Boo yeah! The SMA Crossover Pullback forex mechanical system is off to a good start this month, as it was able to score a couple of big wins last week. If you’re wondering what I’m talking about, make sure you look at the trading rules and risk management adjustments first.
As I’ve shown in my previous update, AUD/USD had a long position opened the other week and this eventually hit the 300-pip profit target.
EUR/USD had a new signal early in the week and this also made it all the way up to its profit target and beyond.
EUR/JPY had an upward crossover the other week but the stochastic pullback confirmation only emerged last week, generating a long signal at 131.50.
As for GBP/USD, no new crossovers were made yet. Ho humm…
Here’s a summary of the positions as of February 5:
|SMA Crossover Pullback Positions as of Feb. 5, 2016|
|Pair||Position||Entry||SL||PT||Status||P/L (pips)||P/L (%)|
All in all, the forex mechanical system scored a 600-pip or a +4.00% gain on the account, which is a pretty good week in my book! Then again, this type of strategy really performs better in a strongly trending market environment like the one we’re seeing these days.
I’m still considering adding another technical indicator that can signal whether trending conditions are in play or not, allowing the system to reduce those small losses that can add up during choppy situations. Any suggestions?