It was yet another choppy week for this forex mechanical system, but I’m seeing light at the end of the tunnel with bearish momentum on EUR/USD.
Cable had a short position left open from the previous week and this had to be closed on a new crossover. An upward crossover was just completed but there are no new stochastic signals just yet.
EUR/JPY had a long position left open in the previous week and this hit its full stop loss. D’oh!
Lastly, EUR/USD had a short position left open and bearish momentum after the ECB statement allowed the selloff to gain traction. The trailing stop is already activated and price is closing in on its full target.
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 140-pip dent or a 0.94% loss on the account, adding to the set of losses from the previous week.I’m feeling more hopeful about the open position for this week compared to the previous ones because the trailing stop is already in place. This means that EUR/USD would be able to lock in at least 120 pips in gains with its open position even if the stop gets hit.
In any case, the strategy still wound up with a negative performance for October, so I’m really counting on the next couple of months to pull off big wins in order to end the quarter in the black.
ICYMI, check out the system’s performance for Q3 2017!