Yipee! I got a good valid signal on my HLHB system this week and I hope it works out for me. There was a downward EMA crossover while the stochastics were still crawling towards the oversold area. The low of the crossover candle was at 1.3651 and the next candle met the 30-pip filter. I was able to enter a short EURUSD trade at 1.3621, with a profit target at 1.3471.
Based on the rules of the HLHB system, I plan to close half my trade at the 150-pip profit target and keep the rest open with a 150-pip trailing stop. Wish me luck on this one! I was already starting to think that my HLHB system needed another makeover after a some of my trades got stopped out in the past couple of weeks. Hopefully I score some bucks on this trade!
While the market was pretty much tuned in to what was taking place in the euro zone regarding Greece’s debt issues, another subject that concerns China and the US hit the headlines early this week. If you did not catch the news, the US was actually trying to force China to change its currency policies. Apparently, China is purposely weakening its currency to make its exports more competitive.
China, of course, did not want to budge as it might gravely affect their export industry. The situation could get worse if the two superpowers do not find a middle ground to agree on. I’m not exactly sure how it will affect the forex market but I’m positive that it will. I just hope that whatever trades I have won’t be at the wrong side once the whole issue blows up!