HLHB Trend-Catcher 3.0
There were a total of 11 crossovers that materialized, two weren’t valid trades (RSI was not above 50), but six ended up as losers. Boo! Currently, my system is down 2 pips for the week. But I’m not giving up hope just yet! The last trade, a long at 1.2719, is still open and is up 100 pips. Hopefully it closes as a winner!
Here’s the breakdown of the trades generated by my Trend-Catcher 3.0:
1. Long at 1.2802, closed at 1.2784 (-18 pips) when a new crossover materialized.
2. Short at 1.2784, closed at 1.2720 (+64 pips) when a new crossover materialized.
3. Long at 1.2720, closed at 1.2778 (+58 pips) when a new crossover materialized.
4. Crossover at 1.2778 wasn’t a valid trade because RSI was not above 50.
5. Long at 1.2791, closed at 1.2773 (-18 pips) when a new crossover materialized.
6. Short at 1.2773, closed at 1.2778 (-5 pips) when a new crossover materialized.
7. Long at 1.2778, closed at 1.2728 (-50 pips), stop loss hit.
8. Short at 1.2700, closed at 1.2722 (-22 pips) when a new crossover materialized.
9. Crossover at 1.2722 wasn’t a valid trade because RSI was not above 50.
10. Short at 1.2708, closed at 1.2719 (-11 pips) when a new crossover materialized.
11. Long at 1.2719, up 100 pips as of this writing!
I know it caught a bit of fakeouts, but it also got in the winning trades too! In fact, the 11th trade is already up 100 pips so far. With the 50-pip trailing stop that I use, this trade will end up as a winner no matter what happens now.
As you all probably know by now, the GBP/USD bearish flag breakout trade I did turned out to be a bummer. The pair fell initially, but there was no momentum! It turned out to be a fakeout and the pair basically ranged the entire day.
What I thought would serve as a catalyst for a big move turned out to be a non-event. The Bank of England‘s interest rate statement didn’t have anything new as the officila bank rate was kept at 0.50% and no changes were done to the quantitative easing program. There were also no clues as to what the BOE will do in the future.
That’s it for the week folks. One piece of good news and one piece of bad news. Hopefully, next week will be different, and both my discretionary trading and HLHB Trend-Catcher ends up positive!