It was a relatively slow week for the HLHB, which saw new valid trades on EUR/USD and GBP/USD and a small loss on Cable.
I’ve got the numbers on the trades below!
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.
EUR/USDEUR/USD trended higher at the beginning of the week but it was slow enough that it flew under the HLHB’s radar.
It wasn’t until the pair saw a neat retracement when HLHB validated a short position.
Price has since hit its weekly highs but I’m feeling pretty optimistic since the big 1.1400 handle could serve as a longer-term resistance. What do you think?
Cable traded on a wide range for most of the week though the HLHB validated a long trade on Thursday.
Considering that GBP/USD is trading inside a 1-hour triangle, I’m not too confident about taking on a bias before a breakout.
This trade better be worth it because I had to close last week’s trade at a 22-pip loss to open this one!
USD/JPYThe HLHB didn’t validate any of USD/JPY’s signals this week, which is fair because the pair was all over the place last week.
Last week’s short USD/JPY position is still on, though, and still has an adjusted maximum loss of 61 pips.
Let’s see if USD/JPY sees more action in the next couple of days!
Here’s a summary of last week’s trades: