Thanks to tight ranging conditions, this trend-catcher caught tons of fakeouts throughout the week. Here are the deets on EUR/USD and GBP/USD’s signals!
Read all about my HLHB Trend Catcher System if this is your first time hearing about it!
With no tier 1 data to rock the charts, EUR/USD was locked in an 80-pip range for most of the week. It’s not surprising that the HLHB System caught tons of fakeouts. In fact, only six signals were validated and only two of those turned out to be winners. By the end of the week the system was down by 32 pips on the pair. Boo.
Much like in EUR/USD, Cable was mostly in tight ranges throughout the week. The only volatile day was Tuesday when the U.K. printed its services PMI. Unfortunately, the HLHB didn’t catch the mini downtrend even then. Only five signals were valid and four of them turned out to be fakeouts. The pair was down by 98 pips by the end of the week. *sigh*
Overall I’m pretty happy with the HLHB System’s performance. So far it’s working pretty well as a trend-catcher despite the fakeouts that we see in times of tight volatility. Fingers crossed for a trend-y week for both EUR/USD and GBP/USD!
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!