I thought last week was a hugely profitable week but this one has been even better. There were some fantastic moves on all the major pairs and luckily I managed to trade most of them.
There were four trades in total - two on the GBP/USD pair and one on the USD/JPY pair and FTSE 100. There was also a nice upwards crossover on the EUR/USD pair earlier today but there was no pull-back so I wasn't able to get a good entry point.
Let's start by discussing the two GBP/USD trades. After last week's falls I was half expecting a rebound, particularly as the daily Supertrend is still positive, and this is exactly what happened.
The first crossover, on Tuesday evening, looked like it was going to be a false crossover at the time and I exited for a loss of 45 points, but the subsequent crossover turned out to be a good one.
I entered another long position, this time at 1.4370, and later closed out half the position for 50 points and let the other half run, after moving my stop loss to break-even. I was targeting 1.45 initially but I noticed that a buy signal had just been generated on Marketclub's trade triangles at 1.4376 that same day so I thought this was an excellent sign and therefore decided to hold out for 1.46. Thankfully this target was hit the following day to give me a nice profit of around 230 points for this half of the trade (although I could have got another 200 points if I had held on longer).
Another good set-up took place on Tuesday on the USD/JPY pair. The crossover took place overnight but there was a nice pull-back early that morning and I managed to enter a long position at 98.10. I later closed half the position for 40 points and closed the remaining half as soon as it hit 99.00 because I couldn't see it going much higher as this has proven to be a tough area of resistance in recent weeks.
Another good position presented itself on the FTSE. I was kind of expecting a mini-rally on the world's stock markets anyway going into the G20 summit, so I had full confidence in the trade once the EMAs crossed upwards.
After the crossover took place on the 4 hour chart I used the 2 hour chart to get a good entry point and went long at 3875. I closed half the position for 50 points with the intention of running the other half of the trade up to 4000 but unfortunately after moving my stop loss to break-even, I was stopped out the following day (annoyingly before the big stock market rallies that followed the G20 summit meeting).
Overall though it was a hugely profitable week. I even had two 30 point winners trading the USD/JPY yesterday when it failed to break through the 100 mark, so it couldn't have been much better.
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