Interbankfx, the IBFX-PRS Trading Tool, a Review

Since the beginning of this blog I have somewhat given priority to automated trading systems (such as expert advisors) over of manual trading systems. Today I will review for you one of the best trading tools I have found to aid my manual trading. This tools is the IBFX-PRS or IBFX-GPS which stands for interbankfx Graphical Pattern Scanner or Pattern Recognition Scanner.

The IBFX-PRS program does just what you would expect. It tries to recognize common pattern formations along the different currency pairs and different timelines. It find patterns such as head and shoulders, wedges, triangles, etc. Then in tells you a bunch of very useful information about these patterns. As you can see on the next image, the IBFX-PRS shows you the timeframe, trend, type, length and currency pair of every pattern that has formed completely or is awaiting breakout. The system also tells you how much it “trusts” each pattern formation by a series of indicators such as quality, Initial trend, uniformity and clarity.

The quality indicator, denotes how much the pattern aproximates de ideal pattern formation while the Initial trend indicator denotes de clearness of the former trend and the clarity and uniformity indicators improve as noise diminishes inside the pattern. All this tools are very important when considering which patterns to take and which ones not to take into account.

You can also view graphs showing you each pattern with the support and resistance lines so that you may plan your trading strategy accordingly. This is also great to give you confidence on certain support or resistance levels you may already be taking into account.

Personally I use the patterns that have not completed formation and evaluate their possibility of success by looking at the quality indicators given by the program. Then I set my stoploss and trailing stops according to the breakout levels I expect given the pattern caught by the program. I never use the patterns from lower timeframes, (I usually only take into account higher, 60min up until daily timeframes) as patterns emerging from these timeframes may in fact contain a lot of noise which hinders my ability to profit.

I have been using this tool for about two weeks and it is absolutely wonderful. I made almost 300 pips last week based on this system as well as my fundamental analysis of the four main currency pairs. It is superb to finally have a program which can take away all the work necessary to identify all this very profitable price patterns (this does not mean that you don’t have to do anything, not all the patterns are profitable, it takes discretion and experience to know this). I absolutely recommend this tools which is available to all interbankfx customers (demo or live) with the demo version having some limitations.
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2 Responses to “Interbankfx, the IBFX-PRS Trading Tool, a Review”

  1. myrizki says:

    Hello Daniel, I have 2 questions

    1. Does this EA do thing aomatacally?
    2. Can we have this EA once we use IBFX as a broker?

  2. Теодор Шейков says:

    Hi this is not an EA = automatic system. This tool is to help the technical analysis, helping to identify the patterns.

    I am not sure that this is for the expert level but for the newbies it is a great tool for learning.

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