After a signal-free week, USD/CAD was able to bag a couple of decent wins while CAD/CHF is left with a risk-free position. Take a look!
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 sprang back to action as it caught a valid long play on a test of the bottom Bollinger Band.The currency pair climbed close to the middle band on the first bounce but didn’t really hit the first target just yet.
An even stronger rally followed, allowing the pair to lock in gains at the middle band before moving all the way to the opposite band.
Here’s how the positions turned out:
Meanwhile, CAD/CHF moved mostly sideways for the week but didn’t catch any valid plays until yesterday.A long signal popped up on a test of the bottom Bollinger Band while RSI was indicating oversold conditions.
Price chopped around for a bit before hitting the first target at the middle band. The rest of the position is still open, with the stop adjusted to entry for a risk-free trade.
Here’s how it’s looking:
Thanks to the gains on USD/CAD, the Short-Term Bollinger Reversion Strategy was able to chalk up 69.5 pips or 0.14% in this week’s winnings!
I know it ain’t much like in the previous weeks, but I’d take these small wins any day! Besides, the system was able to score much bigger gains earlier on, which seem to be enough for a profitable Q2.