Athena EA has gone through a major drawdown

Dear Traders,

Since last week, cooling inflation has erupted the EUR/USD currency pair to the upside. This is a move with a magnitude which unfortunately wasn’t fully anticipated or calculated. The EUR/USD rose 225 pips with almost no retracements. The first half of this climb was not a problem for Athena EA.

But Athena EA was not able to deal with the extended EUR/USD climb. We turned off Athena in VT and in RannForex to prevent it from opening more positions overnight but it was not possible to avoid some hefty damage on some of the accounts (but not all).

At so of now, VT Markets managed is at – 80% DD and RannForex Athena EA PMM has dropped 40% over this market move.

The Athena EA strategy anticipated the trend incorrectly for many (but not all) to enter a short position when the pair was trending up. At some point, active DD reached up to 80% on VT and RannForex (dropped to 40% DD by June 18th) of the account size, overnight, on some of the accounts.

Some of the positions were closed, which has created losses for some. Some trades are still open and the current load to the account is at maximum capacity, but these positions on our PAMM’s have been left over the weekend.

Despite any decision having its risks, this is the step we are taking – considering all other scenarios -in anticipation of minor to normal reversal of the USD, once the markets sober up. This is not the only possible scenario, but we are taking a more offensive approach to the current situation.

The strategy only needs a minor pullback towards about 1.12 (from a high of 1.1245) to close. Considering the major resistance at 1.1250, we believe that a small pullback towards 1.12, and even lower to perhaps 1.11-1.1150 is very doable before the uptrend continues towards higher levels.

We will keep you updated on the situation with Athena EA PAMM at KTM, VT Markets & RannForex, whereas all software buyers should consider reducing positions or increasing the margin level (injecting more capital in Athena EA).

Should you have additional questions regarding your account, please reach out.

Safe Trading
Team of Elite CurrenSea

P.S. The European session has created a maximum and the price has failed to overcome that resistance on 3 occasions during the American session.

We believe that the price could pull back to the previous lows and hit the take profit. Although this will not happen before the weekend probably, we do expect it next week. This is our best analysis at the moment, but of course, any analysis can be wrong.