Autochartist Signals

[PaulRP]

Beware

I've already raised this with my premium client manager a few weeks ago, but I thought it would be worth flagging up an issue that I've seen over the last couple, here.

I'm an experienced and profitable trader, so I haven't been too badly hurt, but I've noticed that Autochartist signals, particularly on EURUSD are all over the place for the last month or so. This morning they issued both a Long and Short signals simultaneously, less than two hours after IG's European Session email was sent, which gave an Autochartist Long signal on this pair. As far as I can see, market conditions hadn't changed to justify a short signal. This is now a fairly regular occurrence. At other times, their signals offer a Risk/Reward ratio that are so poor that not sane trader should take the trade.

Please be careful when looking at these signals, folks. It could get very expensive. 

[Caseynotes]

1 minute ago, PaulRP said:

Beware

I've already raised this with my premium client manager a few weeks ago, but I thought it would be worth flagging up an issue that I've seen over the last couple, here.

I'm an experienced and profitable trader, so I haven't been too badly hurt, but I've noticed that Autochartist signals, particularly on EURUSD are all over the place for the last month or so. This morning they issued both a Long and Short signals simultaneously, less than two hours after IG's European Session email was sent, which gave an Autochartist Long signal on this pair. As far as I can see, market conditions hadn't changed to justify a short signal. This is now a fairly regular occurrence. At other times, their signals offer a Risk/Reward ratio that are so poor that not sane trader should take the trade.

Please be careful when looking at these signals, folks. It could get very expensive. 

yes, always had to keep an eye on the risk reward as the computer that generates the signals doesn't seem to care, has been that way for years.

[dmedin]

They just want you to trade as much as possible, they don't care about the quality of the signals.  

[PaulRP]

Here's an example of a really poor Autochartist signal. Note the insane Risk/Reward ratio. Plus, a 3 pip trade should never appear as a signal.

[JJP]

They were never designed to be taken seriously, were they ? 

[Kodiak]

Computer generated signals generally kind of stupid and needs a "brain filter" to be profitable

The signals Autochartist produce should be used as a scanner to alert and then its time to take a close look and then decide if its something interesting 

and also look for emerging signals

as an example i saw this inverse head and shoulder on USDJPY 240 min emerging but i dont trade forex so i did miss that one

[Kodiak]

FTSE 1 hour

But i dont know how they calculate targets?

This head and shoulder should be 200 points 

Head 6500 neck 6300 and target 6100

[dmedin]

TBH they just throw any old sh!t at you, in the hopes of getting you to trade.  I'd do the same if it were me.  90% of all these retail mugs are going to lose their shirts anyway.

[wimo]

Yup...there is definitely no free lunch...nothing beats figuring out trades for yourself...and/or skilling up until you know how!

Edited June 26, 2020 by wimo

[PhilA]

I didn't realise anyone took these things seriously do they?