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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 fresh bearish crossover from the earlier update, and this was followed by a valid Stochastic pullback signal to short.

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

Unfortunately, the pair didn’t gain any downside momentum from there and the moving averages went on to make a new crossover.

This meant an early exit on the short position, resulting in a small loss for EUR/USD. The pair is still waiting for Stochastic to reach the oversold region and turn back up to generate a long signal.

GBP/USD had a long position left open from the earlier update, but this also had to be closed on a new crossover. Fortunately, this early exit managed to lock in some gains for the pair!

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

A valid short signal popped up almost immediately after the crossover, but this one didn’t fare so well as a sharp spike higher hit the stop loss.

Soon enough, the moving averages made a new bullish crossover and a valid long signal.

As for EUR/JPY, its short position from the earlier update also got stopped out before the new crossover took place. This was then followed by a long pullback signal, and this position is still open for now.

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 September 1, 2020

Pair Position Entry SL PT Status Pips %
GBP/USD Long 1.3107 1.2957 1.3407 Closed +27 +0.18
EUR/JPY Short 125.05 126.55 122.05 Closed -150 -1.00
EUR/USD Short 1.1828 1.1978 1.1528 Closed -65 -0.43
GBP/USD Short 1.3135 1.3285 1.2835 Closed -150 -1.00
GBP/USD Long 1.3314 1.3164 1.3614 Open
EUR/JPY Long 125.55 124.05 128.55 Open

With that, the SMA Crossover Pullback System wound up with a 338-pip or 2.25% loss for the week. Ouch!

It still has a couple of positions left open, namely a long play on Cable and EUR/JPY, so I’m gonna keep my robot fingers crossed that these make up for some losses.

Check out how this system fared in Q2 2020!