Custom Search

Thursday, April 30, 2009

Weekly Trading

Well it's been a very dull week on the markets this week. The GBP/USD and EUR/USD have barely moved whilst the USD/JPY cannot seem to decide whether it wants to stay above 100 or not. I did, however, manage to find two tradeable positions, both of which occurred yesterday afternoon.

The EMAs that I use crossed upwards on the 4 hour chart of both the USD/JPY and the FTSE 100. On the USD/JPY pair I used the 2 hour chart to get a good entry point and entered on a pull-back at 100.25. I then closed half my position for 40 points just after midnight last night and let the other half run, moving my stop loss to break-even. I was only targeting 101.00 but unfortunately the price came back and hit my adjusted stop loss so I was stopped out at break-even.

On the FTSE there was a textbook EMA crossover and using the 2 hour chart I entered a long position on a pull-back at 3966.5. I was hoping to close out before the London market closed and was starting to regret this trade as it was hardly moving, but as the position was slightly in profit I decided to move my stop loss to break-even and set my target price at 4006.5 (a 40 point profit) and let it run after hours. Thankfully the Dow rallied strongly and took the FTSE up with it and I was automatically closed out at this level.

So although it wasn't a bumper week overall, it's still nice to make some modest profits, particularly in a week leading into a holiday period which are notoriously quiet anyway.
If you would like to check out my main 4 hour trading strategy in more detail, you can access it by filling in the form above and subscribing to my newsletter.

No comments:

Post a Comment