This mechanical trading strategy had more than its usual share of valid signals opened on EUR/JPY. But that’s not always a good thing, and here’s why.
EUR/USD had a new bearish crossover by the end of the previous update and this was soon followed by a stochastic pullback signal to short. However, price doesn’t seem to be making much downside momentum and a new crossover exit appears to be looming.
Cable hit its trailing stop to snag some pips in the previous update and came close to making a bullish crossover. However, the bearish action simply resumed, so there are no new signals for now.
EUR/JPY, well, saying that price action is a mess would be an understatement. A lot of valid signals were generated even as price moved sideways, leading to a bunch of early exits on new crossovers.
Take a look at how it all turned out!