HLHB Weekly Update – December 3, 2012

HLHB Trend-Catcher

EUR/USD 1-hour Chart

Let me start off this update with the good news first. Remember the last trade (Long at 1.2807) in last week’s blog? Well, it turned out to be a big winner! It closed with a 149-pip gain at 1.2956!

I’m also pretty happy with the HLHB Trend-Catcher‘s performance last week. There were a lot of signals (12 in total) but the RSI was able to filter out most fakeouts, keeping the system from scoring further losses.

Here’s a breakdown of the trades that materialized:

1. Invalid signal since RSI was not below 50.
2. Invalid signal since RSI did not cross 50.
3. Invalid signal since RSI was not below 50.
4. Invalid signal since RSI did not cross 50.
5. Short at 1.2962. Trailing stop hit at 1.2930. +32 pips
6. Long at 1.2942. Trailing stop hit at 1.2964. +22 pips
7. Invalid signal since RSI was not below 50.
8. Long at 1.2977. Closed due to new crossover at 1.2972. -5 pips
9. Invalid signal since RSI was not below 50.
10. Invalid signal since RSI did not cross 50.
11. Short at 1.2981. Closed due to new crossover at 1.3006. -25 pips
12. Long at 1.3006. Closed due to new crossover at 1.2976. -30 pips

Total (including the previous week’s last trade): 143 pips

GBP/USD

GBP/USD 1-hour Chart

Sadly, my GBP/USD trade didn’t fare well, and it’s all my fault!

For one, I didn’t watch my trade closely. Seeing that the pair was making an ascending triangle in one of Big Pippin’s charts last week, I became too confident that an upside break would happen soon. I didn’t really think that the pair could pull back, test support at the rising trend line, and possibly stop out my trade.

Of course, it didn’t help that I had a pretty aggressive 70-pip trailing stop which got triggered on news about the U.S. fiscal cliff. I should’ve adjusted it and placed it below the trend line. Grr!

Long GBP/USD at 1.6060: stopped out at 1.5989, -71 pips/-1%

But rest assured, the lesson is learned. I will be sure to pay closer attention to my trades!

XOXO,

Huck

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