Website : Forex Renewal Website
Publisher : Barry Huddlestone
Cost : Various from $49.95 to $99.95
Review Date : April - June 2011

WHAT IT SAYS ON THE WEBSITE

“The most incredible trading system ever! 99.83% Success rate!” is the simple headline on this simple website.

The vendor, Barry Huddlestone, has been trading since 1969, Forex since 2004. He is a former musician who has written a number of poems and is also the author of “The Acrostic Bible”, details provided on the website.

In December 2010 Barry states that he had 65 winning trades with no losses. Target is 20 PIPs and duration is typically 15 – 30 minutes with some trades taking longer.

The cost of the system varies (from $49.95 to $99.95) depending on the sessions bought, the choice is:

• New York and/or
• London and/or
• Asian & European

All options include 7 Day VIP Access and there is no Money Back Guarantee on offer.

That’s about it, a simple website with a simple tag line and a simple pricing structure.

THE MATERIAL

We decided we would only trade the London session for review purposes. The documentation for this strategy (and the others) is in-line with the website, it’s been kept simple and it comes in the form of a 4 page pdf.

At the beginning of the documentation the following recommendation is made - “Don’t trade this system live until you have 50 consecutive positive trades”.

The strategy itself is based on observing 6 popular currency pairs on the 15 minute time-frame from 7:45 UK time. Each chart has 3 Moving averages and a Trend line (drawn Daily). For Entry there are some mechanical rules as well as a fair number of additional discretionary Price action based rules. “The idea is to take high percentage trades whereby we can be 100% certain it will be a winner”. If no setup occurs before 11:00 UK time no trade is taken that day.

Stop placement is mechanical and usually ends up being around 50 PIPs although it does state in the manual “Don’t worry it’s never been hit. But, as with anything in Forex, it could happen”.

Target is fixed at 20 PIPs, although discretionary rules exist to provide for alternate exits.

THE SYSTEM

Set up is fairly straight forward as the indicators are easy to add to almost any standard charting package. The drawing of the Daily trend line may seem a little complicated to start with but does become much easier and second nature after a week or two.

Entry is based on the 3 Moving averages, Trend line and Price action. However, as mentioned above, there are additional discretionary aspects to consider which mean that Entry is about 80% mechanical. Stop and Target (assuming you use the mechanical option defined and 20 PIPs respectively, as we did) are 100% mechanical.

CAN IT WORK

Statements such as “Stops never been hit”, “50 consecutive positive trades” and “99.83% Strike rate” are, in our opinion, ambitious. We certainly never experienced any truth in any of them.

Each day, choosing the best setup (the trade you will take that day) involves applying the 80% mechanical rule base and then the discretionary aspects. We have been trading this system for 3 months now, April – June inclusive. Our results are as follows:

• Time period / Time-frame = 3 months / 15 minute
• Time Traded = 07:45 - 11:00 UK Time
• Risk Per Trade = 2.00%
• Number Of Trades / Winners / Losers = 52 / +40 / -12
• Percentage Of Profitable Trades = 77%
• Average Winning / Losing Trade = +0.74% / -2.00%
• Profit Factor (Gross Profit / Gross Loss) = 1.23
• Largest Drawdown = -4.33%
• Average Per Month Return = +1.84%

The above means we experienced a combined average monthly return of +1.84% during the 3 months we used the system, based on 2% risk per trade.

Due to the discretionary aspects relating to the Entry criteria we would say the above results are a reflection of - Us applying the 80% mechanical Entry rule base, our trading experience and, arguably, our inexperience due to just 3 months exposure to this system.

The main issues with this strategy are in fact the discretionary aspects relating to the Entry criteria. Some of these are documented in the manual and some are found in the members forum or email updates. They vary from observing; Different indicators, Higher timeframes, Fibonacci levels, etc. The Risk:Reward is also a drawback.

The vendor openly states that this is a discretionary system and that it is not mechanical. He also states that it will take patience, discipline and practice and that, eventually you will be able to, with experience, bend the rules to fit your own trading style.

The 7 Day VIP Access does include a daily update on the trade Barry took that day. This was always a winning trade, sometimes from the London session (if there was a winner), sometimes from the US session if the London trades were losers. It was not often we chose the exact same trade.

To summarise though, the mechanical aspects of this system do seem to have some merit. Those with some trading experience may well find they provide a solid enough rule base. Perhaps enough to build on and develop the discretionary elements to the stage where they surpass our strike rate (77% - Remember 72% is required just to breakeven) and hit the magic 99%+. We would welcome anyone reporting back their progress.

SUPPORT

We had no reason to contact support so cannot comment.

CONCLUSION

PROs
• Easy to set up.
• Stop and Target are mechanical.
• High win rate (to be expected though, due to the low Risk:Reward ratio).

CONs
• Entry may be too discretionary for some.
• Low Risk:Reward ratio (2.5:1).
• Waiting for 50 consecutive trades before starting to trade live, we suspect, would mean few would trade this live.

Do remember, your comments are important, if you decide to purchase this system, please support us by using our link and by reporting back your findings, both are valuable to us and the service.

Is anyone actively trading this? I'd love to see how it's faring.

Can you tell I'm looking for another bow-string?

Z