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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.

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 update, but unfortunately price didn’t gain much upside momentum before reversing.

EUR/USD 1-hour Forex Chart
EUR/USD 1-hour Forex Chart

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.

GBP/USD 1-hour Forex Chart
GBP/USD 1-hour Forex Chart

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.

EUR/JPY 1-hour Forex Chart
EUR/JPY 1-hour Forex Chart

Here’s a look at the latest positions:

Trade Summary:

SMA Crossover Pullback Positions as of April 7, 2020
Pair Position Entry SL PT Status Pips %
EUR/USD Long 1.1006 1.0856 1.1306 Closed -150 -1.00
GBP/USD Long 1.2370 1.2220 1.2670 Closed -150 -1.00
EUR/JPY Short 117.85 119.35 114.85 Open

This puts the SMA Crossover Pullback System down 300 pips or 2.00% for the week, erasing most of the previous week’s gains.

Check out how this system fared in Q4 2019 and how it’s holding up to other mechanical systems in Forex Ninja’s weekly showcase!