It looks like the tide is turning for the pairs I’m watching on this forex strategy, but did the open positions manage to catch gains? Take a look!
EUR/USD’s short position from waaay back already had its trailing stop activated as price came really close to hitting its full target. Unfortunately, price didn’t fall much further from there and a new crossover led to an early exit.
Fortunately, this early exit signal locked in more gains compared to what the trailing stop might’ve caught.
As for Cable, price action has been tossing and turning, mostly on account of Brexit-related issues. Price looked ready to reverse from its selloff before gapping down over the weekend, but bulls eventually won out as a new crossover formed. Good thing it still managed to catch some pips!
Lastly, EUR/JPY landed back in Chopsville as the freshly opened long position was quickly closed on a new crossover. This generated a short entry signal and the position eventually hit its full stop. Argh!
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 81-pip win or a 0.54% gain on the account, partially erasing the losses from the previous week.Even with the early exit signals as trends appeared to bottom out, some of the positions still managed to lock in a few gains. It’s just too bad that the strategy wound up giving back a huge chunk of these wins on the losing EUR/JPY trade!
I’m still not feeling all that confident that the SMA Crossover Pullback could pull off a strong performance this November since there are still plenty of uncertainties, like U.S. tax reform and the usual set of Brexit jitters, in play. ICYMI, check out the system’s performance for Q3 2017!