Well it's been a fairly productive week this week. You may recall that in last week's update I mentioned that the EUR/GBP was the next currency pair on my hitlist, and thankfully it didn't let me down. There were two downward crossovers and they both turned out pretty well. There was also one other position to tell you about on the GBP/USD pair.
Let's start with the EUR/GBP trades first of all. I was looking to go short on the 4 hour chart because the Supertrend indicator was still just about red, and it was due a retracement at some stage. The EMAs initially crossed downwards on Tuesday and I went short at 0.9085. I was looking to close half the position for 40 points (which I eventually managed to do the following day) and close the other half at 0.9000. However this second target wasn't reached and I was eventually closed out at break-even.
The second downward EMA crossover occurred earlier today and I went short straight after the US data announcement at 13.30 (UK time). I wanted more of a retracement after the initial crossover, but I was worried about missing out so I eventually entered at 0.9049 after the price started falling again.
Thankfully the price did continue to fall nicely and I managed to close half the position for 40 points. I was planning to let the second half run (possibly into next week) looking for a big move downwards, but I closed out the second position a short while ago as soon as the price hit 0.9000 so I could finish the week off with a decent profit. I'm sure there's a lot more downside but I'm quite happy to bank some profits and start again next week.
The only other trade was on the GBP/USD pair. I went against the overall trend on this one because I'm still favouring the downside, and opened a short position when the EMAs crossed downward (well actually it was slightly before they crossed downwards because I was a little too impatient).
I went short at 1.6585 yesterday afternoon and later closed half the position for 50 points. I was hoping for a big move downwards towards 1.64 but it bounced back unfortunately and I was closed out at break-even.
I fancy another downward EMA crossover is on the horizon for this pair, but that probably won't happen until next week now. Overall though it's been a reasonable week. Steady if unspectacular profits.
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