Thread: Review - Forex Powerband Dominator (Set Times)

FOREX POWERBAND DOMINATOR (Set Times)

WHAT IT SAYS ON THE WEBSITE

Website: Forex Powerband Dominator Website
Cost : $129
Author : Dean Saunders
Review Date : January 2010

Yes, he’s back, and “You are about to discover a deadly accurate market dominating Forex system”. It’s a system that “has never been shared with anyone” and it’s one that Dean has “kept under lock and key for over 7 years simply because it’s that powerful”.

Although the system has never been shared with anyone, “somehow the word got out” and “the number of calls and emails from people desperate to learn the Forex Powerband Dominator keeps growing and growing”. The reasons, “it works with pinpoint accuracy”, “like clockwork” and “on any timeframe”.

The system owes itself to “one lucky discovery while experimenting with countless trading theory’s”. The website then continues to “tell you a story about how I found what I believe to be one of the best Forex systems on the planet”. We will not re-iterate the story here as we don’t think we could put it any better, but it does have a great ending. “The results floored me”, “I mean real knock me off my chair, leave me gasping for breath floored me”.

The system has delivered 12 winning trades in a row, not just once, “huge winning streaks are a regular occurrence” and “soon they will be for you too”. “If you can count to 3 – Recognise a simple pattern and push a button, you can make money” from the Forex Powerband Dominator.

As well as a manual, there is a selection of “high quality videos of every aspect of the system” that “take you by the hand through the whole process, from setting up your charts to identifying a setup and cashing in on the trade”. So easy in fact “a 10 year old could use it to make money”.

The package comes with:

• Comprehensive Manual
• Video Module 1 – Platform & Charting
• Video Module 2 – System Mechanics Part 1
• Video Module 3 – System Mechanics Part 2
• Video Module 4 – The System
• Video Module 5 – Position Management
• Video Module 6 – Live Trades
• Cheat Sheets

The reasoning behind the pricing is explained as follows, “using this unique system you will literally be in the top 5% of traders worldwide”. It continues, “I’m not going to insult your intelligence like so many other guru marketers and start with a ridiculously high figure and keep putting a line through it” as “I want to help the little guy like you out”. “Most people would charge you in the high hundreds or even thousands of dollars for this information” and “sure I’d make a ton of money”, “but I’m already having great success and I want to give something back” so “the cost is just $129”.

The system is recommended for the Daily or 4 hour charts. Dean personally uses the 4 hour charts, although the system will work on any timeframe except the 1 minute chart. It has a 70% win rate though “you can easily average 80%+ wins” and “the average win is much larger than a loss”. Any charting package can be used, so no MT4 indicators or templates here.

No testimonials this time for Dean’s product, the reason being, “As I said earlier this system is something that I have kept quiet for the last 7 years, only my closest friends have ever seen it”. The intention is that testimonials will come from “real people that are starting from scratch, trading Forex and changing their lives”.

THE PURCHASE

$129 via Clickbank with the usual 60 day money back guarantee.

THE MATERIAL

The manual is 49 pages long and is, as expected from Dean, well written and comprehensive. The first dozen or so pages cover installation and charting basics so can be skipped by those with previous experience.

There then follows a number of chapters on Support & Resistance, Trend lines, Round Numbers, Key Moving Averages and Candle formations. Mostly well explained material that is both common sense and knowledge to those not new to trading.

The system has two set-ups, A & B. Both are quite similar and are primarily based on Bollinger bands, Stochastics and Price action. And, as mentioned above, Support & Resistance, Trend lines and Moving averages are also utilised to support the trade identification process.

Entries and Stops are clearly defined and Targets are based on Bollinger bands so they are also quite clear.

4 hour and Daily time-frames are recommended for trading this system. Though, it does state that those wishing for more action can drop down to the 1 hour or even 15 minute timeframes.

The sections on Trade and Money management again, provide sound advice to those new to trading.

Worthy of a mention are the two Cheat sheets, one for Buy set-ups and one for Sell set-ups. These are one pager overviews of the system and all you will really need to reference if trading this system.

THE SYSTEM IN THEORY

The system is really easy to set-up on any half decent charting package which supports Moving averages, Bollinger bands and the Stochastic indicator.

Trade identification is quite mechanical, say 80%, as ones interpretation of Support and Resistance, Trend lines and Candle formation come into play. As mentioned above, Entries and Stops are easy to determine with Targets being based largely on Bollinger band location.

As many of you are aware, due to timing we cannot trade Daily candles so we went with the other recommended timeframe, 4 hours. No mention of which pairs the system is best suited to so we thought the same ones we traded LMT Forex Formula on, USD/CAD, NZD/USD, EUR/JPY, GBP/JPY, AUD/JPY, EUR/CAD, GBP/USD, AUD/USD & USD/JPY, would be appropriate.

THE SYSTEM IN PRACTICE

One of the rare occasions that we didn’t actually use a system in real-time, not due to lack of time or confidence, more a lack of willing. We (at Systems For Traders) all agreed that the indicators and basics of the system are technically sound. They are so technically sound in fact that all of us in some shape or form incorporate at least some of the aspects in our own trading already.

Back-testing, a quick scan over recent months, varied between us, 3 of us performed the exercise. Largely due to the discretionary aspects of the system, we only had about a 75% cross-over of trades (where we would have taken the same ones). So, this is by no means a 100% mechanical system.

However, based on the eye-balling we did across the 9 pairs on the 4 hour time-frame we all agreed that, generally speaking the system could be profitable. The other thing we were all in complete agreement with was that the results neither “floored us” or “left us gasping for breath”.

CAN IT WORK

The system has sound concepts, it’s well presented and may well be of use and interest to those new to trading. For those with more experience, we would be quite surprised if they were not aware of / already incorporate some, if not all, of the concepts, in some shape or form in their current trading.

To summarise, a good footing for those new to trading. However, there is nothing new here that cannot be obtained free from the many Forex resources out there. The main difference being that the sound and common concepts have been consolidated and packaged as a complete system, and the jobs a good one to be honest.

In the end though, we all reckoned that those new to trading would probably be better off with the 3 Ducks Trading system (reviewed by us here). As a free resource, based largely on the Multiple Time-Frame (MTF) Trading concept, we just think it provides a sounder building block, but that’s just our opinion.

Those with previous trading experience who look into this system, we appreciate your comments (in fact we would also welcome feedback from those new to trading too).

SUPPORT

We didn’t have any reason to contact support so cannot comment.

CONCLUSION

PRO's
• Well written and presented material.
• Good ground for those new to trading wanting a sound base (and complete system) from which to build.
CON's
• It’s mainly common trading principles consolidated into a saleable product (but it is presented well).
• Similar material and theories are available elsewhere for free, as are alternative base strategies. *

IMPORTANT NOTE: * Other free resources/strategies may not be provided as “complete systems” or be as well written and presented as this. They may well require a degree of searching, understanding and commitment in order to construct a standalone system which inspires enough confidence to trade from. This time and effort though is probably not a bad thing and is not to be discouraged, in our opinion, in fact we probably consider it one of the learning curves in trading.


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.

ReviewTeam - www.systemsfortraders.com