Looks like last week’s promising open positions paid off!
Thanks to a 121-pip win on EUR/USD, the HLHB was able to take home pips this week.
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/USDAn open short from the previous week locked in a few more pips this week when EUR/USD traded on a slow and (un)steady downtrend.
The HLHB validated another short signal halfway through the week, though, which is why I had to close last week’s open position for a profit and open a new one.
Think this trade will yield another hundred or so pips for the trend-catcher? I sure hope so!
Cable dropped sharply at the start of the week before shooting up to the previous week’s highs.
Luckily, the HLHB’s trailing stop rules prevented carnage and limited the losses from last week’s open short to only 21 pips.
GBP/USD didn’t throw out any new valid signals for the rest of the week though the pair shortly saw its intraweek highs after the short signal popped up.
USD/JPYUSD/JPY was on a topsy-turvy ride for most of the week, trading in a wide range and capping the week near its open prices.
This is probably why the HLHB didn’t validate any of the crossovers this week. But wait! For now, the HLHB is nursing a long trade from the pair that can only lose a max of 7 pips. Not bad, I think.
Here’s a summary of the open and closed trades from this week’s trading!