Is this mech system about to see a turnaround this Q3? Here’s how the latest positions have been looking.
If this is the first time you’re reading about the SMA Crossover Pullback system, make sure you look at the trading rules and risk management adjustments first.
EUR/USD had a long position left open from the earlier week and this had to be closed early on a new crossover as we expected.
This was followed by a stochastic pullback signal to short, and this position seems to be going well so far. Hope I didn’t jinx it!
Cable had a bearish crossover from the earlier update, and this was followed by a valid short signal a wee bit late.
Lastly, EUR/JPY’s long position also had to be closed on a new crossover for a loss. A bearish signal soon popped up, but I’m a bit worried the pair is just treading sideways or might even turn back up again.
Here’s how the positions are looking:
Trade Summary:
| Pair | Position | Entry | SL | PT | Status | Pips | % |
|---|---|---|---|---|---|---|---|
| EUR/USD | Long | 1.1395 | 1.1245 | 1.1695 | Closed | -89 | -0.59 |
| EUR/JPY | Long | 122.55 | 121.05 | 125.55 | Closed | -6 | -0.04 |
| EUR/JPY | Short | 121.60 | 123.10 | 118.60 | Open | – | – |
| GBP/USD | Short | 1.2520 | 1.2670 | 1.2220 | Open | – | – |
| EUR/USD | Short | 1.1282 | 1.1432 | 1.0982 | Open | – | – |
Because of that, I can’t help but be worried that the remaining open short positions might not gain much bearish traction either. I’ve been trying to remind myself that this strategy’s track record has been pretty solid and that it’d only need a few big wins to make up for the losses.
Before I run the numbers down for Q2, make sure you check out how this system fared in Q1 2019 and how it’s holding up to other mechanical systems in Forex Ninja’s weekly showcase!