As many of you are aware, InterbankFX over the past few years have released certain trading tools/softwares available exclusively to their clients. One of these softwares is a tool called the Pattern Recognition Software. Now they’ve recently upgraded this software.
So, what exactly does their PRS do? Well, basically it will alert you of any pending setups on a variety of technical patterns, such as Head and Shoulders, Triple Bottom/Top, Double Bottom/Top, Downward and Upward Channels, amongst others.
Now, in theory, this sounds excellent, but in practice, is it any good? Well, firstly you need to have a live funded account with them to find out, but if you do, it’s totally free.
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The good thing about this new PRS, is that it’s actually very accurate in determing such patterns, and if you rely purely on hand-drawing your patterns on a daily basis, this will prove a very useful tool. Having said that, it’s NOT a trading system on it’s own, and you need to define your own stop losses and take profits. This will not trade for you, it’s only a tool, albeit a very good tool, to assist you in your trading.
Quoting IBFX themselves:
“In our effort to provide the highest degree of transparency for our clients, we’ve enhanced our PRS tool and educational videos to compliment trading practices, available for download to all customers,” said Todd Crosland, Chairman and President of Interbank FX. “This PRS tool allows traders to drill deep into the Forex market and see discernable price consolidation patterns. In essence, it provides Forex traders beneficial information to develop a solid, well thought out trading plan.”