“Huck loves her bucks!” I always say. The problem, of course, is how to make those bucks!! In this blog, I'll be posting my adventures as I traverse the forex world, while trying to catch some pips along the way. To do this, I will make use of classical charting methods as well as develop my own HLHB Trend-Catcher
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
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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Related Posts:
- HLHB Weekly Update - April 10, 2012 00:09 10 April 2012
- HLHB Weekly Update - March 13, 2013 02:00 13 March 2013
- HLHB Weekly Update - February 15, 2013 02:18 15 February 2013
- HLHB Weekly Update - October 8, 2012 01:54 08 October 2012
- HLHB Weekly Update - January 9, 2013 00:42 09 January 2013
