Welcome to my Pivot Trader Pro Forex Robot review. Pivot Trader Pro is a fully automated forex trading system based on the popular and widely used pivot points. Pivot Trader Pro uses a pivot point based strategy – as the name suggests! These pivot points show levels of support and resistance that price has failed to breach during previous trading periods, typically the previous trading day. An important aspect of pivot points is that many traders around the world will place them on their charts every day and use them to assist in their decision making. This can sometimes give them a self-fulfilling prophecy in the sense that if so many people are using them then price may react to these levels. This forex robot also includes additional technical indicator filters to try and avoid false signals.
Pivot Trader Pro Trading Strategy
Pivot Points can be used mainly for price reversals and also on occasion for breakouts. Logically, they display recent support and resistance levels on the charts so these are reactions we expect price to have around the pivot points. There is usually a main pivot point which is an average price and then pivot point levels 1-2-3 of support and resistance.
Another distinct advantage of pivot points is that they take the guess work out of marking levels of support and resistance as they are automatically calculated for you – this also helps to ensure forex traders are using the same levels rather than their own perceived prices of support and resistance.
That being said, Pivot Trader Pro incorporates this idea into a fully automated forex trading system so it is safe to say the concept behind this forex robot generates a strong foundation for placing entries and exits along with a built in money management strategy that you can customise to your preferences.
In addition to the pivot point levels, Pivot Trader Pro also incorporates oscillators to identify over bought/sold areas and a trend indicator filter to try and establish the direction price is traveling. Candle close prices are used for extra confirmation. It trades multiple currency pairs.
Pivot Trader Pro Back Testing
There are no back tests provided by the developer on the website. It would have been useful for potential users to see 99% modelling quality back tests using Birts TDS in the MT4 strategy tester. This could have given an idea of the historical performance but of course would be no guarantee of future performance. For the upmost accuracy, back tests can be conducted using real tick data, variable spreads and including commission, swaps and slippage.
Pivot Trader Pro Live Results
Pivot Trader Pro Summary
Pivot Trader Pro comes with an instruction manual for a quick and easy setup as well as lifetime support and updates at no additional cost. Visit the Pivot Trader Pro website for more information.