Another mixed week for the HLHB Trend-Catcher System, as it gained a few pips on EUR/USD but lost a couple on GBP/USD. Here are the deets!
Read all about my HLHB Trend Catcher System if this is your first time hearing about it!
High-yielding currencies like the euro received support at the start of the week thanks to better-than-expected Chinese data and a bit of start-of-month risk-taking. However, the NFP week soon caught up to the forex traders and inspired tight trading ranges for the rest of the week. EUR/USD yielded a total of 9 signals with 2 out of 2 of the valid signals turning out to be winners. Yay!
GBP/USD’s price action was much like EUR/USD’s though it caught more fakeouts than the former. By the end of the week the pair had shown 8 signals with 4 of them valid and only 2 of those turning out to be winners. This yielded a net loss of 13 pips. Boo!
Not a bad week, I think, considering that the HLHB System could’ve seen a lot more fakeouts. Sure looks like the RSI filter is working, huh? Fingers crossed that we see a more trend-friendly week next week!
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!