Fakeouts, fakeouts everywhere! Tough both EUR/USD and GBP/USD saw tons of fakeouts throughout the week, this forex trend-catcher system still managed to catch some pips.
Read all about my HLHB Trend Catcher System if this is your first time hearing about it!
EUR/USD was on an uber tight range for most of the week, thanks to traders focusing on more juicy pairs like comdoll crosses and EUR/USD traders waiting for new catalysts. The pair saw a spike though, when Mario Draghi hinted at more easing in the ECB policy decision. The HLHB System ended up gaining 12 pips from the first signal but surrendered to fakeouts that popped a few days later. By the end of the week the system was down 74 pips on the pair. Boo!
Now this is more like it! Though GBP/USD saw similar tight ranges like the ones on EUR/USD, the pair had more valid signals overall. More importantly, it was able to catch the last one, which had yielded 116 pips and brought the pair’s net gain to 119 pips by the end of the week. If only all weeks had trend trades like this…
See ya on my next HLHB post!
P.S.: Remember to never risk more than 1% of a trading account on any single trade and to adjust position sizes accordingly. Create your own ideas and don’t follow what I do. Better yet, read the Risk Disclosure!