“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
Talk about having a bad week! The Trend-Catcher missed a couple of coulda-been-winners. Argh! To make matters worse, it finished last week's trading in the red! Here's what happened.
Here's a summary of the signals that materialized:
1. Invalid signal since RSI was not above 50.
2. Short at 1.2708. Closed at 1.2723 due to new crossover. -15 pips.
3. Long at 1.2723. Closed at 1.2711 due to new crossover. -12 pips.
4. Short at 1.2711. Trailing stop hit at 1.2711. 0 pips.
5. Long at 1.2715. Trailing stop hit at 1.2678. -37 pips.
6. Invalid signal since RSI was not below 50.
7. Long at 1.2742. Closed due to new crossover at 1.2770. +28 pips.
8. Invalid signal since RSI was not below 50.
Signals 5 and 8 could have closed with wins, but the trailing stop and the RSI kept the system from banking on pips. As a result, the Trend-Catcher finished last week's trading with a 36 pip loss.
It's all good though. Just like boys, I have to understand that every trading system isn't perfect. Hopefully this coming week turns out to be better than the last!
EUR/USD Trade
In other news, I decided to not take my EUR/USD trade. It turned out to be a very good decision as price dropped below the 61.8% Fibonacci retracement level (I normally place my stops below this retracement level).
That's it for this update. Since I haven't had any triggered trades in quite a while, I'm really excited for the coming trading week. I'm searching high and low for a good setup on the majors, so if you've got any suggestions, be sure to hit me up!
XOXO,
Huck
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