Please note that our reference accounts are being shifted to a dedicated VPS on 5th March 2012. Since this will lead to restarting the EA, a few trades during the week may differ from already running accounts. The MyFxbook publication link may be lost for sometime during this process and updating will continue as soon as the publication link is established.
PhiBase Technologies is happy to present its first monthly technical report. These reports will aim to provide inside view about the strategy and enable users to understand the EA better. Trading success is directly proportional to the confidence we have on the system being used. We believe that knowing and understanding the system better will enable users to have more confidence in the EA.
I'm amazed by your results... I mean... I purchased PhiBase but after backtesting GBPUSD and USDCHF, I decided to run it only on EURUSD... I do believe PhiBase is a (very) good EA, but, let's put it simply, backtest on GBPUSD and USDCHF are bad... Don't you think that your good results on those 2 pairs, which have drastically improved the overall profitability, are just luck and that it may quickly turn the other way ?
Our real account is being operated to provide users with a reference for trades. Since the account size is small, the minimum allowed lot size of 0.01 is being used - instead of the calculated lot size of about 0.005. Due to the string of successful trades the gain percentage is higher on this account. On a $600 account the same allocation would trade with lotsize of about 0.01. The reference account may only be used to verify the pips gain.
GU and UC are being used as supporting pairs only - not for stand alone trading. EURUSD is the recommended pair - the band EURUSD uses provides a reference frame. The other two pairs being well correlated to EURUSD are being operated with a shifted band setting - this will alter the entry logic for these two pairs. If a pattern is not forming on EU, it may form on GBPUSD or USDCHF due to the altered band setting.
The band parameters need to be revised based on EURUSD's long term price action - our team will provide parameter updates based on our technical analysis of the EURUSD from the PhiBase view point.
the USDCHF paramneter was changed from 50/100 to 0/0 two weeks back. EURUSD got into sideways movement due to which the price range has dropped lower. This will reduce the number of trades seen due to reduced trade entries/lesser number of tradable patterns. The band for GBPUSD was already adjusted in February (100/350). The modification of USDCHF's band to 0/0 will add an hedging effect using USDCHF trades.
It is optional for members to run the additional pairs. We recommend running only EURUSD. Our aim of using the additional pairs would be to make accounts outperform the standard account running EURUSD pair only.
We are working towards making GBPUSD and USDCHF as standalone pairs. The next version (3 or 4) is likely to have this implemented.
An Analogy that can be used to explain why GBPUSD and USDCHF cannot be run as stand alone pairs is given below:
PhiBase can be seen as a speech recognition software - The software has been developed for translating English (EURUSD) sound (Price Action) to digital text (Trades). When the same software is used for converting French/German speech, the conversion is not successful. But when the same core engine is trained for these languages, the conversion becomes successful.
16th April : Updated to V2.2 (final release version)
V2.2 was delivered to all members on 15th April. V2.2 is recommended because the following problems in V2.0/2.1 were corrected:
1) Back test problems faced in v2.0 were corrected 2) EA message displays hidden SL correctly in v2.2 3) Trailing SL improved to lock in gains better at higher levels 4) The EA's trade management has been modified slightly in v2.2 when compared to v2.0 - shows overall improvement in long term gains 5) v2.0 may allow the EA to hedge under certain price action conditions. This feature was removed in v2.2 since it needed further testing.
You can safely switch over to the latest version.
Our new website is ready and presents the backtests conducted with various options to help you understand the system better.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.