After some lifeless markets last week, we have seen the complete opposite this week with some huge moves. However unfortunately my main 4 hour trading system was unable to capture any of these moves because a lot of moves got under way late last Friday when I had already finished trading for the week.

So as a result I only managed to take one position this week and that turned out to be a losing one. It was on the USD/JPY pair and it occurred on Tuesday. I was only looking for short positions as dictated by the Supertrend indicator on the daily chart and went short after the EMAs crossed downwards.

I opened a position at 94.91 but the price went against me straight away and I ended up taking a loss of 40 points. The EMAs did then cross downwards again on Wednesday evening but I didn’t feel confident about this one, and as it turned out it wouldn’t have been profitable anyway.

So overall it’s been a very quiet week for me. I’ve spent most of my time snapping up a few shares for my portfolio and trading a few as well through my spreadbetting account, but my forex trading brings in the most profits and so it’s always disappointing to end the week having lost money.

Hopefully next week should be a lot more profitable because the GBP/USD and EUR/USD have fallen nicely, and so I shall be ready and waiting if and when the EMAs cross upwards again.

(If you would like to check out my main 4 hour trading strategy, you can access it for free when you subscribe to my newsletter above).

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This entry was posted on Sunday, August 9th, 2009 at 7:26 pm and is filed under Forex Update You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.