HLHB Weekly Update – June 24, 2011

HLHB Update

EUR/USD 4-hour Chart

And once again, my HLHB system missed out on all the action in the charts this week. Boo!

There were two crossovers that materialized during the week but none of them generated a valid HLHB entry. For the first one, Stochastic was already oversold and the candle following the crossover didn’t go 30 pips above the crossover candle.

A sell order would have gotten triggered at 1.4193 when the moving averages crossover, but Stochastic was already indicating oversold conditions. Sigh.

It looked like economic data also took a toll on the euro’s performance this week. At first, I thought the successful confidence vote in Greece would boost the euro up the charts but it seemed like the good vibes that came with it didn’t last very long. The slightly upbeat FOMC statement didn’t make things any better for the euro either.

USD/CHF Update

USD/CHF 1-hour Chart

Now, an update on my USD/CHF trade. As the week comes to a close, I have decided to close my trade, cancel any open orders, and take the small profit. I don’t want to risk it and subject my trade to uncertainties over the weekend.

I never really know how the market will open on Monday, so I’d rather be safe than sorry! Besides, if I think the setup is still valid, I’ll just re-open and see from there.

Took profit at .8381: +41 pips / +0.35% gain

Admittedly, the gain is small but I am happy. I mean, I’d rather end the week positively than flat or worse… with a loss!

Alright, that’s it for this week! I hope ya’ll did well on your trades. If you want to talk to me, you can hit me up at Twitter (@LoonieAdventure) or Facebook! While I reply late sometimes, I do read every single message you send me. Have a good weekend folks!

  • Vickie Seeley Floerke

    Hi!  Just wanted to share some info that has greatly improved my trading lately.  Since I eliminated my old system and switched to this one simple setup, I have had an accuracy rate of 85% and made 21% (over 1k profit) on my 5k demo in about 10 days.  It would have been more if I had set my TP at 2-3 times risk and LEFT it alone, but alas I always chicken out and take the little profits unless I am asleep.  So I am working on set and forget…anyway, the set-up is the pin-bar reversal candlestick.  I am sure you are probably familiar with it, I only use it if it is sticking out way beyond the other candlesticks (not inside/outside pinbars).  When you see this candle, it almost always predicts that price will move the other direction.  I pay no attention to the news, or other economic factors.  Not that I am not interested or knowledgeable…but I find it isn’t necessary.  I also use no indicators, though understanding support and resistance levels is important.  Check out http://www.mt4pips.com/ramah21 , if you want to see my demo account.  I know that your blog is set up to prove/disprove your system, but you are my favorite fx member so I wanted to share with you what is working well for me (at the moment), and hopefully it is not just a lucky streak!  If I can maintain consistent results for another month, I plan to open my first live account.  I also follow you on twitter, so write me anytime 🙂  Best luck to you!

    Update: I am guilty of the newb mistakes of overtrading and risking too much, so if I wreck my account it will be due to these mistakes I’m sure…but I still think the setup is a valid one, and a more disciplined trader could use it with great success.

    • Joshua Pearce Gibson

      On what TF are you trading pinbars?(They’re called hammers & shooting stars on candlesticks…. not really important, just some trivia :D)

      • Vickie Seeley Floerke

        daily only…

        • Joshua Pearce Gibson

          That’s fantastic, it’s hard to find other daily traders sometimes. How long have you been using pinbars?

          • Vickie Seeley Floerke

            For about two months, but my hard drive burned up and I was without a computer for about three weeks during that time.  Also, that is really why I started a new account on MT4…it worked out nicely though, because it is a fresh start since I threw out my old trading system – and this new account is showing only results of trading pin bars.  I am also looking at trends for certain times of the day…have noticed some things that might be repetitive, but haven’t been watching it long enough to know for certain.  Will do some back charting on the hourly to investigate (though I am still only basing my decisions on the daily about whether to jump in or not).  Feel free to skype me if you have skype, my name is ramah21!  Best luck to you in trading. 

    • huck

      Thank you. Confirming market turns through candlestick patterns is something I love to do! <3

  • Joshua Pearce Gibson

    Hi Huck,

    What settings do you use on your Stochastics?

    And congrats on your USDCHF win.

    • huck

      14, 3, 3.

      Thank you very much. 🙂

      • Joshua Pearce Gibson

        Wow, you’re Stochastics still looks… so much different than mine… You’re charting package must do something mine doesn’t.

        • huck

          Did you set the speed to “slow?”

  • Mikausa20004

    Hello Huck,
    Can I ask you about the leverage and Which broker do you recommend? I want to open an micro account with leverage of 400:1. Thanks