It’s another round of early exits on this mech system, but did it manage to bag some pips at least? Here are the latest plays.
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 bullish moving average crossover in the earlier update, and this was followed by a Stochastic pullback signal to go long.
Fortunately, price bounced right back up before a bearish crossover materialized, closing the position early.
GBP/USD hit its trailing stop in the previous update then later on snagged a valid long play almost as soon as a bullish crossover came up.
As for EUR/JPY, the pair had a short position left open that had to be closed on a new crossover.
This was then followed by a long position that was closed quickly (Ugh, another loss!) when another bearish crossover popped up right before the drop.
Fortunately the latest short play is looking good with the trailing stop already activated and locking in pips along the way.
Here’s a look at the latest positions:
SMA Crossover Pullback Positions as of September 22, 2020
| Pair | Position | Entry | SL | PT | Status | Pips | % |
|---|---|---|---|---|---|---|---|
| EUR/USD | Long | 1.1845 | 1.1795 | 1.2145 | Closed | -100 | -0.6 |
| GBP/USD | Long | 1.2932 | 1.2772 | 1.3232 | Open | – | – |
| EUR/JPY | Short | 125.41 | 126.91 | 122.41 | Closed | -19 | -0.13 |
| EUR/JPY | Long | 125.00 | 123.50 | 128.00 | Closed | -83 | -0.55 |
| EUR/JPY | Short | 124.23 | 125.73 | 121.23 | Open | – | – |
There are still a couple of open positions, with one already in the black and the other looking a bit shaky. Gonna wait and see how it turns out next week!
Check out how this system fared in Q2 2020.