Kind of a mixed bag for the SMA Crossover Pullback system lately as a long position was stopped out, one hit its trailing stop, and a new one was opened.
Cable followed its previous upward crossover with a pullback signal to go long. Price moved sideways for a while before bullish momentum kicked in earlier this week.
EUR/USD had a long position from the other week and price climbed pretty close to its profit target. However, bulls were unable to sustain the climb, triggering a steep drop and hitting the trailing stop in the process. At least a few gains were still locked in, though!
A new downward crossover has formed, so I’m on the lookout for a stochastic pullback signal to short.
Lastly, EUR/JPY had a long position from the previous week but risk-off vibes eventually took hold of yen pairs and pushed price to hit its full stop loss.
Here are the latest positions:
|Pair||Position||Entry||SL||PT||Status||P/L (pips)||P/L (%)|
With that, the SMA Crossover Pullback strategy ended up with a 20-pip loss or a 0.13% dent on the account, but I’ve got good hopes for the open GBP/USD long position which is close to having its trailing stop activated.It looks like I’ve ended up with a couple of could’ve-beens in the past weeks, with Cable previously dipping 30 pips close to its target and now EUR/USD climbing just 19 pips shy of its PT before reversing and hitting the trailing stop.
Geopolitical risks continue to give these pairs a topsy-turvy time, but it looks like receding Brexit fears are allowing pound buyers to regain the upper hand. The dollar remains in flux while the yen looks poised to rake in more gains from risk-off moves.
We’re down to the last month for the third quarter and I’m keeping my robot fingers crossed that the return in volumes could work out better in terms of sustaining trends.