|Style||Trades the reversals within the larger trend|
|SL/TP||SL: 10-50 pips / TP: 10-15 pips|
|Pairs||AUDJPY, EURJPY, EURUSD, GBPUSD, NZDUSD, USDCAD, USDCHF|
|Refund Policy||60 days unconditional|
|Performance Tests (Live)||$300 real: http://www.forexrazor.com/en-us/account.aspx?sid=14667|
|Performance Tests (Demo)||$5000 demo: http://www.forexrazor.com/en-us/account.aspx?sid=14666|
FX Flash is getting a lot of buzz these days so we decided to review it.
It's a new EA from the developers that created Forex Over Drive (back story: Forex Over Drive was a once popular EA that drove over the cliff some time ago due to it having a stop loss of 300 pips that kept getting hit). It is marketed by William Morrison, the same guy that marketed the extremely popular Million Dollar Pips (which has done well for us!), though he marketed a few others that bombed (Fast Forex Millions, Forex Replicator, and FX Phantom).
The developers behind FX Flash says it uses moving average and ATR to determine trend direction, stochastics and CCI to measure if pair is overbought or oversold for potential reversals within the overall trend. They then apply this strategy on a number of different pairs and timeframes to produce 16 seperate systems.
Here is a screen shot of the operation of their strategy on EURUSD M15:
Trading corrections within the dominant trend is a sound strategy and will be profitable over time, as backtests and live tests are showing.
However, there is a much controversy as to the EA's originality (see below).
Backtest Evidence:Official backtest: http://fxflash.com/results/
Taking dukascopy tick data starting at 2007.03.30 and end at 2013.01.29, developers provide 99% quality back tests for all 16 systems and combines them all with an external software into one test. There are draw down periods and unsmooth equity curves in all 16 versions but combined together they seem to make an excellent equity curve and drawdown.
Verified Trading Accounts:ForexRazor.com's Forward Tests:
|Settings||Default (MaxTrades 3), AutoMM 2 on all pairs|
|Account Type||Live, micro ($300); Demo,micro ($5000)|
|Pairs & Versions||All|
5K demo: http://www.forexrazor.com/en-us/account.aspx?sid=14666
- Birt’s real account: http://www.myfxbook.com/members/birt/fx-flash/491113
- Another client (Alpari UK demo): http://www.mt4i.com/users/cfs_fxflash
- Another client: http://www.myfxbook.com/members/hagenuk/fxflash-demo/496854
- It trades with a sound logic that will most likely hold up over time
- It has a remarkably high win rate
- It works on 7 pairs for added diversification
- It does not rely on grids, martingales, or scalping methods
- It has smooth backtests with 99% tick quality from 2007 till present
- It has excellent forward results out the door
- It is priced at a low $47
- It is probably a tweaked clone of Aladdin 5 FX, which itself is a tweaked clone of Wallstreet Forex Robot
- It is probably priced low because it is not an original EA
- Since most pairs and time frames are highly correlated, diversification into so many pairs and time frames can perhaps add to future draw downs (even though DD was more smoothed out in combined backtests).
- Some of the 16 systems may have been curve-fitted
- Though live results are promising, it is still too early to tell