A pretty good week for this forex trend-catcher, as it gained cool pips despite popping up a lot of signals. Here are the deets!
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.
EUR/USD validated not one, but TWO sell signals for the week. Not complaining, though, since both seem to be on the right side of the trend. Signal #2 is still open, so I’m crossing my fingers for more bearish momentum.
With Cable’s range-y price action, I’m very glad that GBP/USD didn’t validate any signal this week. Phew!
Can you believe we got FOUR signals from USD/JPY this week? Fortunately, two out of the three closed trades have churned profits while the other one is also looking pretty good. Looks like I’m on the dollar bulls’ side next week!
Here are the numbers: