Well it's the morning of Good Friday so I'm obviously not trading today, but it's been an excellent week this week. I traded two positions in total using my main 4 hour trading system - one on the GBP/USD pair and one on the EUR/USD pair - and both yielded some excellent profits.
As regular readers will know, I've been looking to go long on both the GBP/USD and EUR/USD pairs because although the Supertrend indicator is still red on the daily chart, and therefore indicating a downward trend, I just feel that they are both massively oversold.
So I was looking for upward EMA crossovers on the 4 hour chart of these two pairs, and this first occurred on the GBP/USD pair on Monday morning. There was a big crossover candle followed by a nice pull-back which allowed me to enter a position at 1.4983.
The price then drifted sideways for most of the day and I was worried that this was going to turn out to be a false breakout, but thankfully the upward trend continued the following day. When I switched on the computer the next morning I was delighted to find that I was around 70 points in profit so I immediately closed half the position for this amount (I normally close half the position for 50 points when I'm at my computer) and moved my stop loss up to break-even.
I then let the other half run and eventually closed out at 1.5183 on Wednesday afternoon to bank a profit of 200 points with the second half of the position. As it turned out there was another 100+ points to be had but I was more than happy with the final result.
The second position was on the EUR/USD pair. I actually discussed this trade in some length in yesterday's blog post because this was a classic example of a high probability set-up.
To summarise, I basically went long at 1.3480 when the EMAs crossed upwards, and later closed half the position for 50 points before letting the other half run. Unfortunately I was stopped out at break-even with the second half of the position but it was still a very good profit because I took a maximum position on this one (total risk = 5% of my capital compared to 3% normally) due to the excellent set-up conditions.
So as I say it's been a great week overall. I hope your trading has been equally as successful and I wish you a Happy Easter.
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