Another week, another chance to bring home pips! Thanks to one REALLY good trade, the HLHB was able to keep its head above water this week.
Before we get to the details, 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.
USD/JPYJust last week I talked about how a couple of solid trades enabled the HLHB System to extend its winning streak for another week.
Unfortunately, this week’s results are a bit more nail-biting than last week’s. See, EUR/USD and GBP/USD’s open trades from the previous week turned out to be on the wrong sides of their intraweek trends.
Cable’s losses were cut by an adjusted stop loss, while a new valid (and likely profitable) signal ended the bleeding of EUR/USD’s open trade. Meanwhile, USD/JPY was relatively calm and last week’s trade only moved a few pips in favor of the trade’s direction.
I’ll be starting this week one trade fewer than I did last Monday. For now I have a long EUR/USD trade that can only lose by a max of 16 pips and a long USD/JPY position that has a max stop loss of 9 pips.
Not a bad start, huh?