Blog Archive

Black Belt EA - Expert Advisor in Forward Test

Black Belt EAI'm happy to admit that I don't know the first thing about either Judo or Karate, but I get the impression that the Black Belt EA developer might be a martial arts expert.

I've therefore removed my witches hat to write this short article, and I'm going to try to say some nice things about the EA, through fear that I might get a visit from Bruce Lee or Jackie Chan to 'sort me out'. :roll:

Seriously though, this brand new Expert Advisor seems to have already captured a lot of interest, and the developer has kindly provided a copy to put into forward test at MellyForex so that our readers can monitor its performance.

The Black Belt website states that the EA is a non-grid, non-Martingale high frequency trader that works on the EURUSD symbol on the 30-minute chart timeframe. It claims to use price action rather than indicators for its trade entry signals, it's supposedly ECN and NFA compliant and, although it is meant to work best with brokers whose EURUSD spread is under 2 pips, spread is not meant to be that big an issue.

Now that the standard marketing spiel has been dealt with, what else can I tell you about the EA?

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PhiBase PRO EA - Expert Advisor in Forward Test

PhiBase PROThe latest EA to enter a forward test at MellyForex is called PhiBase PRO, and it claims to use advanced chart pattern recognition techniques to determine its trade entries.

In fact, there's quite a bit of marketing blurb on the developer's website which explains some of the thinking of modern-day patternmeisters like Gann and Elliot, and subjects such as Phi and Fibonacci numbers are also discussed.

Elliot waves have actually been around for some time, but I've got to be honest and say that I've never been able to spot them when it matters the most, which is during their formation. I've only ever been able to pick them out on historical charts, and it's invariably a bit too late by that stage to make any money from them.

Despite all the fancy gobbledegook about Ermanometry and logarithmic spirals, PhiBase PRO appears to use much more basic chart patterns as part of its modus operandi. The website refers to trade entries being based upon things that I can understand - like double and triple tops and bottoms, support and resistance breaks and wedges - none of which has anything whatsoever, in my opinion, to do with any of the fancy names I referred to above. That said, I'm not sure that it matters precisely how the EA works, just so long as it does actually work and it's profitable.

Let's try and find out if that's the case with this EA ...

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