It was another busy forex trading week for the European currencies with Greece still under the spotlight. Check out how the system fared!
Read all about my HLHB Trend Catcher System if this is your first time hearing about it!
The euro started the week on a strong note despite Greece defaulting on its debts to the IMF. As Forex Gump and Pip Diddy have said, profit-taking and the lack of action from Greece’s creditors helped fuel the buy-the-rumor-sell-the-rally action among the major euro pairs.
EUR/USD soon traded tightly though, as forex traders soon focused on the upcoming NFP report. Luckily for the system, it caught a nice 157-pip move at the start of the week before the pair traded on a tight range. By the end of the week the system was up by 152 pips from EUR/USD. Woot!
This trend-catching system wasn’t as lucky on Cable. For starters, the pair traded on a tight range for most of the week. Even more unfortunately, signal #6, the one that could’ve caught the pair’s only significant move, got stopped out early when the pair spiked higher. Talk about bad luck!
Fingers crossed for a better trading week next week!