Fakeouts, fakeouts everywhere! A couple of forex signals from the HLHB System managed to dodge the RSI filter and resulted to losses for from EUR/USD and GBP/USD. Yipes!
Read all about my HLHB Trend Catcher System if this is your first time hearing about it!
EUR/USD was on a tight range for most of the week, thanks to a lack of fresh market catalyst. It wasn’t until the SNB unleashed its surprise decisions that we saw the pair dropped sharply. Unfortunately for the system, signal #9 was invalidated by the RSI filter.
|2||Buy||1.1842||1.1842||0||RSI was already above 50|
|7||Sell||1.1744||1.1794||-50||Stop loss hit|
|9||Sell||1.1776||1.1776||0||RSI was already below 50|
Like in EUR/USD, GBP/USD also didn’t go anywhere for most of the week. Unlike the previous pair though, there wasn’t a big move at the end of the week that could have erased the system’s losses. The fakeouts that managed to dodge the RSI filter added up and by the end of the week the system is down 136 pips from Cable. Boo!
|2||Buy||1.5170||1.5170||0||RSI was already above 50|
|5||Sell||1.5159||1.5159||0||RSI was already below 50|
|6||Buy||1.5154||1.5154||0||There was no crossover|
|7||Sell||1.5152||1.5152||0||RSI was already below 50|
|9||Sell||1.5149||1.5199||-50||Stop loss hit|
|10||Buy||1.5207||1.5219||12||Adjusted stop loss hit|
|12||Buy||1.5252||1.5252||0||RSI was already above 50|
|15||Sell||1.5172||1.5127||45||Adjusted stop loss hit|
Hopefully the RSI filter will do a better job at weeding out fakeouts this week. Crossing my fingers for one-directional moves this week! Who knows, the ECB’s decision could provide the catalyst we’re waiting for!