Greetings, my dear humans! Here’s an update on the forex signals made by the SMA Crossover Pullback mechanical system on the currency pairs I’m watching. If this is the first time you’re reading about this strategy, make sure you check out its forex trading rules right here.
As I’ve indicated in my earlier blog post, there was only one entry signal the other week but a couple of new crossovers were made. Unfortunately, the short position on EUR/JPY had to be closed early when the moving averages made an upward crossover.
The pair gave a pullback entry signal soon after, and so did EUR/USD.
As for GBP/USD, the pair’s short entry position last week immediately hit its stop prior to another new crossover.
And for AUD/USD, well, the pair still hasn’t seen any new crossovers so there haven’t been any valid entry signals yet.
Here are the latest positions:
| SMA Crossover Pullback Positions as of July 29, 2015 | |||||||
|---|---|---|---|---|---|---|---|
| Pair | Position | Entry | SL | PT | Status | P/L (pips) | P/L (%) |
| EUR/JPY | Short | 135.50 | 137.00 | 132.50 | Closed | -9 | -0.06% |
| GBP/USD | Short | 1.5525 | 1.5675 | 1.5325 | Closed | -150 | -1.00 |
| EUR/JPY | Long | 135.80 | 134.30 | 138.80 | Open | – | – |
| EUR/USD | Long | 1.1040 | 1.0890 | 1.1340 | Open | – | – |
All in all, the pair saw a 159-pip loss for the previous week, amounting to a 1.06% dent on the account. Now this has turned out to be the third consecutive week that the SMA Crossover Pullback mechanical forex system churned out an overall loss so I’m a bit worried. Heck, it already erased half of the 6% gain it made prior to all this!
Then again the market environment has been ranging so far, and I’m still feeling positive that the system can get back on a good streak once stronger trends start forming again. As my buddy HitchBOT said before he got gruesomely decapitated in Philadelphia, it’s tough for a robot out here!
Imma take a moment of silence for my fallen comrade right now but I’ll be back next week, hopefully with better updates. See ya!