Well I've had mixed fortunes this week because I've had two losing trades, but thankfully I have managed to come out ahead after a few trades went my way earlier today. There were four trades in total but let's start with the losing trades first of all.
These occurred on the GBP/USD and GBP/JPY pairs on Wednesday and Thursday. The first was on the GBP/JPY pair on Wednesday night. I was looking to go short on both these pairs as the Supertrend indicator is still red on the daily charts, and I did so at 143.55 after the EMAs had crossed downwards. Unfortunately after setting my price targets and leaving it to run overnight, I was stopped out at -60 the following day.
It was a similar story on the GBP/USD pair as well. I went short yesterday morning at 1.5970 but the price didn't quite hit my initial 50 point target and I ended up taking a 40 point loss this time after the price spiked up.
The frustrating thing was that both of these positions were technically correct because the price did continue to fall after I had closed the positions. Nevertheless I did manage to re-enter a position on the GBP/JPY pair after the price broke downwards again. I went short at 143.20 this time before closing half the position for 70 points and the other half at 141.50 a short while ago for a total of 170 points (minus the spread).
Finally there was one other profitable position on the USD/JPY pair that I've recently closed out. I went short yesterday afternoon at 89.80 after a downward EMA crossover and managed to close half the position for 40 points and the other half for 80 points after the price fell to 89.00 not long ago.
So what could have been a bad losing week has actually turned out okay in the end.
By the way there was another downward crossover on the USD/JPY pair earlier in the week, but there was no pull-back so I couldn't get a good entry point. There was also an upward crossover on the EUR/USD (which wouldn't have worked out as it happened) but I'm reluctant to go long on this pair at the current time because I still think it's heading downwards - it's starting to close in on the daily Supertrend which currently stands at 1.4402.
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