Not a good forex trading week for the HLHB System, as tight trading conditions inspired a lot of fakeouts that canceled out some profitable signals.
Read all about my HLHB Trend Catcher System if this is your first time hearing about it!
A lack of catalysts and uncertainty over the NFP figures and the upcoming ECB interest rate decision forced EUR/USD into its tight ranges. Unfortunately for this trend-catcher, it also yielded tons of fakeouts. Signal #11 gave a nice 53-pip gain and eventually contributed to a nice 22-pip gain by the end of the week. Yay!
GBP/USD trended higher for most of the week, but was peppered with HLHB signals on its way up. The system wasn’t able to take advantage of the slow but sure move higher thanks to fakeouts along the way. Still, three winning trades worked together to limit the losses and by the end of the week the system was only down by 15 pips on Cable. Not bad, I think.
I’m seeing more volatile moves from both EUR/USD and GBP/USD this week. Will these translate to pips for the HLHB? I’ll give you the deets 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!