It’s raining pips! Looks like last week’s promising signals finally materialized into forex trading profits this week. Take a look!
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.
In last week’s update I talked about how the lack of fresh valid signals didn’t bother me because the open trades looked promising enough.
Well, they finally translated into pips this week! As you can see below, a 206-pip win on Cable and two winning trades from USD/JPY pushed the HLHB’s profits to a nice +380 pips this week. Woot! Woot!
This week there are three open trades for the trend catcher, one for each major dollar pair. The one on EUR/USD looks pretty set with 19 pips locked in, while the other two signals have also managed to limit their losses.
Interestingly, all three signals would profit if the dollar continues to gain across the board in the next couple of days. Question is, can the bulls sustain their momentum?