Thanks to new valid signals, the HLHB closed two positions from the previous week in the green.
What’s more, it has already locked in pips in one of its remaining open 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.
EUR/USD traded on an uber tight range for most of the week. In fact, it didn’t see any directional movement until the last trading sessions of the week when the euro trended higher against the dollar.
Luckily for this trend-catcher, it invalidated ALL of its crossover signals.
This means that last week’s short trade remains open with a max loss of 65 pips.
The HLHB validated one crossover signal this time and it was a long trade right before Cable trended higher.
Not only did this lead to the closing of last week’s short position with a 69-pip win, but it also meant catching enough of GBP/USD’s upwswing to lock in 108 pips before we start next week. Woot!
USD/JPY didn’t see valid trades until Friday when a sharp downswing validated a short position.
While I’m pretty happy with the new trade closing last week’s long position for a 52-pip profit, it also doesn’t hurt that USD/JPY continued to drop during the day and this enabled the HLHB to adjust the trade’s stops to a max of 43 pips.
The HLHB finished the week with a nice 121-pip (+0.40%) gain and with open positions on ALL the major pairs.
Where do you think the dollar will go?
Here’s a summary of last week’s trades: