The Forex Pip Bot was created by Ethan Callaway, an average Forex Trader. It uses a system that works by looking at the ranges in a given trading day and then plots out possible reversal candles and breaks in the ranges in an attempt to pick the high probability entry points. It also uses timing to track when the biggest volume and push in the market will be which adds to the success rate of the trades it picks.
Pip Bot also comes with a “Multi-Market Guarantee” which claims that is can successfully work in any market condition, e.g. trending, ranging and volatile markets.
Pairs Traded:
AUDNZD
EURCHF
Chart Timeframe:
1 Hour (H1)
Estimated Take Profit:
25 pips
Estimated Stop Loss:
90 pips
Released on 3rd June 2010, let’s take my copy of this Forex EA to my testing Lab…
Test 1: Independent Strategy Testing
2009 AUDNZD Strategy Test risking only 0.01 Lots per trade resulted in growth from $10,000 to $10,108 with 70.41% accuracy.
View full 2009 AUDNZD Forex Pip Bot Strategy Tester results
2000-2009 AUDNZD Strategy Test risking only 0.01 Lots per trade resulted in growth from $10,000 to $10,550 with 75.18% accuracy.
View full 2000-2009 AUDNZD Forex Pip Bot Strategy Tester results
Currently running Forex Pip Bot on Alpari UK, testing started on 4th June 2010. Current results are as follows:
View our Forex Pip Bot Live Test Statement
Lab Result:
7th June 2010:
- Testing only started the other day but I think there may be a bug with the code as I am struggling to trade any more than 0.01 Lots with Pip Bot. I’ll try and fix this, but in the meantime please note that each trade is only 0.01 Lots where I’d like to set it to at least 0.1 of a Lot.
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I want to buy this bot, do you recommend it? Thanks
Hi Cristobal,
As I haven’t had a chance to fully back test it yet, I don’t feel I’m in a position to give a recommendation. However, at first glance it does look like the kind of EA that suits what I’m after. Plus, the live results on their site are in line with their back tests… which is a good sign. But, first, I’d like to see how it performs pre 2009 and in my live test account before making a final decision. Keep an eye out for the full back tests which I should have up on the site soon.
I’ve bought this bot from your link, however the backtest I performed was very poor, I’m using FXOpen and FXDD, and pretty much the same.
Could you give me the settings?
Thanks!
Hi Cristobal,
Is your modelling quality at 90% on your back tests? This may be the cause of a poor or different result from mine. I wasn’t able to download the EURCHF histroical data yesterday, so my back test is only on AUDNZD. Feel free to zip up and send me your results so I can work out what may have gone wrong.
All settings were left as default. You can download them here.