With the advent of technology and growing interest in financial markets, the popularity of Forex trading has skyrocketed. Among the tools that have gained attention recently is the Iberian Basic GOLD, a trend-based Forex EA. This Forex EA review explores the features, strategies, and performance of this Forex robot.
Understanding the Iberian Basic GOLD
The Iberian Basic GOLD is a fully automatic professional Forex expert advisor. It is specifically designed to trade the XAU/USD (GOLD) currency pair and operates based on a 4-hour periodicity (H4). It is not recommended for other periods or currencies, as it has been fine-tuned for this specific scenario.
Trading Strategy of the Iberian Basic GOLD
The Forex robot operates based on trends. It initiates operations when the price surpasses the maximum or minimum values in the last 24 hours. It then verifies that the price is above a smoothed average of 6 applied to high to buy and to low to sell. It also checks that the trend is not ending by evaluating the level of variation with the latest highs and lows.
Validating the Trend
The Iberian Basic GOLD robot uses various calculations and indicators to validate the trend. Despite the complexity of trend detection, the robot also knows when to close operations. The success of the EA is enhanced by the progressive adjustment of the ‘Stop Loss’ according to the advance of the price and the proper definition of the ‘Take Profit’.
The New Strategy of Iberian Basic GOLD
As of version 4.17, the Iberian Basic GOLD has incorporated a new strategy based on the Bollinger Bands and Stochastic indicators. These additions further enrich its ability to analyse market trends and make more informed trading decisions.
Operational Parameters
This Forex robot is fully automatic and has several startup parameters that can be configured. However, the developers recommend maintaining the default values. These include the percentage of balance per transaction (default value= 2), minimum lots per trade (default value=0.01), maximum lots per trade (default value =10), and limit spread to trade (default value=25).
FAQs
Where can I see independent testing of the Iberian Basic GOLD?
Forexroboteasy.com conducts independent testing of this product, and users can subscribe to updates on the testing results.
How can I share my experience of using the Iberian Basic GOLD?
Users are encouraged to share their experiences and insights into the performance of the Iberian Basic GOLD. This helps in creating a more comprehensive understanding of the product.
In conclusion, the Iberian Basic GOLD, with its trend-based strategy and comprehensive set of operational parameters, provides an interesting tool for Forex traders. However, as with any trading tool, it is crucial to understand its workings and strategies before incorporating it into your trading routine.
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