Who has lost pips and isn’t too bothered? Me!
Thanks to open trades that now have pips locked in, I’m not too worried about this week’s net loss.
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.
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 the previous weeks, EUR/USD saw TONS of fakeouts this week as the pair slowly edged lower in the charts.Fortunately for the HLHB, it invalidated all of these fakeouts. What’s more, EUR/USD’s volatility was not enough to knock out the open short trade from last week.
That trade now has 25 pips locked in with an adjusted stop loss set at 1.1332. Fingers crossed for clearer trends next week!
The HLHB saw not one, but TWO valid trades from Cable this week.
The first one popped up before the pair hit its intraweek highs while the second one was validated juuust as the pair started trending lower.
Closing the last two trades saw a net loss of 57 pips which would’ve been unfortunate had the open trade not secured at least 74 pips for the week ahead. Phew!
USD/JPYThere were no new signals from USD/JPY this week, which is a good thing considering the dollar traded in tight ranges against the yen.
For now, the HLHB doesn’t have any open trades from the pair. But maybe we’ll see stronger price action in the next couple of days?
Here’s a summary of this week’s results: