Hi all, I stumbled across this forex system as I was in a forex forum. I believe this system is made by the same vendor that produced the forex cleaner EA. Let's take a look at how this one stacks up today.
Website Analysis:
The webpage is clean and first impressions are good with this one. What I like right off the bat is on the menu bar you can see a tab for the manual. I like when vendors readily display their menu on the webpage, I find it very informative and professional. We also see a tab for backtests which will show us that the strategy opens at bar opening and not usin ticks. What does this mean? we will not be able to achieve a modelling quality backtest with "open pricing only". This will negate some of the effectiveness of the strategy report.
Interestingly the vendor states "if you are looking for an EA that pretty much resembles your idea of a Holy Grail, read further. Holy Grail doesn’t exist but there are some very rare EA’s (usually private) that meets those criteria. Forex Pips Bag is one of them" Some of the highlights are as follows:
1. It trades every signal.
2. It opens/closes trades at the beginning of a new H1 bar
3. Very tight stop loss
4. Four stop loss levels
Since the strategy only opens one trade at a time it complies with FIFO US regulations. Also It trades on the H1 timeframe of the EUR/USD so it should not be sensitive of broker dependent. There is also a monte carlo simulation similar to some other top regarded forex vendors.
We can track the live performance of the system by clicking here
In conclusion I believe this strategy is sound and can work as good as just about any other top forex system. In the end only time will tell if this is a "holy grail"
Forex Pips Bag EA Webpage
