Winning streakn’t! Just when I thought the HLHB was ready for another winning streak, a fakeout was validated to ruin the numbers. Boo!
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 before, 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.
As you can see, EUR/USD had been lollygagging on a tight range for most of the week. And unfortunately, the HLHB System validated a long signal before the bears attacked near the end of the week.
GBP/USD did have some decent signals, but their gains were not enough to offset the big miss on EUR/USD.
USD/JPY didn’t produce any valid signals, though the dollar’s uptrend continues to make pips rain for last week’s valid signal.
Over the next couple of days the HLHB will be nursing one short Cable trade and one long USD/JPY setup. Looks like I’m rooting for the dollar!
How about you? Got any open trades going into the week?