SnapbackFX by Alex and Nicky Ong (Agora)

[zorba_g]

Just had a read through myself - looks very basic but not bonkers. I think the results are hard to verify though, and you won't be seeing an indicator from me I think. Could be a great intro to trading though.

Z

[Reviewteam]

This product was taken off the market as we were about to start our review thus we decided to just provide a basic overview. If it comes back to the market we will again look to commence a full review.

The system was advertised as “No magic indicators, No fantastic mathematical equations, No bogus tips or recommendations – Just a simple, solid strategy that you can use every day to profit from the Forex markets in just 10 minutes”.

Our hard copy manual was 1 page short of a 100 pages, produced by Agora and came with a 30 Day Money Back guarantee. The system was designed by two brothers, Alex & Nicky Ong who have both been full time traders for 6 years. It was a trend following system which traded EURUSD on the 4 hour chart at 6:30 (preferably) each morning. The system relied heavily upon the identification and drawing of Trend lines (& Counter Trend lines) as well as Support & Resistance.

The manual states, in the introduction, that in the 11 months to December 2010 the strategy would have yielded 90% risking 2% per trade – A list of all trades are later provided.

Entry was based on the identification and drawing of a Counter Trend line (within a trend) and then trading on a break of this (with the trend). The Stop was based on the previous swing high/low and with a Risk:Reward of 1:2 being recommended, the Target was calculated at two times the Stop.

Many examples were provided in the manual, all from the official results table. These were all, of course, based on hindsight - Some trades we agreed with, some not. For example, some examples showed a winning trade where there was clearly no trend (example 1), some winning trades were not taken earlier (where we believe they should have been), but this is perhaps because they were losers (numerous examples, e.g. example 3).

Our summary, which is purely based on the manual, minimal chart time and back-testing, is that the system is quite discretionary and in real-time it would not be so plain sailing. Profitable perhaps but subject to ones experience and discretion.

[Fatchance]

I've had a look through the manual and tried to translate it on to a couple of real-time charts. I agree with you, RT, lots of nicely trending charts in the manual where everything works out as it should, but not so straightforward when faced with a live chart and without the benefit of knowing what's off to the right of the screen and about to happen next!

Agreed, highly discretionary and I'd also have difficulty with the wide variation in the number of monthly trades, which on the EUR/USD example over 2010 ranged from no trades to 9 trades per month, even if I was able to replicate the system creators' approach.

[Reviewteam]

We welcome those observations.

[achilles]

Well its extremely rare for me to actually recommend a system but for the money I think this is well worth it.
As pointed out it is a strategy and it is open to interpretation but it has certainly highlighted areas which I was aware of but never took much notice of before. That is probably what I like most about the system is that it makes you think about what you are doing instead of blindly following someone telling you what trades to take! Also it is backed up by a 45 minute weekly webinar were they go through any questions and potential trades, it is worth the money just for this alone. Since looking at this strategy I have taken 2 successful trades without any panic at all, albeit I have added a couple of refinements to help with it. By the way, you can use it on any of the main currencies not just EURUSD and they recommend the main 7 to start with before going onto cross currencies. I will definitely be continuing to use it in the future.

The only downside is now I have to get off all the mailing lists and emails from Agorra and associated companies!

[thraxas1]

This is back on sale:-)

[Reviewteam]

Thanks for the heads up - Wasn't much of a "off the market" period !

[macintel]

This product was taken off the market as we were about to start our review thus we decided to just provide a basic overview. If it comes back to the market we will again look to commence a full review.

R/T,

I had a link emailed to me a few days ago, the refund period is now 60 days, cost £47.
A full review would be very helpful at the moment if you have time, please.

Updates from any users would be appreciated as well, thanks

mac

[Reviewteam]

Sure thing!

[Reviewteam]

Our Snapback FX Review has just been posted.