. The daily Supertrend was red, indicating that I should look to go short on the 4 hour chart, and it had been quite a while since the last downward EMA crossover. So everything was in place for a decent move downwards.
I went short at exactly 1.6300 after the EMAs finally crossed downwards on Wednesday morning. I then closed half the position for 50 points and let the other half run. I was actually stopped out at break-even with the second half of the position, but I decided it was worth going short again after the price subsequently dropped, and I went short at 1.6250 this time. This gave me another 50 points, and I eventually exited the second half of the position at 1.6150 to end the week on a high note.
That may well turn out to be my last trade for a while, but I shall probably have a look at the markets on Monday and Tuesday to see if there's any decent trading opportunities. I will probably write another blog post at some point as well if I have time (sorry for not posting more but I am quite lazy as far as my blog is concerned).
Anyway have a great weekend and I'll speak to you again soon.
(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).

0 comments:

Post a Comment

Labels

actress (1375) hot photos (1005) cinema news (536) Actor (459) Images (151) others (124) Hot And Spicy (52) songs (33) Actorss (30) models (26) Reviews (10) videos (9) Lyrics (5) Privacy Policy (2) cricket (2) Contact Us (1) Movie Mp3 songs (1) Trailers (1) h (1)

Blog Archive