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.
1 Hour (H1)
Estimated Take Profit:
Estimated Stop Loss:
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
Test 2: Live Test
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
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.
24th November 2010:
- Increased risk on AUDNZD to 0.5 Lots due to Profit Multiplier on this pair being better than EURCHF (1.4 versus 1.1).