Greetings, fellow Happy Hunters! The trading week is done and a new one will soon begin, which means that it’s time to take stock of how the two Variants of the Happy Hunter Price Action Trading System fared this past week.
And below are the usual topics that we’ll be covering in today’s update:
- Must-Read For New Readers (click to jump to this part)
- The Fixed TP Variant’s Trade Details (click to jump to this part)
- The Trailing Variant’s Trade Details (click to jump this part)
- This Week’s Performance (click to jump to this part)
If you’re a regular reader, then you may wanna use the relevant jump links above to go directly to the actual review. But if you’re a new reader, then I insist that you read up on that part.
Must-Read For New Readers
If you’re a first-time reader who stumbled across this write-up for some unknown reason, and you have no idea what this is all about, then just know that I crafted a purely mechanical trading system, pursuant to My 2018 Trading Resolution.
If that piques your interest and if you may wanna know more, then click on the links below to read up on the rules of the system.
- The Happy Hunter Price Action System 4.0 (Fixed TP Variant)
- The Happy Hunter Price Action System 4.0 (Trailing Variant)
However, let me just give these statements/disclaimers:
Firstly, I make no claim to the profitability of this system (I’m forward testing it after all), so if you use the system to trade real money without doing your own tests, that’s on you, whether you lose money or get lucky and make money
Secondly, there’s no central exchange for the forex market, so there may be discrepancies in our data feed, and it’s highly probable that I may have a valid signal based on my charts where none exist on yours (and vice versa)
With that out of the way, it’s time to finally discuss how the week went.
Below you’ll find charts of each trading day of the week. And if you’re wondering what the numbers on the charts are about, they refer to the trade #, based on the chronological order when the signal was generated, not necessarily when the trade was opened or closed. And the details of each trade are contained in the table after the charts. Just scroll down.
The Fixed TP Variant’s Trade Details
The Trailing Variant’s Trade Details
This Week’s Performance
As you can see in the table above, both Variants of the (not so) Happy Hunter Trading System had a very rough time this week.
Both Variants actually had a promising start since trading conditions on Monday (September 10) were still quite favorable. Heck, both Variants were even able to reach fresh high water marks for the month
However trading conditions suddenly deteriorated on Tuesday (September 11) and remained unfavorable for the rest of the week, with Thursday (September 13) being particularly terrible.
And if you skipped the charts earlier, this is how intraday price action looked on Monday and Thursday.
I’m not really surprised with this week’s disappointing performance. though, since I did warn in last week’s review that I was expecting price action to deteriorate.
If y’all can still recall, I noted that GBP/NZD appears to be getting ready for a topside breakout attempt from that ascending triangle that I identified back in July.
However, I pointed out that there’s an area of interest nearby at 1.9980. And unless the pair cleared that on strong bullish momentum, I said that I’d remain wary of the possibility that trading conditions may deteriorate again.
Well, it looks like my concerns were justified since GBP/NZD did break out of the triangle but 1.9980 did act as resistance, as you can see below.
Looking at GBP/NZD’s price action, I have three bullish scenarios.
The first and ideal bullish scenario is that this week’s breakout and subsequent consolidation are the basis for a bullish flag or pennant, which will then break higher on strong momentum by next week.
The second bullish scenario is that the pair pulls back to the broken resistance at 1.9750 (which happens to be at the 50% Fibonacci retracement level) and then moves back up to clear 1.9980.
And the final bullish scenario is that an ascending channel forms and the pair slowly but steadily moves higher past 1.9980. And Big Pippin has already spotted an ascending channel.
Of course, the pair may also trade sideways between 1.9980 and 1.9750, which is a less-than-ideal scenario since that would be favorable for the Fixed TP Variant, but the Trailing Variant likely won’t be able to capture enough gains to offset the potential losses.
However, the worst case scenario is if the pair trades sideways between 1.9980 and 1.9860 since both Variants are more likely to suffer. In fact, that’s what GBP/NZD was doing from Tuesday until Friday, and you already know that both Variants got a beating this past week.
But if any of the three ideal bullish scenarios do play out, then the next two areas of interest to keep an eye on are 2.0200 and 2.0390.
Okay, that’s all I’ve got for today! And as always, I enjoy your feedback. So if you have any questions, or if you see a possible error in my work somewhere, or if you just want to say “hi” then don’t be shy and write a comment down below!
By the way, if you need to check out the previous week’s performance, then go ahead and click on the link below.