After weeks in the red, the HLHB finished NFP week with positive pips. Can you guess which pair yielded profits?
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.
In last week’s HLHB update I shared with you guys how I crossed my fingers for some volatility to liven up the system’s results.
Well, I sure got them this week! GBP/USD produced a new valid signal, which meant that I had to close the open trade for a 45-pip profit. After last week’s price action, Cable’s new trade has an adjusted SL of 54 pips.
Meanwhile, USD/JPY also saw a new valid signal which can now lose a max of 67 pips.
No new trade for EUR/USD this time but that’s okay. There’s always next week, right? In the next few days I’ll be keeping close tabs on these open trades and see if their pro-dollar biases will work out for them.
That’s it for me this week. Best of luck on your trades, forex friends!