After last week’s bloodbath, I’m glad the HLHB caught decent pips from the majors this week!
Check out how the trend-catcher got 299 pips from all the brouhaha.
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
Fortunately, it showed up in favor of last week’s open trade AND just before price action moved in the direction of the trade.
I’ve already adjusted the stop on the trade so that it can only lose a max of 5 pips. Not bad, huh?
GBP/USD
The HLHB got benevolent with Cable this week and validated THREE signals.
The first one closed with a small loss thanks to a new sell signal.
The second one turned out pretty well especially after a valid long trade closed it for a profit.
Think the third trade can also gain pips? Or will GBP/USD extend its downtrend next week?
USD/JPY
Oh well, maybe next week?
Here’s a summary of this week’s results:
