Bearish trends continued to pick up for the pairs I’m watching on this system.
There were hardly any new positions except one on GBP/USD. How’s it looking so far?
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 already hit its profit target a few weeks back, and the downtrend still carried on in the past week.
That means no new signals for this pair just yet!
GBP/USD had a bullish moving average crossover and a fresh long signal in the previous update.
However, upside momentum barely lasted, leading to yet another crossover.
With that, the long position had to be closed early, costing Cable 71 pips or 0.47%. Ouch!
Meanwhile, EUR/JPY was able to lock in a full win on its short play when the profit target was finally hit last week.Bearish momentum seems to be slowing, though, so the moving averages might be bracing for a new crossover soon.
For now, it looks like the pair is just moving sideways and deciding where to head next.
Here’s a look at the latest positions:
SMA Crossover Pullback Positions as of Nov. 29, 2021
| Pair | Position | Entry | SL | PT | Status | Pips | % |
|---|---|---|---|---|---|---|---|
| GBP/USD | Long | 1.3443 | 1.3293 | 1.3743 | Closed | -71 | -0.47 |
With that, the SMA Crossover Pullback System closed out with a 71-pip or 0.47% loss because of Cable’s early exit.
This erases some of the earlier gains from the three-for-three wins on the pairs I’m watching under this strategy, but the damage ain’t that bad!
ICYMI, here’s how this strategy fared in Q3 2021.