Forex Newsletter – 13 February 2011

Posted by Chris | Posted in Automated Forex Trading Systems, Newsletter | Posted on 13-02-2011

I’d like to start today’s newsletter with something that I’ve been very excited about for the past couple of weeks.

I was recently invited to test the new Pattern Recognition System developed by the guys at Forex Traders Daily. I know that their stuff is always high quality, so I went ahead and downloaded the software (which comes in the form of a Metatrader indicator). At first I thought that this software will identify patterns like flags and wedges, but I was surprised to see that it was something entirely different.

This program (known as Elemental Trader) identifies what is known as Harmonic price patterns, a concept that I haven’t really known about until now. These patterns occur on all currency pairs and timeframes and they are incredibly accurate in identifying key reveral points. I was really shocked to see how well this works. They are giving away this pattern recognition software for free as part of their pre-launch, so you can go over there now and try it for yourself. Make sure to watch the introduction video..they explain how to trade the patterns towards the end. Download your free copy here:

==> http://www.elementaltrader.net/get.html?w=ETP1&p=ccronje

It’s not often that something comes a long that I feel comfortable recommending, but I can honestly say that I’m personally very excited about this system. I’ve been looking for a good price action based manual strategy that I can commit to for the long term and I have a strong feeling that this could be it. If you are interested in manual trading then I definitely recommend that you check this out and let me know what you think.

Here is the robot performance report for last week.

1. General EA Comments

Only 2 of the robots I’m testing are currently in red figures, so overall thigns are not looking too bad. Forex Solomon is off to a good start with a profit of 8% in its first week and Forex Morning Trade has (against my expectations) made a nice profit of 16% in its first month of trading. Forex Combo System, Forex Crescendo and Forex Fisher Robot have also made more than 10% profit in their first month. Unfortunately Probability EA is not doing well at all at the moment and the overall account is now down by 19%.

My Top 5 Forex Robots have changed to the following:

1. Forex Combo System
2. Forex Crescendo
3. Forex Megadroid
4. Leo Trader Pro
5. Forex Morning Trade

2. Performance on Live Accounts

No robot are running on live accounts at the moment.

3. Weekly Performance on Demo Accounts

Note: Please visit the Robot Performance Page for more detailed statistics

Kangaroo EA: +2%
Leo Trader Pro: +0%
Forex Breakout Genius: -5%
Forex Morning Trade:+10%
Forex Fisher Robot: +3%
Forex Combo System: +0%
Forex Crescendo: +1%
Forex Gap Robot: +2%
Forex Solomon: +8%
Forex Quattro: +0%
Probability EA: -13%