In this post I will be reviewing the Elastic Trader Pro forex strategy that has been developed fore trading manually in the MetaTrader 4 (MT4) platform. It includes a trading strategy template and technical indicators which you can load onto charts of your favourite currency pairs and timeframes.
The Elastic Trader Pro System will constantly scan these charts in your MT4 desktop platform for buy and sell signals based on its unique trading algorithm. When the Elastic Trader Pro Strategy determines there is a possible entry, it will clearly display a signal on your chart and can even send you an alert when there is a trade setup so that you do not always need to be sat at your desk waiting for signals to appear.
- Green arrow means buy and red arrow means sell
- Pink/red zone means sell and green zone means buy
Hopefully, this Elastic Trader Pro Review will help you to decide if this is a forex trading system that you would like to try out. I think that it has some potential but does require the user to take some initiative. This means that you will need to confirm each trading signal with your own market analysis to make sure that you are happy to take the trade. If not, you can always wait for the next opportunity to come along.
Elastic Trader Pro Strategy
The Elastic Trader Pro Strategy combines 3 technical indicators to try and identify the best time to enter and exit the market, depending on the currency pair and chart timeframe that you are running the software on.
Whilst I think it is good that this forex strategy is using multiple technical analysis tools, it does not consider the fundamental analysis of the forex market which can have a huge impact on the direction in which the market moves.
I therefore think the developers could improve it by implementing an economic calendar to help users avoid possibly volatile market conditions around major news releases.
The Elastic Trader Pro System also does not look at price action analysis in terms of candlestick patterns. I think these can be a great way to confirm trading signal before taking a position.
Another element of analysing the forex market that the Elastic Trader Pro Forex Strategy does not have is sentiment analysis. This is when you take a look at the positions of other traders in the market to try and gauge a feel for what the overall sentiment is. This type of market analysis can be used to trade with or against the crowd.
If a trading system such as this one is relying simply on technical analysis, it is limited in my humble opinion. There is more to trading forex than combining a bunch of indicators. If it was that easy then we would all be amazing forex traders!
On the positive side, the Elastic Trader Pro Forex System is very versatile. You can use it on any currency pair or chart timeframe that you like. It can also be used on other financial instruments including stocks, indices, commodities, metals, energies and cryptocurrencies. The Elastic Trader Pro Strategy can be used for scalping forex on the lower chart timeframes, day trading and swing trading.
Elastic Trader Pro Features
- Doesn’t lag/repaint
- Very easy to use
- Runs on all currency pairs
- Runs on all time frames
- Add to your existing setup
- Identifies optional buy/sell signals
- MetaTrader 4 compatible
- Great customer support
Elastic Trader Pro Summary
The Elastic Trader Pro forex trading system has some potential provided you are willing to take some time to learn how to use it and have the skills to filter the buy and sell signals that it generates with your own form of market analysis. You will also need to make sure your money management is up to scratch and your trading discipline in order. Things like the stop loss, take profit and traders emotions can make or break any forex strategy, including this one.
If you are interested in downloading the Elastic Trader Pro System, you could always start on a demo trading account to begin with. This could be a great way to familiarise yourself with how to trade with the Elastic Trader Pro Strategy and get the most out of it. You can get a free demo trading account from most forex brokers. Once you have built some confidence and have some success, you may then consider switching over to a real live account.
If you find that it is working well, you could always implement it within your own trading strategy to help you achieve your individual trading goals or even use it as a standalone forex system. There are many ways in which the Elastic Trader Pro Forex System can be used, so it is important to try and see if it can work for you before making any commitment.
Overall, this is a basic forex strategy, and I do not think it is much different from a trading strategy template that you could build yourself in the MetaTrader platform by simply using the default technical indicators and drawing objects that are included within the platform free of charge.
However, it is nice to have everything well packaged and ready to use straight out of the box. It is also a very versatile system and could be useful if you are able to take the time to filter out some of the forex trading signals it produces. If you want to learn more and get the Elastic Trader Pro download you can visit the website by using the link below.
Elastic Trader Pro
$49
Pros
- Versatile Forex System
- BUY/SELL Signals
- Easy To Use
- Any Trading Instrument
- Any Chart Time Frame
- Any MT4 Forex Broker
- Combination of Market Analysis
- Detailed Instructions
- Free Updates
- Full Support
Cons
- MetaTrader 4 Only
- Not Very Innovative
- Basic Trading Strategy
- Takes Time To Learn How To Use
- Requires Some User Initiative
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
