HLHB Weekly Update – January 29, 2010

PoD Chart

Boo! Another week with no signal on my HLHB mechanical system. Still, I have much to be cheerful about since I locked in a lot of pips from last week’s trade signal. Remember that 150-pip stop that I placed on my remaining position?

Well, that stop got hit when the price retraced to 1.4195 after dipping to the 1.4030 level. That means I closed the second half of my trade at 1.4180, which ain’t so bad. Overall, I pocketed 150 pips on my first position and an additional 47 pips on the remaining half. Whee!

Here are the details: Sold at 1.4377, first profit target hit at 1.4227, trailing stop hit at 1.4180.

The EURUSD pair continued to drop down this week as risk aversion seems to be enjoying its stay in the markets. Unfortunately, there was no new EMA crossover so I had no signal for my HLHB system. At least my AUDUSD short trade went my way. The greenback kept gaining momentum this week, partly because Greece’s recurring debt woes highlighted the financial uncertainties all over the globe.

This, along with China’s tightening policies and Obama’s new proposals the on the banking industry scared the heck out of the markets. The yen and the greenback are the top players for the most part of the week. Luckily, I was able go along with the market’s theme and profit a little bit.

Now that I’ve made some pips, I think its about time for me to help the US economy and spending some of my hard earned cash! Haha! I haven’t gotten myself anything for Christmas yet and I’m eyeing that new iPad. It looks pretty chic to me but I’m wondering whether it’s worth it or not. Hmmm…

  • Synergistik

    Which stochastic line do you consider, when considering over-bought or oversold conditions. It looks like the signal, but I wasn’t sure. Congrats on your successful trade!

  • Synergistik

    Which stochastic line do you consider, when considering over-bought or oversold conditions. It looks like the signal, but I wasn’t sure. Congrats on your successful trade!

  • Huck

    I look at both. :) As long as none of the lines are in overbought/oversold, that signal is valid! :D

  • Huck

    I look at both. :) As long as none of the lines are in overbought/oversold, that signal is valid! :D