Fakeout alert! The HLHB Trend-Catcher System found a hard time making pips, thanks to a bajillion fakeouts from both EUR/USD and GBP/USD’s charts. Here’s what happened.
Read all about my HLHB Trend Catcher System if this is your first time hearing about it!
China’s weak equities markets was right smack in the middle of the headlines during this week, which also weighed on risk appetite. We only saw 5 signals from EUR/USD with 3 of them invalidated by the RSI filter. Unfortunately, we ended the week with a 21-pip dent on the system’s pockets. Boo!
GBP/USD took a long visit to Fakeoutsville, as we saw tons of fakeouts from the system. Though GBP/USD moved in one direction for most of the week, the 100 and 200 SMA were also busy with their fakeout dance. With 8/14 losses and 5/14 invalidated signals, the system lost a 161-pip chunk from its coffers. Yikes!
Hoping for a nice, trendy trading environment next week!