Though the majors saw strong price action, the HLHB got caught in one or two (or three) fakeouts this week.
Here’s what happened to this week’s valid signals!
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/USDYou know that feeling when you get lucky with a position before price blows in favor of your trade?
Well, that’s NOT what happened in this case.
See, while EUR/USD saw a nice one-directional price move, the HLHB validated fakeouts that popped up during the few times that the pair consolidated. What’s up with that?!
Cable also saw one-directional move throughout the week but, unlike in EUR/USD, the HLHB didn’t validate any of the crossovers in the last few days.
Luckily for this trend-catcher, there was already an open long trade from the previous week.
I haven’t closed the trade yet, but the HLHB has already locked in a cool 67 pips from the pair. Phew!
USD/JPYUSD/JPY also saw a sharp price change but we didn’t see any legit move until near the end of the week.
The HLHB not only took advantage of the downswing by maximizing last week’s short trade but it also validated another short position right before USD/JPY dropped.
By the end of the week the HLHB had closed a 43-pip win AND locked in 9 pips on its short open trade.
Here’s a summary of last week’s trades: