Gomega Xray Results for May 22nd 2009

Its been a challenging week for my installation of Gomega Xray and I am sure for most automated Expert Advisors. I’ve had Gomega Xray trading a $5000 demo account with Alpari since the 21st of April, and it started the week with a balance of $6188. In the week it suffered a number of successive loses drawing its account balance down to well under $6000. Yet at the same time its equity balance was hovering around $7000. So even though the results looked bad but at the same time it was in a very good position overall.

Part of the explanation for the string of losses in my view is Gomega Xray trades multiple currency pairs and one of the entry factors is the cross currencies strength for each currency pair being traded. This is one of the factors that gives Gomega an edge when calculating whether to open a new position. However it is a 2 edged sword. So when the market direction changes and goes against Gomega, Gomega will possibly have many tiny losses in a row as the stop losses are triggered. Naturally the opposite is true when Gomega is on the right side of a market movement, the result being multiple giant wins in a row.

This is precisely how last weeks trading had been. Gomega found itself on the incorrect side of the market movement a few times as well as having some positions that were spiked out by major news events. Those news events without doubt had sent a cascade of stop losses rippling across the markets. Maybe a great oppurtunity for the dedicated manual trader? However notwithstanding this, Gomega was still in the trade on many positions since the start of the week and earlier. And as the Euro continued to strengthen throughout the week, Gomega’s equity position continued to grow, though its balance was down.

By the end of the week, Gomega had closed out many positions it had been holding and ended the week with a balance of $7296 and equity of $7478. So that was a gain of $2296 or 45% in less than one month.

While the weeks trading failed to produce a pleasant smooth balance curve, the final result is still extremely inspiring. If only Metatrader were able to show an equity curve that included the equity balance, it’d be better to visualize the real progress of the trading through the week. Another limitation of the chart s produced by Metatrader are that the horizontal axis is constructed on a trade by trade basis rather than a fixed unit of time. So the end result is a somewhat distorted view.
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