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MT4 Forex Weekend Gap EA is a new automated trading solution. The developers believe that they have found the most successful strategy in Forex. They claim that the software trades at a 93.3% success rate but this is not backed up by any verified trading results.
Today I’ll be providing a review and letting the Forex Robot Nation community understand whether or not this is a worthwhile investment opportunity or just a quick fix.
MT4 Forex Weekend Gap EA Review
Today I’m looking at a new Forex robot, the MT4 Forex Weekend Gap EA. I got a few emails this week about this system so I thought I would take a closer look. There are quite a few aggressive claims and most are being promoted through a video on their web page. The video really only covers a very short period of time, picking out winning trades and discussing why they were taken. This is a common way to promote Forex systems but it’s not a method that works for me. I appreciate the in depth analysis, but if this is the only results for an automated system, it’s just not enough.
As I’m sure you already know the MT4 Forex Weekend Gap EA is focused on a market behavior these developers refer to as the weekend gap. This gap is when a broker closes trading over a weekend and then opens trading on a Monday evening. There is generally a gap between the closing price Friday evening and opening price on a Monday morning. They feel they can take advantage of this gap but they don’t explain how or why. They explain how a gap works in full detail but not how the EA works in correspondence with this factor.
At this point in time I can’t recommend MT4 Forex Weekend Gap EA. There is just not enough evidence for me to value this as a real investment. Obviously, as I always do, I’ll open up this post as a place for traders to leave their comments. If any of the Forex Robot Nation readers want to vouch for this system then I will consider giving it a shot but I just don’t see why they wouldn’t use myfxbook or MT4live. This is an automated software so there’s really no reason for a lackluster trading history. Thanks for stopping by today, I hope you get some winning trades and that you make the right decision when it comes to Forex products.
I have this EA and have been running it for about a month now. It’s not useful.
The premise is that when a gap is created over the weekend, starting on Monday, price moves back to where it closed on Friday afternoon. This moving-to-the-Friday-close happens in 90-95% of times that gaps are created. So just trade it, right? Nooooo. They conveniently leave out that price might well move HUNDREDS of pips in the wrong direction first, then move to close the gap. So their EA needed to incorporate a stop loss and that’s where the rub lies. Settings keep changing every week, strategies change, EVERYTHING changes every week. This is really just an experiment and one day down the road, there might be a useful product here. Right now, no one is making any money with it unless they are using it in a very special and secret way. These guys are quite good at analyzing why trades didn’t work out or skewing the results by saying “the default settings showed a 100% accuracy this week” but that is after the week before where those same settings were hammered! AND… they really don’t know what settings to use BEFORE trading, so it’s just a crap shoot for now. If you run the default settings, your win loss overall is about break even. If you run any other settings, who knows…..
I appreciate the feedback.