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.
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!