An In-Depth Review of the JackPot Elite Strategy Trading System
The JackPot Elite Strategy is a manual scalping system for trading Forex and other financial markets. It utilizes a combination of indicators to generate buy and sell signals and is designed to work well on lower timeframes. In this comprehensive review, we will take an in-depth look at how the JackPot Elite Strategy works, its key features, pros and cons, and suitability for traders.
How the JackPot Elite Strategy Works
The JackPot Elite Strategy employs a number of indicators in its setup, including:
- Bollinger Bands
- Moving averages (EMA 50 and EMA 100)
- Ichimoku Cloud
- Non-repainting buy/sell arrow indicator
These indicators work together to identify potential trade entry and exit points. Here is a brief overview of how some of the main indicators function within the system:
Bollinger Bands – The Bollinger Bands provide information about price volatility and potential support/resistance levels. Wider bands indicate higher volatility, while narrower bands suggest lower volatility. Touching or breaking the upper or lower band can signal potential reversal points.
Moving Averages – The dual exponential moving averages (EMA 50 and EMA 100) help identify the overall market trend direction. When price is above the EMAs, it indicates an uptrend, while price below shows a downtrend. Crossovers of the EMAs can provide trade signals.
Non-Repainting Arrows – This custom indicator provides the actual buy and sell trade signals for the system. The arrows do not repaint, meaning once they appear they stay in place. This gives traders confidence in the signals.
In terms of entries, the JackPot Elite Strategy looks for confluence between its indicators. For a potential long trade, the system wants to see:
- Price breaking above the upper Bollinger Band
- The EMAs in the correct (uptrending) order and turning green
- The RSI coming out of oversold territory
- The MACD crossing up through its signal line
- A buy arrow from the non-repainting indicator
Exits also utilize multiple indicators, including the moving averages, Ichimoku Cloud, and stochastic. The take profit and stop loss levels are set based on recent support and resistance areas.
Key Features and Benefits
Here are some of the standout features and benefits of using the JackPot Elite Strategy:
- Non-Repainting Arrows – This is a crucial feature as it allows traders to have confidence in the signals. The buy and sell arrows do not disappear or shift position after the fact.
- Works on Multiple Assets – The system can be used to trade forex currency pairs, stocks, commodities, cryptocurrencies, and more. Its flexibility allows it to work across different market conditions.
- Timeframe Versatility – While optimized for lower timeframes (5min, 15min, 1hr), the JackPot Elite Strategy for MT4 can also work on higher timeframes like 4hr and daily. This accommodates different trading styles.
- Detailed Entry Rules – Clear entry criteria using multiple indicators helps provide high probability setups. Traders know exactly what conditions are required to trigger a trade.
- Active Community – There is an active community of traders using the system which provides support, video tutorials, tips, and updates.
- Free MT4 Indicator – The core JackPot Elite indicator is available for free download and comes with full installation instructions. This allows traders to test it out risk-free.
- Alerts and Notifications – The indicator can be configured to provide pop-up or mobile alerts when a new signal arrives. This means traders don’t need to sit and watch charts all day.
Using the System Effectively
While the JackPot Elite Strategy provides entry signals, there are some tips for using it effectively:
- Use Good Risk Management – Employ tight stop losses of 1:2 or 1:3 risk-reward ratio per trade. Don’t risk more than 1-2% of account per trade. Manage risk accordingly.
- Trade Smaller Size Initially – When first using the system, trade very small position sizes to get a feel for its signals and performance. Slowly increase size as you gain confidence.
- Be Aware of Fundamentals – While a technical system, it’s wise to be aware of high impact fundamental news events that could affect price action.
- Confirm Signals on Multiple Timeframes – Use top down analysis to confirm signals on 5min/15min charts against higher timeframes for greater accuracy.
- Follow All Entry Rules – Ensure every entry criteria is met rather than just a few to give a higher probability setup. Don’t take shortcuts.
- Use Stops and Limits – Make sure to use stop losses on every trade to control downside risk. Take partial profits at key levels using limit orders.
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Performance and Results
Results will always vary trader-to-trader based on account size, risk management, and other factors. However, many traders report consistent success using the JackPot Elite Strategy. On average, traders seem to win 55% to 65% of their trades using this system. Some traders report winning streaks of 7 out of 10 or even 9 out of 10 trades.
The risk-reward ratio also appears favorable, with potential profits often exceeding the risk taken on a trade. Some traders target at least 1:2 risk-reward, while more conservative traders use 1:3 or higher.
On lower timeframe charts, winning trades typically result in 20+ pips profit. Losing trades when using proper stops tend to be -10 pips or less. This positive expectancy adds up over time. Based on user submissions, some traders average 500+ pips per week using this strategy.
These results demonstrate that in the hands of a skilled trader using good risk and money management, the JackPot Elite Strategy has the potential to be profitable over the long run. As with any system, trader discipline, patience and experience will impact overall performance.
JackPot Elite Strategy Downsides and Limitations
While the JackPot Elite Strategy has many positives, there are some downsides and limitations to consider:
- Requires Monitoring – Since it’s a manual system, it requires actively monitoring charts for new trading signals. This won’t appeal to set-and-forget traders.
- Time Consuming on Lower Timeframes – Trading off 5min and 15min charts provides more signals but requires more active screen time. Higher timeframes are less time intensive.
- More Suited to Scalping Style – The short term nature of the trades lends itself better to scalping. Those looking for long swing trades may want a different system.
- Learning Curve – Taking full advantage of the system requires learning how each indicator works and how they interact with each other. This can take time.
- Indicators Need Optimization – The default indicator settings may need optimization for different market conditions. This requires knowledge of indicator parameters.
- Requires Discipline – There will be losing trades. Traders must follow the system rules and maintain composure through drawdowns. Discipline is key.
So while a potentially profitable system, the JackPot Elite Strategy isn’t a magic bullet. Time, effort, and skill is required to use it successfully. It isn’t suitable for all trader personalities.
Verdict: A Solid System for Skilled Traders
The JackPot Elite Strategy deserves its reputation as a consistent performer. For traders willing to put in the time to learn it, it can be a profitable addition to a trading plan. The combination of indicators, non-repainting signals, and active community provides a reliable technical trading solution.
However, expect a learning curve. Be ready to manage trades actively, monitor the markets, and trade with discipline. Use tight stops and prudent position sizing. Within these parameters, the JackPot Strategy has the potential to become a key component in a trader’s arsenal.
Overall, for motivated traders seeking structured entry signals across multiple markets, the JackPot Elite Strategy is worth considering. While not flawless, it likely stacks up as one of the better technical trading systems available right now. Approach with reasonable expectations, apply proper risk management, and the JackPot Elite Strategy can be a valuable ally in navigating the financial markets.