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It’s another round of new crossovers on this strategy, but it managed to bag some pips on a couple of early exits. See for yourself!

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 short position left open from the other week, but this barely gained any bearish traction and had to be closed early on a new crossover.

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

Sadly, this early exit wound up in a loss for the pair.

It took a couple of days before the bullish crossover was followed by a Stochastic signal to go long, but it does seem like this position was opened on a nice pullback.

Cable had a short play open in the previous update, but it also had to be closed for a tiny loss on a new crossover.

This was almost immediately followed by a stochastic pullback signal to open a long position.

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

Fortunately, this happened right before the strong pop higher that was enough to have the trailing stop activated.

The pair sold off in the days that followed, eventually hitting the early exit level and bagging a few pips for Cable. Phew!

As for EUR/JPY, the short position left open from a few weeks back was finally able to lock in some gains as its trailing stop was hit on a sharp move higher.

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

A fresh long position was opened just after the bullish crossover materialized at the end of the week.

Here’s a look at the latest positions:

Trade Summary:

SMA Crossover Pullback Positions as of May 5, 2020
Pair Position Entry SL PT Status Pips %
GBP/USD Short 1.2325 1.2475 1.2025 Closed -16 -0.10
EUR/USD Short 1.0788 1.0938 1.0488 Closed -92 -0.61
EUR/JPY Short 117.16 118.66 114.16 Closed +21 +0.14
GBP/USD Long 1.2450 1.2300 1.2750 Closed +12 +0.08
EUR/USD Long 1.0945 1.0795 1.1245 Open
EUR/JPY Long 116.85 115.35 119.85 Open

It wasn’t all bad for this mech system lately as it was able to catch a couple of winning positions.

However, the gains weren’t enough to make up for the losses, resulting in an overall 75-pip or 0.50% dent for the week.

This forex strategy has yet to chalk up a positive week for this quarter. Ugh!

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!