Woot! As I expected, the last trade that I pointed out from my most recent update turned out to be a winner! It closed at 1.2770, enabling me to bag 76 cool pips!
This week wasn’t so good though. My HLHB Trend Catcher only had 1 big winner and many small losing trades.
Below is a quick rundown of the trades my system took:
1. Invalid signal since RSI was still above 50.0 when the EMAs crossed over.
2. Another invalid signal as RSI was already above 50.0 when the EMAs crossed.
3. Short at 1.2787. Closed at 1.2801 due to new crossover. -14 pips
4. Long at 1.2801. Closed at 1.2777 due to new signal. -24 pips.
5. Short at 1.2777. Closed at 1.2665 when trailing stop was hit. +112 pips.
6. Long at 1.2593. Closed at 1.2545 due to new signal. -48 pips.
7. Short at 1.2545. Closed at 1.2555 due to new signal. -10 pips.
8. Long at 1.2555. Closed at 1.2508 due to signal. -47 pips.
9. Short at 1.2508. Stopped out at 1.2558. -50 pips.
I pulled the trigger as soon as I found out that the French PMIs came in worse than expected. However, it wasn’t until after the German PMIs were reported that EUR/USD closed below the bearish pennant that I pointed out.
Since it was just a day trade, I figured that I could either take profit or move my stop from 1.2605 to breakeven a little after the reports were released. I chose to just move my stop to breakeven when I saw that my unrealized RR was already over 1:1, thinking that the disappointing figures would be more reason for bears to push the pair lower, possibly all the way down to my profit target at 1.2500.
I’m not so bummed out though! I know some of you may disagree, but I still think I deserved the pat on the back that I gave myself for moving my stop to breakeven.
There ya go! That’s how my week went down. How did you guys do? Send me an update!