I constantly keep a lookout for new promising EAs, but as you know most of them are garbage. Especially, it seems, the ones that is promoted the hardest (like FRWC and that new one right now Delphi). I think I’ve found a good one now thou, Forex Harvester. I’ve been keeping my eyes on it for quite some time, and it has performed very nicely over the last three months.
What makes it really interesting is that it isn’t another Asian session scalper (like FAP Turbo, MegaDroid, Forex Shocker and about 1000 other EAs), this is based on a unique strategy. It trades Sunday nights, the first few hours of the trading week and it trades if there are gaps in price from Friday close. The strategy is that the market will close these gaps and Forex Harvester places trades accordingly. I hope that FH will be an good addition to my automated setup, and at $147 it is a buy for me. I plan to use it at my Collective FX account.
Here is a live statement from the developers them self: http://www.myfxbook.com/members/MT4Trading/harvester-live/18004
Another nice thing is that one of the developers is very active in the forum over at DonnaForex, and very friendly and helpful. The actual site promoting the EA is the usual garbage thou, don’t pay attention to it.
We all love MyFXBook of course, who wouldn’t (if you don’t use it, you really should check it out. I don’t use any other stats service anymore). Now they got a small contest together with FXDD. The price money isn’t much and it is traded on demo accounts, but it could be a good motivation to finish my latest project, called Blue, and perhaps even get a new scalping strategy implemented (called Yellow). I don’t think Green is suited for a short period like a month and starting capital of just $1000.
Check it out: http://www.myfxbook.com/contests
I’m terribly late with this update. It was a terrible week so I haven’t had any motivation to write about it, but the idea with this blog is to force me to analyze performance and think about past results. So here is the post. The losses are in a great part due to a human mistake (mine). Like I wrote last week I put the wrong stoploss level in a lot of my hedges in AUDNZD, I set 1.3020 instead of 1.3120, losing me 100 pips in quite a few trades.
Also my scalping at JadeFX primarily (my main account for this kind of trading) was not very successful, a first for 2010 actually. Hopefully it recovers the loss in the coming weeks.
Total loss over the week across all accounts: $1775.40. Just terrible.
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Week 14 was really dominated, for me, by the rate hike decided by RBA which shot the AUDNZD above 1.32 again. This time I hedged my positions thou and closed the hedges on the way down. I had some left too long thou, which cost me dearly in the end. I miss placed the SL on quite a few trades so that they were not closed at 1.3120 as intended. Clumsy me put them at 1.3020. A very costly error (that will show even more in next weeks update). Mea culpa, no one to blame but me.
Total gain over the week was $228.28. Next week won’t be so nice thou, since a lot of the hedges are still open and in the red.
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I just realized that I didn’t make a weekly update during the Easter holiday. I was extremely busy during the weekend and it was a really welcomed break from work and trading. Because of the Holiday I only let my scalping EAs trade Monday and Tuesday.
The AUDNZD and EURCHF gave me real problems again. Both pairs trended outwards, minimizing my margin once again. One positive action was the massive selling of CHF the SNB shocked the market with on Thursday afternoon, catapulting the EURCHF up 240 pips. The AUDNZD trended higher thou as the market anticipated a rate change of 0.25% from the RBA (which was fulfilled after the Tuesday meeting).
Total gain over the week was a meager $62.69.
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