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New crossovers forced a few positions from the previous update to close with losses.

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 in the earlier update, which didn’t fare well when the 100 SMA crossed above the 200 SMA just as the pair traded above the previous update’s highs.

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

It wasn’t until two days later when Stochastic popped up above the oversold area that we got a valid signal.

Unfortunately, a fresh crossover cut short the trade’s moves and made a 54-pip dent on the system’s coffers.

GBP/USD also had a short position left open in the previous update, but this had to be closed early when a bullish crossover materialized.

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

Unfortunately, the early exit translated to a 133-pip loss for this pair. Not too bad a deal considering that the pound eventually hit the original stop loss.

Soon enough, GBP/USD caught a valid long play when Stochastic turned higher from the oversold zone. This one ain’t lookin’ too good, though, as price keeps making lower lows and making lower highs.

As for EUR/JPY, the pair found a valid short after retesting a broken support level on the chart. So far so good.

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

Here’s a look at the latest positions:

SMA Crossover Pullback Positions as of August 25, 2020

Pair Position Entry SL PT Status Pips %
EUR/USD Short 1.1792 1.1942 1.1492 Closed -82 -0.55
EUR/USD Long 1.1853 1.1703 1.2153 Closed -54 -0.36
GBP/USD Short 1.3096 1.3246 1.2796 Closed -133 -0.89
GBP/USD Long 1.3107 1.2957 1.3407 Open
GBP/JPY Short 125.05 126.55 122.05 Open

With that, the SMA Crossover Pullback System wound up with a 269-pip or 1.79% loss for the week.

It still has a couple of positions left open, with both a long AND short pound trade that’s bound to make next week’s update interesting.

Check out how this system fared in Q1 2020!