Forex Pro Indicator Review Feb 7th

Ok, so I’ve skipped a couple of days here, This is the first day of my second month subscribing to their Forex Signals. I’ll admit, I really got burned by ForexProIndicator.com in January (my first month subscribing to their Premiere Signal Service that trades GBP/USD and USD/CHF). Simply because last month they experienced 4 losses in a row, then a win, then 5 losses in a row. If I had traded every one of those I’d be out of an account right now. However, they do pick winners more often than loses, just a really bad stroke of luck (or analysis) for a week or two there. So I was thinking about canceling my subscription with them, but it was too late and Paypal charged me. So I’m in it for another month at least. I might as well make the most of it and document my experience with them while I have the chance.

USD/CHF Trade

Today’s trade of USD/CHF seems very viable, makes alot of sense, a few indicators telling me that this signal might be accurate. But as I started to write this post, the market violated one of my indicators, my trend channel line and USD/CHF found lots of strength before the Sell Stop order that FPI had given out to me.

As you can see with this example here, a few minutes after placing the stop limit order (meaning the order isn’t placed until it reaches a certain number), the price breaks through my trend channel line which is a bad sign for this signal being tradable. But it’s not over until it’s over. This is my preliminary entry and will be concluded when the trade is concluded.

—– Conclusion of USD/CHF trade

The conclusion of the USD/CHF trade based on FXPI’s signal is a tough one to discern and ultimately a bitter pill to swallow considering if they had not given me the stop loss they had, this most likely would have been a 32 pip gain for me. Instead, as you can see from the example to my right, the market retraced, hit the stop loss, took me out of the trade, continued a few pips higher then came straight back down, and almost immediately hit the profit target level. Which is another interesting point. As they suggested, the profit target was placed at 1.0933, which was almost right in between the 2nd and 3rd fib support levels. So I set my T/P level there, but the market actually touched it for a minute, then retraced even higher than before, almost 100 pips up again. Now, I’m interested to see how FXPI scores this trade, whether they count that first retracement against us and count it as a loss, or they re-enter (without telling us) with basically the same signal just a few minutes later, and count it as a win. I know I got stopped out. How about you?

GBP/USD Trade

Now based on what I’ve learned, the GBP/USD would have seemed the less likely pair to go the way FPI’s signal had told me to. If you notice, the price action is very near the top of a steep trend channel line. The steepness of this line might be an indication that this weakness can’t go on forever, but should I bet against the odds of that happening today? Forex Pro Indicator seems to think not. They’ve told me to buy here if the price reaches 1.9623 which is right now 20 pips away from where we are right now. Above is a view of the conditions of this trade at the time I’m filling the order, the yellow circles are are future points of entry and exit.

It looks like a good trade from close up and on a smaller time frame, but the price is following along that beige line, its a wedge pattern forming for the past few days. Even though the MACD has crossed over, I’m not willing to use that as my leading indicator to reinforce my taking this trade. On the 4 hour chart we see above, the channel line is more evident and as you can see, it would take a really big move in the opposite direction of the trend to reach our target level, and approx 20 more pips to even enter the trade according to the signal provided. Obviously Forex Pro Indicator is betting on a retracement of some magnitude today that will break the trend channel line and the wedge pattern. Hey anything can happen right? Well, even if this doesn’t happen, the trade probably won’t be executed which means there will be no loss for today. I will finish this post when the trade is also finished.

—– Conclusion of GBP/USD trade

The GBP/USD trade was also another failure from the get go, against their prediction, and with my own prediction, actually exceeding my expectation of a great short move, breaking through my lower trend channel. If you traded the opposite of this signal you would have caught up to 200 pips! This was one of those times that crosschecking with other indicators on top of following a signal from a professional Forex signal provider pays off and kept me out of a losing trade. I’ll go on in my disclaimer below to point out that Forex Pro Indicator calls out winners all the time, it just seems that every time I trust them blindly, it’s a loser and every time I do research I scare myself from trusting their signal, some times I’m wrong. This time I was totally right, Note To Self: I think I’m getting better

I have no affiliation with ForexProIndicator.com and am not getting paid to make this review, in fact its the opposite. This review was made in hindsight after these trades were over as to not give away Forex Pro Indicator’s signals in real time to those who do not pay for the service. I will also stress even though these are losers today, ForexProIndicator.com sends out winners over 2:1, by my calculations, this is a good learning lesson if anything.