USD/JPY extended its winning streak by a couple more trades while GBP/JPY missed out on a potentially big win.
Here’s how it all added up.
If this is the first time you’re reading about this forex strategy, I suggest you take a look at the system rules before reading on.
Also, this version makes use of an adjusted stop loss size on both USD/JPY and GBP/JPY.
The size of the stop loss was adjusted from the original 20% of the first candlestick to 40% of its length.
USD/JPY was off to a running start as it sold off sharply after a bit of consolidation.
Fortunately the system was able to jump in on this move early on, catching some pips off a short position.
Unfortunately the exit levels were pretty tight, so the position didn’t really stay open for majority of the drop.
Another short position was opened when the pair paused briefly from the slide, allowing it to rake in more gains when it resumed.USD/JPY bottomed out and pulled up towards the latter part of the week, and a valid long play was also able to cash in on this move.
GBP/JPY also hit the ground running, as the pair carried on with its downtrend from the previous week.
The system was able to generate a valid short signal to hop in on this move, and this position went on to hit its target almost immediately.
Another inside bar signal formed in the middle of the selloff, and the pair carried on with its bearish moves.
Just when it seemed like price was about to dip to the profit target, it made a large pullback that reached all the way to the stop loss. Bah!It’s during these cases that I consider adding a trailing stop rule to this strategy!
With that, Guppy wound up with a 23-pip loss for the week:
This brings the Inside Bar Momentum Strategy 2.0 up by 37 pips, racking up its SIXTH consecutive winning week!
The percentage win/loss depends on how position sizes are calculated.
ICYMI, see how the numbers added up for Q2 2021.