I’ve been forward testing the new Gomega Pound Yen since Tuesday last week. And it has proven to be very consistent at anticipating the market direction on trades it has entered, is was however exited early when the market retraced before advancing further. Leaving it in a net gain of $45.76 profit for the 3 days it traded.

Gomega Xray was also trading this currency pair having entered its position the week before. Just now Gomega Xray exited its position in the Pound Yen at a profit of $704.52. Leaving it with an account balance of $7686.72 and an equity balance of $8850.

Click Here for a Gomega GBPJPY to see Gomega GBPJPY in action

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Just thought I’d make a brief video showing Gomega Xray in action. Gomega Xray closed the week with a balance of $6980.77, which is a little off last weeks high. However to just look at the balance is quite misleading, as there are many trades that are still open. I believe a more relevant number to look at, is the equity balance, which currently stands up to $8059.24. After all, if I were to manually exit all the trades then this would would then be represented in the account balance.

Unfortunately the Metatrader platform isn’t able to include the equity balance in it’s chart for the detailed report. This, along with the account balance, would give a significantly better profile of the trading performance.

In order to illustrate this point, I’ve decided to plot the equity balance onto the account balance chart. Each red dot represents the current equity balance at the end of each week. The green line is a simple approximation of the equity curve. As the only equity balance data I have, is from the detailed weekly reports Metatrader has generated and I’ve only been producing those once per week. It would be nice if a plugin were available for Metatrader that could log the equity balance and render a detailed graph at the push of a button.

Notice the red dots are not evenly spaced, as Metatrader plots the horizontal axis on a per closed trade scale, not on a linear time scale. So the distance between the dot 5 and 6 from the left, is just one week. That is the week before last week, which was a very active week for Gomega Xray. It was during that week, that the large disparity between the account balance and equity balance became abundantly clear. They were for much of the week moving in opposite directions, the account balance was falling yet the equity balance was generally significantly higher. Of course the account balance will see a decline, if trades are exited at the stop loss value, the equity balance includes all open trades, many of which are likely to be closing in on their profit targets. Of course when you have the software trading right in front of you, you can see this effect, first hand. Which is what motivated me to make the above video.

Click Here for my Gomega GBPJPY Review and Back Tests, Forward Tests and Live Results

Technorati Tags: account balance, equity balance, GOMEGA Xray, metatrader, profit targets

A quick step through an automated trade with Gomega Xray to get feel for how Gomega operates . . .

1. Entry
Within the purple rectangle, at the moment the trade was triggered, all of the entry conditions were met. Notice that the distance between the stop loss and the entry gives this trade plenty of room. The Take Profit target is 450 pips and the Reward/Risk ratio is 5, which means that the stop loss is 90 pips. Based on a 1% risk factor, the position size for the trade is .05.

2. Wide Initial Stop Loss
As you can see, the stop loss keeps you in the trade, even when there are retracements and reversals. Remember, the mission is to reach the target or exit with a 1% loss.

3. Liquidation of Half of Position to Lock in Initial Profit and Simultaneous Stop Loss Tightening
At this point, we zoom out to see that the first half of our position is liquidated. Ourr FractionProfit setting is 0.6 and our Take Profit target is 450 pips, which means that at 0.6 times 450, or 300 pips, it’s time to take some profit. Simultaneously, the stop loss moves to break-even plus 30 pips.

4. Exit at Profit Target
The second half of our position was closed out at the 450-pip profit level. In the aggregate, we made a gain of 4% of our account. As you can see from the chart below, it takes disciplined hands-off trading to reach the profit target.

It is only fair to warn you that the doors will close on omega Xray at Midnight, Thursday March 26th (Pacific Time, USA) to be exact.

Visit the Official Site Now

Gomega is the premier hands free automated forex trading suite from Quantum Research. With each release Gomega just keeps getting better and better, going from strength to strength. Becoming more profitable, more automated and easier to use. However the price continues to rise accordingly. The good news is that once you purchase Gomega, you become part of a privileged group who not only receive unlimited expert support in setting up and trading with Gomega, you also receive all future updates and releases free of charge.

Just released on the Gomega site are some more examples of Gomega in action.

Gomega Xray 30 Min pairs made 278% profit in one year

Gomega Xray 1 hour pairs made 492% profit in one year

Gomega Xray in brief:

• True Hands-Free, Brain-Free and Emotion-Free Forex Trading
• Unequaled Support * All Future Updates at no additional cost
• They guarantee you’ll make money or will refund the full price (conditions do apply, such as you must setup Gomega according to  their instructions and actually trade with it, either on a demo or live account.)

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Geomega Xray – What has changed since AutotraderFX?

Gomega Xray will be available to a lucky few trader on March 19th 2009 for just 3 days.

Xray is the latest thoroughbred in their line of high end automated systems. Starting with Forex Profit Pro AutoTrader which automated buy, sell, stop, target and exit order execution. Through to Gomega TraderFX with included a plethora of advanced analysis features and even more push and play technology for deeper market analytics, advance strategies, profit targets and risk management. Now Quantum Reasearch are bringing us Gomega Xray.

What does GOmega XRay improve over the previous Gomega Autotrader version?

1) Gomega Xray is designed around the philosophy of get rich slowly. Employing a loose stop loss and smaller position size, resulting in higher return to risk ratios. In this way, trading forex becomes similar to buying options. Before you begin you already know the risk and potential return, but you may have to wait a while to realize the rewards.

2) In addition to a Profit Target, GOmega Xray also features a unique profit to risk calculation.

3) In GOmega Xray, your profit goal and return to risk ratio are intergrated into GOmega Xray’s position sizing algorithm.

Example: $5,000 account, risking 1% of the balance, 300-pip profit target, R/R ratio 3.5:1 yields an 86-pip stop loss and a position size of .06 lots automatically calculated.

4) The system compares the relative strength of both currencies across every cross of both currencies for the pair you are trading, and filters entries according to this data.

5) The system tests volatility with two independent methods, combining standard deviation and average true range into the Market Pulse indicator, which identifies areas where market activity is picking up and trends may be under way.

6) The system identifies "random" movements in the market and trending movement through its proprietary Randomness Indicator.

7) Automatic scaling out – if a predetermined fraction of the profit target is attained, Xray will liquidate half of it’s position is the trade.

The system does not have as many parameters. Many are limited in range or fixed.

9) You can trade with GOmega Xray 24/7

10) An optional trailing stop loss is included among GOmega Xray’s strategies.

These components when combined make GOmega Xray a formidable trading EA.

To get the GOMEGA Xray for more information

Download the GOMEGA Xray Report Now

FOREX is an acronym frequently used to name the foreign exchange market, also commonly called ‘Forex’ and ‘retail forex’ or ‘FX’ or ‘Spot FX’ and sometimes simply ‘Spot’.
Getting started in the Forex business is very easy requiring almost nothing. This is one of the reasons Forex is such a popular home business. Add to that its impunity to the current world financial crisis and you have a viable home business opportunity. I recommend that you first start out with a demo account while you get familiar with internet trading with metarader4 platform and expert advisor such as GOmega Xray from Quantum Research.

Technorati Tags: Gomega Autotrader FX, GOMEGA Xray

Download the XRay Report. Time and Money: How to Have Plenty of Both and Finally Experience True Freedom.

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GOMEGA Xray – Top 5 Frequently Asked Questions

1.
Will the GOMEGA Operate on a MT4 type platform?
"The Gomega will operate exclusively on a MT4 type platform. There are dozens of brokerages available online today that offer and support the free MT4 download. And the great thing about the MT4 is that it also offers a free data feed. There are also a number of brokerages that also offer a fractional PIP as well as market order platforms, and the GOmega will work with all of those as well."

What is the MT4 Platform?
"The MT4 Platform is simply the interface on which we see the incoming data that turns into price quotes for the incoming currency prices. And its also the place where we place our orders as well as track the orders that are in motion. So its simply the operating platform or the interface that users apply GOMEGA to and are able to interact with the trading. Brokerages supply that platform for us and that is how we interact with them."

2.
Is the System Completely Automated?
"I’m not sure if we’ve been able to express this enough. The GOMEGA is truely an automated program. Once you download the software and after the initial setup of opening the currencies that you want to trade and inputting the parameters for those currencies. You simply set the GOMEGA in motion and you walk away. You don’t have to do anything else. You can observe your trading from time to time but no further interaction is needed on your part. From time to time we will offer updates or new news on strategies and we’re happy to share those with our customers and that will require a little more input on your side. But other than that, the GOMEGA is a completely automated program and its going to allow your trading to simply run on its own and free your time."

And all they do is a simple install file to put that GOMEGA program onto that MT4 platform?

"That’s right. The GOMEGA is actually and Expert Advisor program. What it does is it installs itself seamlessly onto the MT4 type platform. The MT4 then takes the Expert Advisor or GOMEGA and it operates according to the rules set forth during the initial setup."

3.
How will the licensing work?
"People want to know. Will the GOMEGA be able to operate on more than one computer? The short answer to that is no. The long answer is yes and no, let me explain. The security features we offer with the licsensing, means that you can only operate the GOMEGA on one computer or more specifically one computer at a time. If you do choose to download the GOMEGA onto a second computer, the GOMEGA will only operate on one computer at a time. Unfortunately they won’t be able to run the GOMEGA on two computers simutaniously. So we do prefer it that our customers run it on one home based computer with a dedicated power and a decated internet connection."

4.
Will there be recommendations?
"People are kind of currious about the setup that we keep talking about and want to know. Are we going to have recommendations for what currencies to trade and what should those settings for those currencies. And the answer to that is. Absolutely! Of course we’re going to have a lot of research put into the currencies that we choose, and the parameters that we choose to run them at. We want to make sure that we have empowered our customers with as much information as they need to get the system up and running and trade successfully. So we will have plenty of setup guides as well as training materials and more information than you can shake a stick at, just to make sure our customers have all the info’ they need to really get this product working for them."

5.
What kind of support can you expect after purchasing the GOMEGA product?
"We’re happy to say that we have unlimited support available to all of our customers. And that includes phone calls, emails, live webinars and even one on one coaching that myself and our customer support staff are happy to offer. That support never runs out, that support is unlimited and we’re happy to work with all of our customers to make sure that they’re all getting the most success that they can out of our program."

Download the GOMEGA Xray Report Now

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