Beep beep boop! The SMA Crossover Pullback forex mechanical system scored a couple of wins last week and might have room for more. If you’re wondering what I’m talking about, make sure you look at the trading rules and risk management adjustments first.
In my previous update, the system still had an open long position on GBP/USD. Price started to fall midweek so I got a bit worried, but it eventually resumed its climb and hit the 300-pip target on Friday.
As for AUD/USD, its long position opened late the other week is still open with the trailing stop already activated.
EUR/JPY had a new crossover after a very long downtrend. A stochastic pullback signal materialized on Monday and price came near the 150-pip stop at 122.75 before eventually pulling up and making it all the way to the 300-pip PT at 127.25 before the end of the week.
EUR/USD also made a new crossover which was followed by a stochastic pullback signal early in the week. Fortunately the stop didn’t get hit during the ECB statement ruckus but it came pretty darn close!
Here’s a summary of the positions as of March 11:
|SMA Crossover Pullback Positions as of Mar. 11, 2016|
|Pair||Position||Entry||SL||PT||Status||P/L (pips)||P/L (%)|
How’s that for another winning week this month? The forex system was able to bag 600 pips or an additional 4.00% on the account, adding to last week’s 1.07% gain. There are still a couple of positions left open and it looks like they’re making good progress so far this week, but I don’t want to jinx ’em. Stay tuned for my next update!