It was another week of range-bound market conditions before bearish momentum kicked in for the European currencies, but the SMA Crossover Pullback system managed to bag some pips.
EUR/USD had a long position left open from the previous week, and this had to be closed on a new downward crossover. A sell signal soon followed and this one’s still open for now.
Cable had a new upward crossover from the other week so a stochastic pullback signal to go long happened later on. However, this had to be closed on a new crossover after the U.K. election results came out. Stochastic has yet to turn down from the overbought zone to generate a short position, though.
Lastly, EUR/JPY also had a new crossover at the end of the other week that still generated a long position before another crossover happened. This was followed by a short signal that’s still open.
Here are the latest positions:
|Pair||Position||Entry||SL||PT||Status||P/L (pips)||P/L (%)|
There are still two short positions left open and one pending on Cable, so I’m hoping that the bearish momentum resulting from the U.K. elections keeps up and allows these pairs to lock in bigger gains and make up for previous losses.
It’s almost halfway through June and we’ve only got a few days left until the end of this quarter. Think this system could finish strong this month and end Q2 better than it did in Q1?