Slow and steady wins the race!
Not all of the major dollar pairs saw volatile price action last week, but ALL three of the pairs that I’m watching yielded winning trades.
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.
After a slow upswing on Monday and Tuesday, EUR/USD traders kept it tight and confined the pair in a tight-ish range.
The HLHB didn’t see any action until Friday when a long signal was validated.
The HLHB gained 19 pips from the previous week’s open position and can now only lose a max of 142 pips on its open long trade.
Like EUR/USD, Cable traded in a range for most of last week.
Unlike in EUR/USD, though, the HLHB System validated tons of fakeouts from the pair. Luckily, a 32-pip win eased the sting of the 30-pip loss from two other fakeouts.
USD/JPYUSD/JPY exploded from a tight range some time in the middle of the week and capped Friday about 150 pips higher than its weekly open price.
Luckily, the HLHB validated a long trade before USD/JPY shot higher. The trade is still open and I’ve adjusted its stops so that it can only lose a max of 15 pips. Fingers crossed!
Here’s a summary of the open and closed trades from the last couple of days’ worth of trading: