It looks like a mixed run for this one, as some positions snagged early exits while others are locking pips along the way.
Read on to see what’s going on!
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 in the earlier update, and this was followed by a Stochastic pullback signal to short.
This short play is gaining pretty solid traction, and the pair is coming close to having its trailing stop activated.
GBP/USD had a short position opened in the previous week, and unfortunately this got caught up in choppy price action.
As you can see from the chart below, a new crossover quickly led to an early exit for a small loss.
This was then followed by a valid long signal, which also had to be closed early when another bearish crossover took place. Bah!
The selloff is still picking up, but Stochastic has yet to pull up to the overbought region and turn lower to generate a fresh sell signal.
Meanwhile, EUR/JPY is faring much better than the other pairs, as its short position continues to enjoy bearish momentum.
In fact, price has already dropped more than 150 pips below entry, which means that the trailing stop is in place. Risk-free, baby!
Here’s a look at the latest positions:
SMA Crossover Pullback Positions as of Sept. 21, 2021
PAIR POSITION ENTRY SL PT STATUS PIPS %
GBP/USD Short 1.3833 1.3983 1.3533 Closed -20 -0.13
EUR/JPY Short 130.08 131.58 127.08 Open – –
EUR/USD Short 1.1813 1.1963 1.1513 Open – –
GBP/USD Long 1.3828 1.3678 1.4128 Closed -77 -0.51
With that, the SMA Crossover Pullback System closed out with a 97-pip or 0.64% dent for the week from Cable’s losses.
It has a couple of short positions open on the euro pairs, and it seems that both are picking up on bearish momentum. EUR/JPY has its trailing stop activated, so it’s guaranteed some gains.
Just a couple more weeks until the end of this quarter, so I’m excited to see how this system performed.
