European currencies have been tossing and turning with all the Brexit-related headlines these days but the SMA Crossover Pullback mechanical system has managed to dodge losses so far. If you’re wondering what I’m talking about, make sure you look at the trading rules and risk management adjustments first.
Since there haven’t been any new crossovers on EUR/USD, the pair has still been unable to churn out its first signal for the year. Too bad the system is missing out on this ongoing uptrend!
Cable caught a long stochastic pullback signal just before the moving averages made a crossover in the opposite direction. Fortunately, the long position was closed right at breakeven before another signal materialized a few days later.
Lastly, EUR/JPY was in the same boat as GBP/USD when its long position from the other week had to be closed at breakeven on a new crossover. Before the end of the week, a short signal materialized as well.
As I’ve mentioned in my system breakdown per currency pair, I’ve decided to ditch AUD/USD since the pair seemed to be generating too many signals but not enough profits. Interestingly enough, its recent long pullback trade appears to be making its way towards its full PT. Think we should throw it back in the mix with a few adjustments?
Anyway, here are the latest positions:
|SMA Crossover Pullback Positions as of Jan. 13, 2017|
|Pair||Position||Entry||SL||PT||Status||P/L (pips)||P/L (%)|
No harm, no foul! The previous positions on EUR/JPY and GBP/USD were closed early on new crossovers while a couple of new trades were opened and are looking good so far. I’m keeping my robot fingers crossed that forex trends gain more momentum in the coming days so that this mech system can catch big wins like it did in 2016. In case you missed it, check out my Q4 system review and roundup for last year! Here are some books if you want to get deeper into building systems & algorithms. BabyPips.com receives a small credit from any purchases through the Amazon links above to help support the free content and features of our site…enjoy!