Lots of signals, lots of fakeouts! The last one on GBP/USD looks promising though, since it has already locked in pips ahead of this week’s trading. Here’s what’s up!
Before we get to the numbers, read all about my HLHB Trend Catcher System if this is your first time hearing about it!
Basically, I’m catching trends whenever the 5 EMA crosses above or below the 10 EMA. A trade is only valid if RSI crosses above or below the 50.00 mark when the signal pops up. And in this version, I’m adding ADX>25 to weed out the fakeouts.
As for stops, I’ll continue to use a 150-pip trailing stop and a profit target of 400 pips. This might change in the future, but I’ll stick to this one for now.
Oh, and as mentioned recently, I’m switching back to applying the HLHB system to the 1-hour time frame. Using 4-hour in Q1 2017 and Q2 2017 wasn’t bad, but I think using this trend-catcher on the 1-hour could yield better results.
Without further ado, let’s take a look at the results from last week:
We ended last week’ update with two open trades, one for EUR/USD and for GBP/USD. Unfortunately, neither trades panned out with EUR/USD’s signal hitting an adjusted stop loss while GBP/USD’s was cut short by a new signal.
Luckily, we don’t have a shortage of new valid signals this week. As you can see, there are FOUR new signals for GBP/USD from the past couple of days.
The first three turned out to be fakeouts as Cable ranged on. Fourth time’s the charm, though! The buy signal popped up just before the pair zoomed higher, and enabled me to lock in at least +62 pips before the next week starts.
Fingers crossed for a strong win on the open trade! Or if not, at least a couple more trend-y signal for the HLHB! 🙂