It's been quite a profitable week this week with several winning trades, but it was ruined by one losing trade on the EUR/USD pair on Tuesday. I'll start by discussing this particular trade because it was the first one of the week.
The daily trend was (and still is) bullish on the EUR/USD pair so I was waiting for an upwards EMA crossover on the 4 hour chart. This looked like it was about to happen on Tuesday but after entering a long position at 1.4005, the price reversed back downwards and I ended up closing out at 1.3955 for a 50 point loss.
I really hate starting the week off with a loss but as long as you don't panic and start deviating from your trading strategy, it's still possible to end the week in profit, and this is what subsequently happened.
My next three trades all occurred on Thursday and all yielded a decent profit. I went long on both the GBP/USD and EUR/USD pairs (at 1.6220 and 1.3965 respectively), closed half the position for 50 points and let the other half run (for both pairs).
I set my target price at 1.64 for the GBP/USD pair but it didn't quite make it and I ended up being stopped out after I had moved my stop loss up to 1.6300, so this was quite a disappointing trade in the end and it was a similar outcome on the EUR/USD pair. After the price hit 1.405 I set my target price at 1.41 and moved my stop loss up to 1.40, which unfortunately was later taken out.
The final trade was on the EUR/GBP pair. I was looking for a short position on this one as the daily Supertrend was negative and the EMAs did eventually cross over yesterday afternoon. I went short at 0.8612 and was intending to close half the position for 40 points and let the other half run, hopefully all the way down to 0.8500. However this pair crept slowly downwards for the remainder of the day but still hadn't hit my initial 40 point target as bedtime approached so I simply set my target price at 60 points (with a 30 point stop loss).
As it turned out neither price was triggered overnight but the price had moved nicely downwards and I was eventually taken out for 60 points profit shortly after I switched on my computer this morning.
So all in all it's been a reasonably profitable week despite the losing EUR/USD trade.
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