USD/JPY caught one valid signal for the week while GBP/JPY had three.
Read on to see how these positions turned out!
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 formed a few inside bar patterns early in the week, but none of these had their entries triggered.
It wasn’t until the latter half of the week that the pair managed to hop in a valid short play, which was opened just before that sharp selloff took place.
This allowed USD/JPY to bag 17 pips on its sole position for the week. Not bad, huh?
GBP/JPY was cruising higher during the first half of the week when it hopped in on a bunch of long plays.
The first one didn’t stay open for very long, as a new inside bar pattern formed and closed the long play at entry.
The next one didn’t fare any better either since it wound up getting stopped out before bullish momentum could even pick up.
Fortunately the last long position managed to stay in the rally for much longer, reaching its full target in the process.This winning play made up for the earlier loss, too!
With that, GBP/JPY also ended up with a 17-pip gain overall:
This brings the Inside Bar Momentum Strategy 2.0 up by 34 pips for the week, erasing some of the earlier losses.
This brings the system back to positive territory after it ended its winning streak last week. Hopefully this marks the start of another good run!
The percentage win/loss depends on how position sizes are calculated.
ICYMI, see how the numbers added up for Q3 2021.