HLHB Weekly Update – March 12, 2010

PoD Chart

I got several crossovers on my HLHB mechanical system this week but the sad part was, none of those yielded pips for me.

On the first signal for the week, I got faked out as the candle after the crossover hit my 30-pip filter but quickly moved in the opposite direction of my trade. Needless to say, that trade got stopped out.

Three more crossovers took place during the middle of the week but those didn’t serve as trade signals because the 30-pip filter wasn’t reached. In fact, the EURUSD pair ranged this week, causing crossovers to turn up every now and then. However, thanks to my 30-pip filter, I just lost one trade this week and was saved from losing four out four trades.

Overall, the market’s sentiment for this week remained mixed with some negative and positive news here and there. Major currency pairs traded generally sideways, with a slight bias in buying. Volatility was relatively low, which meant big one-directional moves were pretty much absent.

The report which pushed the markets higher for awhile came from the announcement of some top financial honcho in Europe that Greece’s financial crisis is “over.” I mean, yeah, maybe Greece can implement some tools to limit their deficit and increase their tax collection. I’m no genius but how can you suggest that Greece’s debt problems are over if they haven’t paid any of their debts yet? Limiting its deficit and all would be a first step but that doesn’t mean the crisis is over!

In any case, with the Canadian labor market data and the US retail sales coming out today, we could possibly see a breakout… Though that may not come until the release of those reports.

So that’s about it this week! Thanks for checking out my blog! You may also follow me on MeetPips.com for my updates!