Happy Breakout Review

In this post I will be reviewing the Happy Breakout expert advisor (EA) that has been developed to run in the ever popular MetaTrader 4 (MT4) trading platform. For those of you who may be unfamiliar with the terminology, EA is the term used by MT4 to describe what is more commonly known as a forex robot.

This is yet another forex robot from the Happy Forex team who have developed many others, some of which I have previously reviewed including Happy Frequency EA, Happy Way EA, Happy Neuron, Happy Market Hours, Happy Fast Money, Happy Algorithm Pro, Happy News, Happy Trend and Happy Power.

Due to the automated nature of EA’s, they can be used by traders of all experience levels. You just need the MT4 trading platform and an MT4 trading account. I always prefer to open an MT4 account with ECN forex brokers for the best trading conditions available such as low spreads/commissions and reliable execution speeds. One of my top brokers for automated trading would be IC Markets. This is because they have tight spreads and plenty of liquidity to help ensure fast execution at the best available prices.

With so many brokers to choose from, I have conveniently compiled a list of my best forex brokers to help you quickly and easily choose a broker that meets your needs. You can simply attach the Happy Breakout robot to your chart and it will scan the market for trading signals. When it finds a signal according to the robot’s built-in algorithm, it can enter and exit trades on your behalf. It also has money management features and fully customisable input settings that can be adjusted according to your own preferred trading style.

Happy Breakout Trading Strategy

As the name eludes to, Happy Breakout EA implements a trading strategy that is aimed at spotting market breakouts. The expert advisor uses the strategy based on the breakdown of what it determines to be the most important support and resistance levels. These levels are often open to interpretation so it can be handy to have a robot identify them for you as the algorithm will need to have some sort of consistency.

However, the rigidness forex robots can also bring some limitations. From my personal experience, a robot cannot match a human’s eye when picking support and resistance levels. Granted, we may all market them differently but it is usually quite clear to see obvious price levels that have been acting as strong support and resistance. I think an automated system could find it slightly difficult to differentiate between strong and weak support or resistance.

The EA uses a fixed stop loss and will add a trailing stop to trades in order to try and lock them in whilst maximising them at the same time. This is beneficial as it does mean that when the Happy Breakout robot does make the right entry decision, you can stay in trades for a while and maximise the potential of each move. That is provided the trade doesn’t make a quick reversal that triggers the trailing stop before continuing in the anticipated direction. That can be frustrating and is one of the limitations of using a trailing stop but you do get some extra protection for the instances when a trade does not recover and continues against the original position.

The Happy Breakout EA has been designed to run on the 1-hour charts of the following major FX currency pairs: EURUSD, GBPUSD, USDJPY. I like these currency pairs as they are considered majors and therefore should always have plenty of liquidity and volume for catching some powerful breakout. The choice of the 1-hour chart I also think is a good idea because many day traders will be following support and resistance levels here. Plus, the longer a level has been holding for, the more reliable I find the breakout signals to be.

Happy Breakout Features:

  • Supports ECN brokers
  • Autodetection of 4/5 digit broker quotes
  • 100% automated
  • No grid
  • No hedging
  • No arbitrage
  • No martingale

Happy Breakout Back Testing

Whilst the developer has shared optimized back tests using real tick data with 99.9% model quality, they have not used real variable spreads nor have they accounted for trade commissions, swaps and slippage in the back tests. Thus, I would take these back-test results with a large pinch of salt. Additionally, the results are from many years ago and only span a couple of years. I really think they could update them to show how the Happy Breakout EA may have performed over the past 10-20 years as the historical data is available. This would help to give us a clearer indication of how good or bad the bot may have performed through various market conditions on different instruments and timeframes.

Happy Breakout Back Testing
Happy Breakout Back Testing

Happy Breakout Live Results

Despite the very limited back testing results, it is good to see that the developers have shared some live verified Happy Breakout results as this can give us a better idea of how the robot has been doing in real market conditions. I must say that I am quite impressed with the current stability of the EA and it has a reasonable profit factor to date. It may not trade as frequently as some other EA’s but does seem to be holding up so far. Of course, in trading things can change very quickly! To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.

Happy Breakout Summary

Overall, the Happy Breakout EA certainly has some potential as it uses a tried and tested method of entering the market when price breaches key support and resistance levels. The main obstacle for the EA is spotting such levels with accuracy. However, I am disappointed by the lack of backtests and have seen alternative forex robots with an overall better performance and a lower price tag.

That being said, Happy Breakout does include full support, free updates, instructions and a money back guarantee. I also like that it does not rely on any dangerous money management techniques as some of the other Happy Forex products do. If you are curious and want to give it a try, you could always run it on a forex demo account to begin with and see how things go. The Happy Forex team are very helpful and will be happy to answer any questions you may have. Please feel free to visit their website by using the link below.

Happy Breakout

€550
5.7

Strategy

7.0/10

Backtesting

5.0/10

Results

5.0/10

Pros

  • Fully Automated Forex Robot
  • Multiple Currency Pairs
  • Trades Key Price Levels
  • Customisable Settings
  • Any Forex Broker
  • Verified Results
  • Full Support
  • Free Updates
  • Detailed Instructions
  • Money Back Guarantee

Cons

  • Limited Backtests
  • Infrequent Trading
  • Limited Verified Results