Well thankfully it's been a much more profitable week this week after two winning trades on the EUR/GBP and GBP/USD pairs. There was also an opportunity to trade the EUR/USD pair as well this week but despite the daily Supertrend indicating a bullish trend, I'm reluctant to go long at the moment because I think this pair's heading lower in the next week or so. Plus there's been a lot of sideways action on this pair recently which is enough to put me off.
Anyway back to my trading results for this week and the first trade was on the GBP/USD pair on Tuesday afternoon. I had been waiting for this pair to break downwards and it do so convincingly during one 4-hour period. So as a result of the EMAs crossing downwards I entered on a pull-back at exactly 1.6250.
Thankfully the price continued downwards and I closed half the position for 50 points and let the other half run, moving my stop loss down to break-even. Later on the price had moved down to around 1.6125 so as it was getting late I moved my stop loss to 1.6150 and my target price to 1.6050 and let it run overnight. Sadly the stop loss was the one that got triggered but it was still a decent enough profit.
Incidentally the GBP/USD pair looks as if it may be about to cross downwards before the day is out, but I'm hoping it will hold on until next week because these crossovers often have much more momentum behind them at the start of the trading week.
The other trade was on the EUR/GBP pair and if you've been reading my blog this week you will know all about this trade already because I discussed it in some detail in this blog post. As I mentioned at the time this was a low-risk high-reward trade, and thankfully the 30 point stop loss wasn't triggered and I managed to bank a healthy profit of 74 points.
It has actually dropped another 40 points since then but I was so bored watching this pair that I closed out the position shortly after it hit my initial price target.
Nevertheless it's been a profitable enough week on the whole.
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