What's this Elliot Wave Indicator for the FX market all about?

[CarpeUK]

Thanks ChowClown for your input.

One of the main problems of getting enthused with new things, is a loss of perspective.
An additional method, used as a benchmark, such as the one you have submitted, keeps people
aware to the relative merits of systems.

Personally, MAs have serve me well. ( not surprising being a trendie !! )
Also, they are a universal charting mechanism - no black-boxes, expensive subscriptions etc.

Trendie,

Thanks for the info but I have only just been able to check the forum. i will be away from the forum all day so i will not be back until sometime tomorrow afternoon. I will also let you know how it goes with the programmer tomorrow.

Have good weekend all....Score some big pips today for me

 

[CarpeUK]

Morning,

This moving average system might be a useful benchmark for 4xtrend. It's a widely used 3,13,39 moving average method, which works across most time frames. 30 minute charts work quite well on EUR/USD, GBP/USD for instance. I tend to use exponential moving averages (EMA), but it would probably work with simple moving averages (SMA)

Rules are attached but the basics are:

BUY when EMA(39) is RISING and EMA(13) crosses up through EMA(39) - exit when EMA(3) crosses down through EMA(13).

SELL when 39 is FALLING and 13 crosses down through 39 - exit when 3 crosses up through 13.

It's a simple trend following method, which attempts to minimise whipsaws during flatter periods, no holy grail, but will keep you on the right side enough of the time to be profitable. Of course you aren't tied to one charting package/plugin and it can be applied to any liquid market.

As I say, might be useful as a comparison, for those interested.

ChowClown,

Thanks for the post its a good idea. the The Advanced Options strategy uses EMA's as a guide to the way the market is moving but i think it does say dont just rely on them to trade. Dont quote me on this because i have only just started to read it but i think your idea for comparison would be a good start

 

[Dow Dog]

Quick question.

Does the educational and other manuals provide you with a ready-made system or is it just a basic theory which enables you to design your own system ?

 

[Bunyip]

Quick question.

Does the educational and other manuals provide you with a ready-made system or is it just a basic theory which enables you to design your own system ?

Dow Dog,

Both manuals (Education manual and Advanced options) are full systems, with clear entry and exit criteria.

 

[trendie]

CarpeUK,

over on the "100 pips per trade", there is a simple breakout FX strategy being offered.

dont know if its as good as 4xtrend, but is uses a much simpler process.

I will paper-trade that as a baseline tester.

 

[CarpeUK]

CarpeUK,

over on the "100 pips per trade", there is a simple breakout FX strategy being offered.

dont know if its as good as 4xtrend, but is uses a much simpler process.

I will paper-trade that as a baseline tester.

I saw that a few days ago, have not tried it yet but hay the more simple techniques we can add to our arsenal the better

 

[isis]

CarpeUK,

over on the "100 pips per trade", there is a simple breakout FX strategy being offered.

dont know if its as good as 4xtrend, but is uses a much simpler process.

I will paper-trade that as a baseline tester.

Where is this thread?

 

[CarpeUK]

Where is this thread?

http://www.trade2win.com/boards/showthread.php?t=11657&page=1&pp=15

but if you cant be bothered to read the whole post i think this is what you are after

http://www.moneytec.com/forums/_for...=8&pagenumber=1

And:

http://www.moneytec.com/forums/_for...88&pagenumber=1

CarpeUK

 

[Mark Hellikson]

http://www.trade2win.com/boards/showthread.php?t=11657&page=1&pp=15

but if you cant be bothered to read the whole post i think this is what you are after

http://www.moneytec.com/forums/_for...=8&pagenumber=1

And:

http://www.moneytec.com/forums/_for...88&pagenumber=1

CarpeUK

Hi Everyone,

I've finally read through the 4xtrend Education Manual. However, now I can't print the instructions telling me how to setup this system using the Trading Station from FXCM. The download page is no longer available to me since I was delayed (the work on the house we're selling is finally complete) in getting to this informaiton for about a week. I've e-mailed 4xtrend about this and am waiting for their response. I have downloaded their chart but don't have the instructions describing how to use the chart with the Trade Station. I'll get there one way or another...

What's the new system JT is describing? Has anyone taken a look at it?

Thanks.

Mark Hellikson

 

[trendie]

Hi Mark,

I didnt have to "do" anything other than download the software and install it.

Then, when in FXCM, you hit the "Charts" option from the top-bar, and it opens up the market chart.
From there, you add the three indicators EWT, EWN and EWO.
Then its all automatic, and the figures and calculations are updated on each time-frame
( each 15 minute bar )

re: JT system.
Actually it is a system from someone called TrendLineBreak over on moneytec.
It is interesting. You initiiate a position based on a 100-point range breakout on Tuesday AM ( 1 AM !! ).
Since it is a 100-point range, it is effectively a 50-point breakout from a pre-defined point.

Then, you effectively leave it to run until Friday night.
There are some additional rules about Stop and Reverses, etc.

I will be running that as a baseline test against 4xtrend.

 

[CarpeUK]

Hi Everyone,

I've finally read through the 4xtrend Education Manual. However, now I can't print the instructions telling me how to setup this system using the Trading Station from FXCM. The download page is no longer available to me since I was delayed (the work on the house we're selling is finally complete) in getting to this informaiton for about a week. I've e-mailed 4xtrend about this and am waiting for their response. I have downloaded their chart but don't have the instructions describing how to use the chart with the Trade Station. I'll get there one way or another...

What's the new system JT is describing? Has anyone taken a look at it?

Thanks.

Mark Hellikson

Mark,

i will PM you the instructions you need.

You will be unable to print them out because it is a security feature of the book to stop people copying it. (any good designed ebook will be the same)


The instructions on how to use the charts with the trade station i will PM them to you. As for how to use the charts they are a;; explained in the ebook

If you have any further questions let me know

C

 

[Mark Hellikson]

Mark,

i will PM you the instructions you need.

You will be unable to print them out because it is a security feature of the book to stop people copying it. (any good designed ebook will be the same)


The instructions on how to use the charts with the trade station i will PM them to you. As for how to use the charts they are a;; explained in the ebook

If you have any further questions let me know

C

Okay, thanks you two. It sure is great to be able to communicate with such knowledgeable traders. I appreciate it!

 

[Mark Hellikson]

Mark,

i will PM you the instructions you need.

You will be unable to print them out because it is a security feature of the book to stop people copying it. (any good designed ebook will be the same)


The instructions on how to use the charts with the trade station i will PM them to you. As for how to use the charts they are a;; explained in the ebook

If you have any further questions let me know

C

Hmmm... When I follow the instructions, adding the 3 indicators in the Market Scope chart, I have nothing come up. I've been playing around with the MarketScope dialog box, but still see no charting info like in the manual. Wonder what I'm doing wrong...

 

[Mark Hellikson]

Hmmm... When I follow the instructions, adding the 3 indicators in the Market Scope chart, I have nothing come up. I've been playing around with the MarketScope dialog box, but still see no charting info like in the manual. Wonder what I'm doing wrong...

Went back and downloaded, and installed the charts again, and this time I can load in the indicators...

 

[tcksee]

Hi
do you receive all the details via post or is part downloaded
it seems a good system all the luck for the future
tom

 

[Mark Hellikson]

Hi
do you receive all the details via post or is part downloaded
it seems a good system all the luck for the future
tom

I finally got everything in its place although I still don't know how to use it efficiently. So far, I've had a few losing trades with it. It's a little difficult for me to pick out the buy and sell trades.

I wrote 4xtrend to get some clarification on some things that should help me determine buy and sell signals with a greater degree of confidence...

Have you had success with it?

Thanks Tom.

 

[trendie]

Hi Mark,

are you using the 15 minute bars or the 30 minute bars for your trading ??

 

[trendie]

GBP-USD; 15 mins

I have been conservative.
When it is a buy, I have used the high as starting point. ( and used low to close the trade ).
and reversed for sells.

the trades seem non particularly impressive yet. but this is only a couple of days.
I have not accounted for spreads.
This is meant as only an illustration.



Date Time 4xtrend High Low
Sep 17 03:00 [1,3,0.0004] 1.7940 1.7920
Sep 17 10:30 [1,5,-0.0004] 1.7924 1.7912
Worst case: (1.7920 - 1.7924) = -4 PIPS.

Sep 17 11:15 [-1,3,-0.0019] 1.7915 1.7902
Sep 19 14:30 [-1,3,0.0002] 1.7927 1.7923
Worst case: (1.7902 - 1.7927) = -25 PIPS.

Sep 19 15:30 [-1,3,-0.0002] 1.7923 1.7921
Sep 20 12:30 [-1,3,0.0007] 1.7874 1.7861
Worst case: (1.7921 - 1.7874) = +47 PIPS.

Sep 20 17:00 [1,3,0.0007] 1.7861 1.7855
Sep 20 20:00 [1,4,-0.0001] 1.7850 1.7845
Worst case: (1.7855 - 1.7850) = +5 PIPS.

Sep 20 20:30 [-1,4,-0.0008] 1.7851 1.7845
Sep 21 02:30 [-1,4,0.0002] 1.7856 1.7842
Worst case: (1.7845 - 1.7856) = -11 PIPS.

Sep 21 03:30 [-1,4,-0.0001] 1.7851 1.7841
Sep 21 04:45 [-1,4,0.0002] 1.7865 1.7856
Worst case: (1.7841 - 1.7865) = -24PIPS.

Sep 21 05:00 [1,3,0.0004] 1.7876 1.7858
Current:

NB: one thing I dont know, is does a trade get closed out ewhen the EWT go to ZERO ?
Or only when the EWO goes from pos to neg ( to close a buy )
Or from neg to pos ( to close a sell )

Cant help but fell a MA would be better to clsoe the position.
Looking at the charts, the chart gives up a lot of profit before triggering a close of a position.

Also, you have to be awake all day and night !!

Does anyone else confirm my paper-trades as listed above ??

 

[trendie]

This is very early days; but JTs 7-10am breakout seems better.

I dont know what the exit strategy, although I think it is a 35 or 50-pip stop-loss.
However, once in profit, I dont know what the exit strategy is ( could be a trailing stop )

Sep 20: 7-10am range: 1.7904 - 1.7856 triggered at 11am

Sep 21: 7-10am range: 1.7866 - 1.7840 triggered at 10:10am.

both trades are profitable

 

[Mark Hellikson]

GBP-USD; 15 mins

I have been conservative.
When it is a buy, I have used the high as starting point. ( and used low to close the trade ).
and reversed for sells.

the trades seem non particularly impressive yet. but this is only a couple of days.
I have not accounted for spreads.
This is meant as only an illustration.



Date Time 4xtrend High Low
Sep 17 03:00 [1,3,0.0004] 1.7940 1.7920
Sep 17 10:30 [1,5,-0.0004] 1.7924 1.7912
Worst case: (1.7920 - 1.7924) = -4 PIPS.

Sep 17 11:15 [-1,3,-0.0019] 1.7915 1.7902
Sep 19 14:30 [-1,3,0.0002] 1.7927 1.7923
Worst case: (1.7902 - 1.7927) = -25 PIPS.

Sep 19 15:30 [-1,3,-0.0002] 1.7923 1.7921
Sep 20 12:30 [-1,3,0.0007] 1.7874 1.7861
Worst case: (1.7921 - 1.7874) = +47 PIPS.

Sep 20 17:00 [1,3,0.0007] 1.7861 1.7855
Sep 20 20:00 [1,4,-0.0001] 1.7850 1.7845
Worst case: (1.7855 - 1.7850) = +5 PIPS.

Sep 20 20:30 [-1,4,-0.0008] 1.7851 1.7845
Sep 21 02:30 [-1,4,0.0002] 1.7856 1.7842
Worst case: (1.7845 - 1.7856) = -11 PIPS.

Sep 21 03:30 [-1,4,-0.0001] 1.7851 1.7841
Sep 21 04:45 [-1,4,0.0002] 1.7865 1.7856
Worst case: (1.7841 - 1.7865) = -24PIPS.

Sep 21 05:00 [1,3,0.0004] 1.7876 1.7858
Current:

NB: one thing I dont know, is does a trade get closed out ewhen the EWT go to ZERO ?
Or only when the EWO goes from pos to neg ( to close a buy )
Or from neg to pos ( to close a sell )

Cant help but fell a MA would be better to clsoe the position.
Looking at the charts, the chart gives up a lot of profit before triggering a close of a position.

Also, you have to be awake all day and night !!

Does anyone else confirm my paper-trades as listed above ??

EWO must cross zero for the correct trade close out signal, and this is the only indicator to watch once an appropriate buy (would cross to -0), or sell (would cross to +0) has been placed based on all three indicators lining up on a new (not an existing) signal.