Forex System Update (Apr. 25-29, 2016): SMA Crossover Pullback

You win some, you lose some! The SMA Crossover Pullback scored a big win but some gains got chopped up by ranging price action. If you’re wondering what I’m talking about, make sure you look at the trading rules and risk management adjustments first.

In my earlier update, EUR/JPY had a long position opened towards the end of the week. This trade eventually hit its full profit target for a 300-pip or 2% win!

EUR/JPY 1-hour Forex Chart

EUR/JPY 1-hour Forex Chart

The long position on AUD/USD had to be closed when a new crossover formed, but fortunately some profits were locked in. Soon after, a short pullback signal was generated.

AUD/USD 1-hour Forex Chart

AUD/USD 1-hour Forex Chart

EUR/USD price action was still pretty choppy, although the long signal opened the other week was closed at breakeven. A new position was opened right after but this was also closed on a new crossover for a small loss.

EUR/USD 1-hour Forex Chart

EUR/USD 1-hour Forex Chart

Lastly, GBP/USD carried on with its uptrend but didn’t show any new signals since it already hit its PT last week.

GBP/USD 1-hour Forex Chart

GBP/USD 1-hour Forex Chart

Here’s a summary of the positions as of April 29, 2016:

SMA Crossover Pullback Positions as of Apr. 29, 2016
Pair Position Entry SL PT Status P/L  (pips) P/L  (%)
EUR/JPY Long 123.50 122.00 126.50 Closed +300 +2.00
AUD/USD Long .7660 .7510 .7960 Closed +90 +0.60
EUR/USD Long 1.1300 1.1150 1.1600 Closed 0 0
EUR/USD Short 1.1330 1.1480 1.1030 Closed -84 -0.56
AUD/USD Short 0.7630 0.7780 .7330 Open

All in all, the system managed to catch a 306-pip win or a 2.04% profit on the account, following the previous week’s strong gain. So far so good, as the latest weekly wins have been more than enough to make up for the small losses at the beginning of this second quarter, but I hope I didn’t jinx it! Stay tuned for my next updates!