Not exactly the best of runs for this mechanical trading system as it snagged full losses on euro pairs. Here’s the damage.
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, and this didn’t gain any bullish momentum at all as the pair went straight for its full stop loss.
This bearish crossover was quickly followed by a stochastic pullback signal to short, but price is still going nowhere for now.
Cable already hit its trailing stop on its long play in the previous post before a fresh bearish crossover popped up.
I’m just keeping my robot fingers crossed that the pair dips by more than 150 pips from its entry so that the trailing stop will get activated!
As for EUR/JPY, the pair’s earlier long position also didn’t have any bullish momentum on its side. Instead, price went the opposite direction and hit its stop loss in a couple of days.
A new short position was opened after a bearish crossover took place, but this was stopped out as well. Argh!
Here’s a look at the latest positions:
Trade Summary:
| Pair | Position | Entry | SL | PT | Status | Pips | % |
|---|---|---|---|---|---|---|---|
| EUR/USD | Long | 1.0945 | 1.0795 | 1.1245 | Closed | -150 | -1.00 |
| EUR/JPY | Long | 116.85 | 115.35 | 119.85 | Closed | -150 | -1.00 |
| EUR/JPY | Short | 114.90 | 116.40 | 111.90 | Closed | -150 | -1.00 |
| GBP/USD | Short | 1.2396 | 1.2546 | 1.2096 | Open | – | – |
| EUR/USD | Short | 1.0840 | 1.0990 | 1.0540 | Open | – | – |
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!
