Just two trades for me this week (using my main 4 hour trading system) as I’ve been focused mainly on shares this week. I opened two long positions – one on the GBP/USD pair and one on the EUR/USD. As I mentioned last week I should really be going short on these two pairs as per my trading rules, but I still think they’re both massively oversold.

Therefore I’ve been looking to go long when the EMAs cross upwards on the 4 hour chart, and as it turned out the EMAs crossed upwards on both these pairs on Tuesday. I went long on the GBP/USD pair and EUR/USD pairs at 1.5142 and 1.3723 respectively.

Regarding the GBP/USD trade I then closed half the position for 50 points and let the other half run, moving my stop loss up to break-even. I then closed the second half of the position as soon as it hit 1.53 the following day.

The EUR/USD trade wasn’t quite as profitable. I did close half the position for 50 points but I was looking for at least 1.3850 with the second half of the position and it never made it. In fact the price fell back and I was closed out at break-even in the early hours of Thursday morning.

Overall though it was a reasonably profitable week using my main 4 hour trading system (fill in the form to the right if you want to check out this system for yourself).

Filed under Blog by JamesW

del.icio.us Digg Furl Reddit Ask blogmarks Google Netscape Socializer StumbleUpon Technorati Windows Live Yahoo! Help

Permalink• Print• Email• CommentRelated EntriesWeekly Trading Update – May 04-08 2009Weekly Trading Update – September 8-12Weekly Trading Update – March 23-27Weekly Trading Update – June 16-20Weekly Trading Update – 06-10 July 20092 Comments on »March 24, 2010smi

View the Original article

No related posts.

Related posts brought to you by Yet Another Related Posts Plugin.