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Another week, another set of new crossovers! Was this mechanical system able to bag some pips off these early exits 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 long position left open in the earlier update, but the pair barely made any upside before tumbling back down and seeing a bearish crossover.

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

Unfortunately, this crossover was completed at a price below entry, winding up in a loss for the pair.

Stochastic hasn’t quite reached the overbought region just yet, so no new positions have been opened on EUR/USD so far.

Cable had a bullish crossover from its earlier update that was eventually followed by a stochastic pullback signal to go long.

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

However, price moved mostly sideways and gradually lower, forcing the gap between the moving averages to get narrower.

A bearish crossover looks imminent and the position would likely be closed for a small loss, too. Bah!

As for EUR/JPY, the pair had a long position left open in the previous update and it also had to be closed for a small loss on a new crossover.

A stochastic pullback signal to short soon materialized, and I’m gonna keep my robot fingers crossed that this fares better!

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

Unfortunately, sideways price action followed and a new crossover materialized. A new long position was opened before the end of the week.

Here’s a look at the latest positions:

Trade Summary:

SMA Crossover Pullback Positions as of April 21, 2020
Pair Position Entry SL PT Status Pips %
EUR/JPY Long 117.58 116.08 120.58 Closed -45 -0.30
EUR/USD Long 1.0933 1.0783 1.1233 Closed -57 -0.38
GBP/USD Long 1.2500 1.2350 1.2800 Open
EUR/JPY Short 117.16 118.66 114.16 Open

This puts the SMA Crossover Pullback System down 102 pips or 0.68% for the week, adding to the previous week’s losses.

Not such a good start to this quarter, huh?

Check out how this system fared in Q1 2020 and how it’s holding up to other mechanical systems in Forex Ninja’s weekly showcase!