It was a wild ride for this mechanical trading system in the past week as volatility picked up and hit the exit levels on some positions. Check ’em out!
If this is the first time you’re reading about the SMA Crossover Pullback system, make sure you look at the trading rules and risk management adjustments first.
EUR/USD had a short position from the previous update, and this one had to be closed on a new crossover. Fortunately it was able to catch a small gain on the early exit. Phew!
A long signal soon popped up, and the strong rally that followed allowed the pair to hit the full target.
Cable had a long position from the earlier update that also had to be closed on a new crossover. A short position came up next, and this one is still open.
As for EUR/JPY, its short position from earlier on hit its full stop loss when the pair surged higher. A long position was opened later on, but this also got stopped out. Ouch!
The pair still has a short position open for now, and I’m hoping it fares much better than the previous two plays.
Here’s a look at the latest positions:
With that, the SMA Crossover Pullback System wound up with a 78-pip or 0.52% loss for the week. A short position is still left open for EUR/JPY.
The full losses on EUR/JPY and the relatively large hit on GBP/USD erased the gains from the profitable long EUR/USD position. Too bad!
Check out how this system fared in Q4 2019 and how it’s holding up to other mechanical systems in Forex Ninja’s weekly showcase!