This trading system has a fresh batch of open positions but also a set of early exits. Did it score any gains this week at least?
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 valid short signal to start the week, but this didn’t really gain enough bearish traction, so it had to be closed on a new crossover for a loss.
Cable also had a new short signal to start off, but unfortunately it was also closed early on a new crossover. This one was followed by a valid long position, but it looks like range-bound conditions might persist.
EUR/JPY had a good run in the earlier update, but the pair was also victim to sideways price action this time. It had a valid short signal early on that was closed on a new crossover, then a long play was opened soon after.
Here’s how the positions are looking:
Trade Summary:
| Pair | Position | Entry | SL | PT | Status | Pips | % |
|---|---|---|---|---|---|---|---|
| EUR/USD | Short | 1.1097 | 1.1247 | 1.0797 | Closed | -68 | -0.45 |
| GBP/USD | Short | 1.2881 | 1.3031 | 1.2581 | Closed | -79 | -0.53 |
| EUR/JPY | Short | 120.55 | 122.05 | 117.55 | Closed | -37 | -0.25 |
| GBP/USD | Long | 1.2933 | 1.2783 | 1.3233 | Open | – | – |
| EUR/JPY | Long | 120.40 | 118.90 | 123.40 | Open | – | – |
Current market conditions aren’t looking too good for this trend-following system, which explains the losses racked up by early exits on new crossovers. Hopefully trending conditions return soon!
Check out how this system fared in Q3 2019 and how it’s holding up to other mechanical systems in Forex Ninja’s weekly showcase!