Thank goodness for trailing stops that managed to lock in gains even with those sudden reversals! Take a look at the latest positions to see what I’m talking about.
Cable had a long position left open from the previous week and it showed enough bullish momentum to get the trailing stop activated. When the BOE decision came along, price made a sharp drop and caused the position to get closed early.
A new downward crossover took place and this was followed by a stochastic pullback signal to short.
EUR/USD kept going with its climb and failed to make any new crossovers for yet another week. However, the rally seems to be slowing and a downward crossover also seems to be in the cards.
Lastly, EUR/JPY also hit its trailing stop on the long position from the other week as price took a sharp tumble on risk-off vibes from North Korea’s missile strike threats.
Here are the latest positions:
|Pair||Position||Entry||SL||PT||Status||P/L (pips)||P/L (%)|
Not bad! The SMA Crossover Pullback strategy ended up a 116-pip win or a 0.77% gain on the account after last week’s pause. The trailing stops were hit as Cable and EUR/JPY started showing early signs of a reversal, allowing those positions to catch some gains instead of giving ’em all back.So far so good for this quarter as the strategy is still in the black even after a shaky performance in July. I can’t help but wish it could score a big win, though, once trends gain more traction. For now, it looks like risk sentiment is being the main driver as the market attention is veering away from monetary policy biases.