Close, but no cigar! Only one trade was actually closed this week and it just had to be a losing trade. But check out the promising signals that are still open!
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.
Unlike in last week’s trading when the HLHB bagged a cool +177 pips, this week’s signals failed to bring home the bacon.
We saw a valid signal from GBP/USD and two new ones from USD/JPY. Unfortunately, I had to close USD/JPY’s first signal (at a 4-pip loss!) to open the second one.
Still, I’m pretty happy with the open trades going into the week. The EUR/USD short can only lose 89 pips max while USD/JPY’s second trade – which missed its adjusted SL by a few pips – now has a new SL of 64 pips. Meanwhile, Cable’s trade is almost at breakeven.
The HLHB might not have seen a winning streak, but a 4-pip loss isn’t too bad, I think. I’m more excited to see how the open trades will fare next week!