|Name||PRO Chart Patterns|
This Pro Chart Patterns review was last updated on October 28th, 2011, and we've confirmed that this signal service is no longer active. You can find another si16gnal provider by visiting our Forex trading signals reviews page.
PRO Chart Patterns is a signal service that delivers its signals via email or via auto-execution directly to your MetaTrader account. The fee is $50 per month for email delivery and $75 per month for the MetaTrader auto-trading service. There is also a 7 day free trial for both email and MT4 delivery.
DailyForex tested the signals via email-alerts to test the service from 15 August to 2 September 2011 (15 trading days). In that period, there were 34 new trades opened and closed – over 2 trades per day. Most of the trades were held overnight but they were also mostly closed out by the next trading day.
Signals were called on AUDUSD, GBPUSD, USDJPY, USCHF, EURUSD and NZDUSD.
This test was carried out from their email-alerts only. Emails were received at most hours of the day – starting just before 3am EST and the latest at 5:30pm EST. This vast stretch throughout the day would make it difficult for a single person to be available to execute all the signals in a timely manner. All the signals were given using market orders to open (i.e. not advance pending orders). Because the service states its opening price for a trade, a subscriber could use limit orders to match the entry if he or she cannot be available to execute the trade when the signal was sent. Of course, there is a chance that they could get a better entry if the price initially goes against the opening price of the trade. But there’s also a chance that some profitable trades are missed unless you’re comfortable with a worse entry. However, the point of a signal-only service is to match as the signals which would be pretty hard using their email only option.
Given the low difference in cost between email-alerts and auto-trading on MetaTrader (a difference of $25 per month), and how difficult it would be to follow the email-alerts at all times of the day, it would only make sense to subscribe to the auto-trade option.
The email-alerts were clear and succinct: each signal had an entry price, stop-loss and take profit. That’s it. No explanations for the trades were given: pure signals only. All the trades had a follow up if the stop-loss had been hit or if there was an order to take profits before the full target.
One thing I found a little frustrating was that when a signal was closed out at a profit, the amount in pips was stated in the email-alert; whereas when it was closed out at its stop-loss, the loss in pips was never stated. Although this is only a reporting issue and doesn’t affect the overall results, I didn’t appreciate the inconsistency.
Of the 34 trades completed during the test period, 19 were profitable and 15 were losers. The average losing trade was 52 pips and the average winner was 54 pips. The largest loss was 106 pips and the largest winner was 113 pips.
The net result was a profit of 32 pips. Although may not sound like much, it should be noted that the market was especially volatile during this time, and that most signals providers do have ups and downs in their trading, with the hope that the overall result will be positive in the long term, as was the case with ProChartPatterns.
The email alerts are clear and easy to follow, but because they appeared over a 14 hour period, it would be much better to subscribe to the MetaTrader auto-trade service.
On the website, there is no background of the trader or his or her trading strategy to ascertain the service’s future potential. You would have to judge for yourself based purely on the previous results whether this service meets your trading goals.
Want to get in-depth lessons and videos from Forex trading experts? Register for free to FX Academy, the first online interactive trading academy that offers courses focus on Technical Analysis, Trading Basics, Risk Management and more, all prepared by professional Forex traders.Register Now