EUR/USD and GBP/USD did not yield valid signals this week, but that didn’t stop the HLHB from bagging 155 pips!
Before we talk numbers, 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.
The euro went on a slow and steady uptrend in the first half of the week before a lack of fresh economic catalysts kept it inside a pretty tight range until Friday.
The euro’s uptrend gave me a pause because the HLHB was still nursing a long trade from the previous week. Luckily, EUR/USD hasn’t hit the adjusted stop loss and there were no new valid signals for the week.
So, for now, the long EUR/USD trade remains alive with 169 pips locked in. Phew!
Like EUR/USD, Cable also saw a slow and steady uptrend in the first half of the week. Unlike the euro, though, the pound actually took hits against the dollar through the week’s end.
The weakness meant that the stop from the HLHB’s long trade from the previous week was hit with 169 pips in the pocket. I’m not complaining! Well, at least not out loud.
The dollar strengthened a lot against the yen in the first half of the week, which was unfortunate because the HLHB System didn’t get in on the action.
In fact, ALL of this week’s new signals appeared during USD/JPY’s consolidation! Luckily, the gains from last week’s closed position were enough to offset the small losses from this week’s fresh signals.
Here’s a summary of the open and closed trades from the last couple of days’ worth of trading: