Forex Combo seems to have been performing profitably for a while now and one of our MellyForex forum members asked if it was possible for me to review it. I took up the suggestion and emailed the developer who promptly replied to my request and kindly provided a review copy.
The EA trades on two currency symbols and gets its name because it uses a combination of three different strategies within the EA. The three strategies are described within the Forex Combo user guide as being "Scalping", "Breakout" and "Reversal" which all sound very encouraging.
I'm not entirely sure what my tests are going to reveal but, seeing as the EA seems to have been performing well in both a forward test running on the developer's website and it has also started well in my own forward test, I'm certainly hoping that this EA will live up to its early promise!!!
While I'm carrying out my analysis of the Forex Combo System and preparing my review, I've set the EA up in forward test on a $5k demo Forex Central Clearing account. As I've mentioned elsewhere, this is a true ECN account quoting raw spreads which are often as tight as 0.1 pip, and the FXCC demo price feed is identical to their live feed, so it will hopefully portray the Forex Combo System in as accurate a light as is possible. As is the case with ECN accounts, a commission of 1.0 pip is being charged by FXCC per round trip trade.
The Forex Combo System works on both the EURUSD and GBPUSD currency symbols on the 5-minute timeframe. Because it combines three separate strategies, there is the possibility that it could take trades in contravention of NFA hedging or FIFO rules. The EA does include a setting to make it FIFO compliant, but I've turned this off as FXCC aren't required to comply with NFA rules.
I've set Forex Combo up such that it risks 3.0% of the account free margin on each trade on both of its recommended currency symbols. In common with the other EAs that I've got in test, I'm not allowing any slippage on the trades whatsoever.
I am also limiting Forex Combo's maximum allowed spread in pips as follows:
EURUSD - 2.0
GBPUSD - 3.0
As with my other robots in test, you can monitor Forex Combo's performance at MellyForex by clicking here.