Finally got a bunch of signals on both pairs this time! Here’s a recap of how the latest positions from this strategy turned out.
In this revised version of the Short-Term Bollinger Reversion Strategy, I’m waiting for RSI to cross above or below oversold or overbought levels to indicate a bit more momentum in the direction of the trade. Make sure you review the tweaks here.
USD/CAD generated a short signal upon testing the top Bollinger band early on, but the pair just kept trending higher without dipping to the middle.
With that, the sole position for the week was stopped out.
CAD/CHF also had a new position to start off, but this wound up hitting the full stop loss as well. A couple of new bounces materalized, with the second one finally bouncing to the middle band.
Unfortunately the open of the next candle after the bounce was lower than the entry, so this was closed for a loss as well. Bah!
These resulted to a 61-pip or 1.22% loss for CAD/CHF and a 50-pip or 1.00% loss for USD/CAD, yielding a total of 111 pips in losses or a 2.22% dent on the account for this system. Not the best of weeks, if I may say so myself!
ICYMI, check out its Q2 2018 performance and if the other forex mechanical strategies fared better in the latest Forex Systems Showdown.