It wasn’t such a good start for this mech system this quarter as it snagged big losses on a couple of positions. Here’s what happened.
EUR/USD had a long position left open from the earlier update, but unfortunately price didn’t gain much upside momentum before reversing.Heck, the selloff was nearly nonstop that the pair wound up hitting its full stop loss!
A new bearish crossover formed soon after, but stochastic has yet to reach the overbought zone and turn lower to generate a valid short signal.
Cable had a bullish crossover from the previous update, but the long stochastic signal popped up too late at the top of the climb.With that, the pair didn’t have much room to go up north before consolidating then eventually turning lower and hitting the stop loss as well. Ouch!
As for EUR/JPY, the pair had a bearish crossover early in the week, then a fresh short position was just opened.
Here’s a look at the latest positions: