Review of Forex PipStack EA (Launches April 27)
|EA Name||Currency Pairs||Timeframe||Strategy||ECN||4&5 Digits||Take Profit||Stop Loss||Home Page|
|Forex PipStack||EURUSD, AUDUSD, USDCHF||M15||5 in 1||Yes||Yes||20-28||20-26||Forex PipStack Website|
Performance (Forex PipStack Live Test Results)
Update (April 20th, 2010) – I got a review copy thanks to the ForexPipStack.com guys and it is now up and running. It surprisingly opened a trade on the EURUSD immediately after attaching it to the chart.
Forex PipStack will be sold through Plimus for $149.99. Our beta copy appears to be tied down to 1 account so I assume that is how it will be public as well.
The Forex market can be broken down into three trading sessions, the Asian session, the European Session, and the U.S. Session. These sessions will overlap throughout the day and correlations between trading sessions can easily be determined and utilized for trade placement. When moving from session to session, trades will often need to be placed in order to hedge short term price deviation.
Swing trading is a type of market trading that has been around and evolved for decades. A historic swing hi or swing low can easily be calculated and this data can be used to help determine how deep the next swing will be. Combining this type of analysis with a support and resistance breakdown leaves us with a system that is very accurate in both market entry and stop placement.
Scalp FX was designed to take advantage of temporary overbought and oversold conditions in the market. Often, when news or some sort of economic event occurs, traders tend to over react. This over reaction creates opportunities for a very limited amount of time.
The combination of the five systems allows for trading system diversification that is unseen in the majority of commercial Expert Advisors.
This diversification concept combined with thorough risk analysis makes this trading system completely revolutionary. Positive expected performance on 5 systems combined with a low draw down and diversification is why this system is able to profit the way it does.
My recommended For Forex Pip Stack And Any Other MT4 EAs is FXOpen which provides great execution time and the best/consistent spreads.
Forex PipStack is not available until April 27th, so until we get a beta copy, this conclusion will obviously have to wait. Forex PipStack looks like its going to be a robust EA with great potential, but lets not get hyped up about it just yet.
Update: Thanks to the guys over at Forex Pip Stack, I received a review copy and put it up for testing. It immediately went into profit with minimal draw down. So two great signs right away.
1. A vendor that actually responds, and offers review copies (they obviously believe in their system)
2. Forex Pip Stack has performed as advertised right out of the gate.