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Autochartist Signals

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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. 

Screenshot 2020-06-02 at 09.31.25.png

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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. 

Screenshot 2020-06-02 at 09.31.25.png

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.

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

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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.

Screenshot 2020-06-02 at 14.43.06.png

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

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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

USDJPYH4.png

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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

FTSE100H1.png

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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.

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Posted (edited)

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

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

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