What a close call!
Thanks to a big win on USD/JPY, the HLHB was able to shrug off one big-ish loss and a couple of fakeouts 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/USDEUR/USD traded in a slow but steady downtrend throughout the week, which is a NIGHTMARE for the long trade that I had open from the previous week.
A new valid signal then popped up on Wednesday. This would have limited the HLHB’s losses on EUR/USD if another valid signal hadn’t forced me to close the new position at another loss.
I’m now nursing a long EUR/USD trade going into the week. Please tell me we’ll see euro strength in the next few days?
Unlike in EUR/USD, Cable didn’t see one-directional moves last week.
The HLHB still validated three new signals, though, which meant that at least one of them turned out to be fakeouts. Better luck next time!
USD/JPYUSD/JPY made me happy that I usually end the update with the pair.
See, USD/JPY traded in a tight but steady-ish uptrend that did wonders for a long USD/JPY position that I had open since January 21.
Two valid signals near the end of the week meant that I had opportunities to lock in those gains and now I’m positioned to catch some dollar weakness for the week ahead. Think we’ll see USD losses this time?
Here’s a summary of the open and closed trades from this week’s trading!