Barely in the green! Thanks to one or two decent trades, this trend-catcher was able to cancel out one big loss from the last few days.
Before I show you last week’s numbers, make sure to 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.
A trade is only valid if RSI crosses above or below the 50.00 mark when the signal pops up. And in this version, I’m adding ADX>25 to weed out the fakeouts.
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
The action started mid-week when EUR/USD popped up a strong green candle and triggered a valid long trade.
For now, the long EUR/USD remains open with its stops adjusted to only lose a max of 82 pips.
GBP/USD
Much like the EUR/USD, Cable also traded a slow and sure downtrend in the first half of the week.
The second half wasn’t as clear trend-wise, however, which is why the HLHB caught three valid signals and is currently nursing a long trade that can only lose 104 pips max in the next few days.
USD/JPY
Unfortunately, a fakeout during a tight consolidation ruined the potential of what would’ve been an otherwise good short trade. Ouch!
Here’s a summary of the open and closed trades from the last couple of days’ worth of trading:
