Got a couple of new signals from last week’s crossovers!
Are these able to pick up on strong trends or are early exits about to follow?
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 bearish crossover from the earlier update, and it was waiting on a Stochastic pullback signal to short.
A short signal materialized this week, but this ain’t lookin’ like a pullback!
The pair looks prime for a reversal from its slide, as the gap between the moving averages is narrowing enough to hint at another crossover.
If that’s the case, I hope the early exit takes place before EUR/USD hits the stop loss on this one.
GBP/USD had a bearish crossover earlier on as well, and this was able to catch a valid short play this time.
Price gained some bearish traction, as it dipped to new lows almost immediately.
However, it bounced right back up again for some sideways movement for the rest of the week.
Meanwhile, EUR/JPY already had a short position opened last time, and this is faring much better than the other pairs.
Price has moved nearly a hundred pips in the trade’s direction so far, and I’m hoping it could have the trailing stop activated soon.
Here’s a look at the latest positions:
SMA Crossover Pullback Positions as of Aug. 17, 2021
PAIR POSITION ENTRY SL PT STATUS PIPS %
EUR/JPY Short 129.40 130.90 126.40 Open – –
EUR/USD Short 1.1742 1.1892 1.1442 Open – –
GBP/USD Short 1.3870 1.4020 1.3570 Open – –
With that, the SMA Crossover Pullback System isn’t logging in any wins or losses for the week. Instead, it’s holding on to three bearish positions on all the pairs I’m watching.
The short play on EUR/USD isn’t looking too good while GBP/USD and EUR/JPY might still have a shot at booking some gains.
