It’s all about EUR/USD during this week as I close a position (for a profit) and open a new one on the pair. Here are the deets!
But first, read all about my HLHB Trend Catcher System if this is your first time hearing about it!
As I’ve mentioned before, I’ve decided to stick to my second tweak in my forward tests for the next couple of weeks.
Basically, I’m adding the ADX indicator as a filter on top of the RSI and applying all of them on the 4-hour time frame instead of last year’s 1-hour charts.
Here are the results from the last week of July:
If you tuned in to my update last week, then you’ll know that I recently closed a long USD/JPY trade when the trailing stop loss got hit. However, I also had one long EUR/USD position open with my adjusted stop loss locking in at least +242 pips for me.
Well, all good trends come to an end. EUR/USD saw heavy selling during the NFP release, enough to hit my adjusted stop loss. Fortunately, the pair made new highs from last week and the triggered SL yielded a nice 374 pips instead of 242. Woot! Woot!
Oh, and have I mentioned that I’ve opened another position? There was one valid signal this week but this time it’s on the sell side. I opened at 1.1753 and already moved my stop loss to limit my losses to 133 pips.
GBP/USD and USD/JPY didn’t have valid signals for me, so it looks like I’ll have to keep close tabs on my EUR/USD position to see if I need to make further adjustments!
Fingers crossed for a strong EUR/USD move! Also, catch ya tomorrow with my Trading Prep update!