No closed trade this week, but the HLHB validated THREE signals and two of them already look promising.
Which trade do you think will yield the most pips?
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.
EUR/USD didn’t really go anywhere last week. Instead, it traded on a wide range.
The HLHB validated a long signal near the start of the week, which is pretty fortunate since a spike to the pair’s intraweek highs enabled the system to adjust the stop loss to only have a max loss of 74 pips.
GBP/USDCable traded on a slow but steady downtrend for most of the week.
It wasn’t until near the end of the week until the system validated a short signal though. Luckily, the bears still had juice left when the HLHB caught on to the downtrend.
For now, the short GBP/USD stop loss has been adjusted to reflect a maximum loss of 24 pips. Not bad, huh?
USD/JPYUnlike in GBP/USD, USD/JPY didn’t see a clear one-directional trade during the week.
Despite that, the HLHB validated a long signal near the end of the week. I just hope the dollar sees some gains against the yen soon!
Here’s a summary of this week’s results: