Today I’m reviewing a new Asian session-based expert advisor, Eagle Scalper. Built to trade specifically during Asian hours, this robot is a new scalping system that is optimized to work on the EURAUD pair. It’s a very rare that we see automated trading systems focused on this pair, so I do have some interest right out of the gate due to the uniqueness of this pair.
The EA is owned and developed by Yang Wu, who lives in China and currently has 3 expert advisors for sale in the MQL5 marketplace. The other EA’s consists of a sniper scalper, and the Jupiter EA, which is built to capture short-term market fluctuation. Thus, the main focus of Yang is clearly scalping strategies, which is one of my areas of expertise as well. To get in touch with Yang for support, traders can direct message him through his MQL5 profile page.
Eagle Scalper Review
The creator of the Eagle Scalper strategy tells the community that he uses several unique indicators in detecting market movements and price fluctuation. In doing so, the EA is able to dynamically set take profit and stoploss levels according to current market conditions while still utilizing a “fixed stoploss to protect the capital.” Yang does not believe the traders need to make any adjustments to the default settings and that the parameters should remain consistent across every single currency pair used.
Considering Yang is only recommending one currency pair, and that the software is optimized for that one currency pair, I’m going to assume you likely would have to change the settings for different currency pairs.
In order for the strategy to work successfully, traders need to utilize a real ECN broker with a very low spread. This is the case with many scalping systems, and will always be that way in the future. When dealing with smaller trades, and smaller time frames, the spread has to be minimal or else you simply won’t win.
- Type: Forex EA
- Price: $600
- Strategy: Asian Scalper
- Timeframe: M15
- Pairs: EURAUD
At $600, the Eagle Scalper is well above the average price for Forex robot in this community. The developers also offer a one month trial at $100, and a one-year trial at $360. For those that are interested in trading the robot on a demo account, this can be accessed for free on the MQL5 sales page. I certainly recommend trading this on a demo account for a good period of time, before diving in and spending the $600 it’s going to cost you for a lifetime membership.
In terms of trading results, we are provided a handful of back tests showing how the Eagle Scalper EA works on different pairs. As you probably know already, I am not a big fan of back tests and I don’t believe that they are reliable in 2017 when the majority of top robots are all using live data that can’t be reproduced in strategy tests.
The main issue I have with these back tests, is that they are from the beginning of 2015, to the end of 2016. Well, we are nearing the end of 2017, so the developers are 11 months behind on updating their trading results. To me, this is the most important part of the review, so I’m disappointed that there isn’t something more substantial. Especially considering that this is a $600 program.
We will have to rely more on the client reviews than the trading results.
So far, there are 12 client reviews for this product which make for an average review of 4.1 stars. There are currently 10 5 star reviews, and 2 one star reviews. Many of the reviews aren’t Chinese, so I’m obviously not sure what they’re saying, but I’ll show you one positive review and one negative review so you can get a better handle on how this is performing.
While I appreciate the positive feedback from current clients, the sample size of traders using the Eagle Scalper robot is small, and the trading results aren’t where I want them at this point. My main recommendation to the developer, would be to start running a few Myfxbook accounts and show us how the software performs in demo and live conditions.
If you have anything you want to add to the review, please leave your questions and remarks below.