Still plenty of sideways price action for both USD/CAD and CAD/CHF but not a lot of signals! Here’s how the lone position 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 broke out from its tight consolidation during the first half of the week
The pair saw a valid long signal when RSI reached the oversold region, but this didn’t turn out so well as the selloff kept going. As a result, USD/CAD wound up with a 50-pip or 1% loss for the week.
Meanwhile, here’s what went on with CAD/CHF:
This pair tested the top and bottom Bollinger Bands but didn’t really generate valid signals either.With that, the Short-Term Bollinger Reversion Strategy closed the week with a 50-pip or 1.00% loss on the sole signal for USD/CAD. Hopefully it picks up soon, though!