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

[CarpeUK]

Ok I have decided to give this its own thread because lots of people have been emailing me asking about how the EW indicators work.

I purchased this system from 4xtrend.com for $49.95 and in my opinion it is the best 4x system I have come across yet. If you have very basic knowledge of FX (like me) and are thinking about FX trading, in my honest opinion this system will point you in the right direction and help you make a few £££ on the way 

I have posted a few treads about my experience with this system and at the moment my wins far outweigh the losses. If you look at the 4xtrend site, it is the Educational manual you need to purchase not the Advanced Option Strategies (I have just purchased the advanced strategies today and I can’t wait to get reading).

So what are the negative & positive things about the educational manual?

The best things about this system are it WORKS; it’s very easy to understand, written in plain English. The plug-ins for FXCM are invaluable, you can see what is going on whilst you are reading and learning how the EW indicators work. So if you do not understand anything take a look at the chart plug-ins. The EW principles for FX are a lot simpler then people think or are told, well with this system it is. Take a look at some of my other posts and it shows you I have been making an average profit of 35/50pips a day

The only negative thing I have come up with so far is it has only been designed for screen watching. I have been testing the EOD charts and had lots of success with it but still with this you will need to be watching the screen as there are no set entry or exit levels (but you can set them yourself) and as you will see in one of my other posts I can only watch the screen now and again and due to a FA announcement on Friday I took a 50pip loss but my other 2 trades are in profit.

So all who have asked me about how the EW indicators work and I have not provided the info you can see why, I am unable to give you specific details as I did buy the system so I feel obliged to not disclose the information. I will say the most important thing is not what a bloody chart looks like it is what numbers you are seeing, that will determine if you decide to make a trade in that time period or not.(no you don’t need to do the math, the chart plug-in does it all for you)

The EOD stuff I have been testing is not in the book, there is a small reference to it but I came across the EOD idea whilst looking at the charts. The reason for the EOD testing is I am unable to watch the market all the time, only now and again at work but the EW indicators seem to be working. Please understand this is NOT the “holey grail” of FX trading just a nice easy system that can earn you some nice pips.

Ok that’s about it. If anyone has any questions before deciding to purchase this system I am willing to give you honest answers, if I can but please no specific details on how the EW indicator works

I know some people on this forum frown on others selling there system and say “if you can make lots of money from it why sell it” and the answer to the question is I don’t know and to be honest I don’t care. For me this system works and has the potential to work even better if I could trade full time during the day but for now I am happy to do what I am doing

Please note I have no affiliation with this site nor do I earn money from others buying it. So the decision is yours.

Any questions or thoughts please let me know.

CarpeUK

P.S if anyone does buy it please let me know how you get on.

 

[TheBramble]

Glad to see you gave this topic it's own thread.

How long have you been using the system Carpe?

 

[CarpeUK]

Glad to see you gave this topic it's own thread.

How long have you been using the system Carpe?

Bramble,

I thought I had better, as the interest it has produced.

I have only been using it for about 3 weeks but from day 1 I started to make a profit. I am still only paper trading as I am trying to perfect my own style whilst applying the strategy but from day 1 I have been feeling confident when ever I trade so when I do come to trade with real money (I will be starting small) I will be just as confident.

No point in rushing into trading, someone said to me "the markest will be there long after i am dead & buried"

So what’s your take on it then?

 

[fxkid]

50 pips a day on average?

Unless I am mistaken, I've simulated a $2000 account using 20%, readjusted daily, to cover margin, in the Euro making 50 pips a day. At this rate your account would be in the range of $1mil after 70 days of trading. Is this correct? Are you sure you are making 50 pips a day on average?

 

[TheBramble]

So what’s your take on it then?

Carpe, I'm afraid my take on commercial systems vendors is still the same. Good quality site and enticing, but the issue of 'why' still holds sway with me.

I'm really not trying to shoot it down on principle - far from it. I'm keen to find out how you continue to do.

I'd even be willing to invest the few hundred dollars to investigate (I LOVE other people's systems), but time is short at present.

I'll be keeping a regular eye on this thread to see how you do and I hope you continue to do well.

 

[CarpeUK]

50 pips a day on average?

Unless I am mistaken, I've simulated a $2000 account using 20%, readjusted daily, to cover margin, in the Euro making 50 pips a day. At this rate your account would be in the range of $1mil after 70 days of trading. Is this correct? Are you sure you are making 50 pips a day on average?

FXkid,

I am using a demo acocunt with FXCM and when i do use a real money account it will be a mini account to start so 1pip will be on avarage about 56p a pip....I think. I do suffere some losses and some days i may only make 35pip or less due to me not being able to screen watch. other days i will take losses. so yes i am sure i do earn on average 35/50pips a day.

 

[CarpeUK]

Carpe, I'm afraid my take on commercial systems vendors is still the same. Good quality site and enticing, but the issue of 'why' still holds sway with me.

I'm really not trying to shoot it down on principle - far from it. I'm keen to find out how you continue to do.

I'd even be willing to invest the few hundred dollars to investigate (I LOVE other people's systems), but time is short at present.

I'll be keeping a regular eye on this thread to see how you do and I hope you continue to do well.

Bramble,

Thanks for not taking a negative view from the beginning. I do agree with you that it is very early on as it has only been 3 weeks but because I have had such a positive start and I am confident and more important, comfortable trading this system I can only take a positive view to say things can only get better.

I understand there will be days I will suffer losses like I did on Friday due to an FA (it was crazy watching the price rise and fall so quickly) so that is why I intend to stick with paper trading this for a few months yet.

CarpeUK

 

[Roberto]

Question for Carpe

Looks pretty interesting for $49.95, I must say. If I buy the downloadable version online and print it off with a black-and-white laser printer, will I regret it?

I ask because I know that some things depend on being able to see coloured lines in sample charts, etc., and there's always the option of ordering the "hard copy" instead.

What do you think, Carpe?

 

[CarpeUK]

Looks pretty interesting for $49.95, I must say. If I buy the downloadable version online and print it off with a black-and-white laser printer, will I regret it?

I ask because I know that some things depend on being able to see coloured lines in sample charts, etc., and there's always the option of ordering the "hard copy" instead.

What do you think, Carpe?

Roberto,

with this system you dont need to look at a chart, there are charts to show you examples but its the numbers you need. If you do buy it, my advice would be when you get to the indicator section open your FXCM demo account (you will need this account for the plug-ins to work) and look look at the indicators in real time or scan back through the daily chart so you can see what you are reading.

I was also worried about how complex it maybe. I am still very new to fx trading but its very simple and easy to understand

Hope this helps

CarpeUK

P.S let me know how you find it if you buy it.

 

[Roberto]

Roberto,

when you get to the indicator section open your FXCM demo account (you will need this account for the plug-ins to work)

Many thanks for your kind reply, Carpe. To be honest, the sentence above puts me off a little because I'm that rare and tragic creature, the "Technophobic Trader" and I can never tell whether something like this will be firmly outside my range of capabilities. Still, I think I'll probably buy it anyway at this price, and of course I'll let you know how I get on. I'm really almost exclusively an intraday spread-bet trader of indices and I don't pretend to know much about anything else at all (I believe in being able to do one thing consistently and well, and that's just the one that happens to suit me for various reasons), but there's no harm in looking!

 

[CarpeUK]

Many thanks for your kind reply, Carpe. To be honest, the sentence above puts me off a little because I'm that rare and tragic creature, the "Technophobic Trader" and I can never tell whether something like this will be firmly outside my range of capabilities. Still, I think I'll probably buy it anyway at this price, and of course I'll let you know how I get on. I'm really almost exclusively an intraday spread-bet trader of indices and I don't pretend to know much about anything else at all (I believe in being able to do one thing consistently and well, and that's just the one that happens to suit me for various reasons), but there's no harm in looking!

Roberto,

In one respect i am glad the above has put you off because i dont want people thinking i am affiliated with this in anyway, just wanted to let everyone know if they are new to FX trading then this will give them a good grounding and help them make some mone whilst learning.

its nice to know you are going to give it a go and i hope you can get to grips with it like i have. i must admit the price that has been set for it is what made me decide to purchase it, i thought oh well if it does not work then its not a lot of money that i would have lost but as it turned out i would have made my money back on the first demo trade .

Its best to purchase it with no influence and no expectations (like i did) and hopefully you will be pleasantly surprised with the results.

Again i hope it works out for you and keep in touch and let me know how it goes.

Regards
Brett Nicholls

 

[Salty Gibbon]

The only negative thing I have come up with so far is it has only been designed for screen watching.

I would personally take this as a positive. I am very suspicious of systems which claim to make enormous profits for only a few minutes work a day. The fact that you have to screen watch suggests the system may have more meat and body to it than something like "Goldline" for instance which claims to make you money for very little work and effort.

I know for a fact that making money from the markets takes a great deal of effort - blood,sweat and tears - and time so having to screen watch must be a plus for this system.

I am interested in this thread as I have been thinking about trading Forex for some time. I day-trade Nasdaq stocks at the moment and would be interested to see if this system could be applied there. I have no doubts that it can.

The website is very professionally put together unlike some I have seen. Why does Goldline keep springing to mind ? Probably because it has had so much bad press on this website I guess.

The price of this system is also minimal which is good.

Please continue with this thread Carpe - I will be sure to follow it and who knows, maybe I will jump in and buy the system.

Have you asked Charlie Miller if he has heard of it by the way ? He is an EWA expert and his daily analysis of the stock indices can be obtained free of charge if you write to him at [email protected]. He may even venture an opinion on this system if you ask him nicely - if he has heard of it that is.

 

[CarpeUK]

Salty,

I don't really see this as a bad thing but i was unable to find anything other then screen watching, i did not want to say it does not have any bad points as people would think i was talking nonsense but in all honesty i dont think it does but i have only been trading it for about 3 weeks so i am still in the early stages.

Due to my work i am unable to trade this first thing in the morning so i have been working on an EOD plan and so far it is not doing to bad. Sometimes i am home by 4pm UK time (11am est) so i still get chance to do some day trading and that seems to be working well.

If you are thinking of dabbling with FX like i did and i am still very new to it, you may find this a step in the right direction.

I do not know who this Charlie Miller is but sure i am willing to email him.

Over the coming weeks i will be posting possible trades to let others see how I am doing but i do need to make one thing clear. As i am testing an EOD strategy and not the daily strategy i will be unable to give you exact entry or exit prices (so as you see my EOD plan needs more work )

The market re opens again at 7pm uk time so i will be doing some end of day analyses then and i will see if i can post a possible trade today.

I just want everyone to know that i am not saying this strategy is the "holey grail" i am just saying this is a simple yet effective method of trading the FX using the EW indicator. also this strategy may not be suitable for everyone as it may be to basic for an advanced FX trader.

Regards
CarpeUK

 

[Salty Gibbon]

Carpe

How long does it take to read through the ebook and get your trading, based on this system, up and running ?

 

[CarpeUK]

Carpe

How long does it take to read through the ebook and get your trading, based on this system, up and running ?

You could read the book in about 1& half to 2 hours but with me it took about 2/3 days because I made notes whilst i was going and had to stop and start, also i was looking at the chart plug-ins to check what i was reading matched, it did

it will also depend on how much knowledge you currently have on FX, if you have the very basics like me then you may find you can do it even quicker but if you are a total beginner then it may take you a little longer. There is also a free book you can download about the basics of FX that you will be given. They suggest you read that first that will take about 30min.

If you do buy it its the Educational Manual you want not the Advanced Options Strategy.

CarpeUK

 

[CarpeUK]

Ok below is the trades i have made this morning. I will be unable monitor them contsantly as i am at work but it looks like a good start with the GBP/USD

GBP/USD - Open Sell @ 05:35 1.7984 closed @ 07:25 1.7952 +32
EUR/GBP - Open Buy @ 05:34 0.6826 stopped out at 0.6818 -13
Eur/USD - Open Buy @ 05:16 1.2270 ( not sure i should trade this as the indicator for my daily chart is showing it could go either way but for the last week it has been on a sell but now looks like it could move to a buy. I thought i would give it a go and see what happens but if this was not a demo trade i would not trade this until i see the EOD chart tonight) - stopped out at 1.2257 - 16

i will be randomly checking them throughout the day.

CarpeUK

UPDATE: ok i have been looking at the numbers and my EOD still need a lot of work if i had widened the stop losses for the EUR/GBP & EUR/USD they now would hav been either back in profit or break even so i will amend them tomorrow and see how i go.

 

[Mark Hellikson]

Robber,

You will be surprised how simple the EW indicator can be. The plug-in I am using with FXCM includes lots of different indicators but the EW is based on numbers so all you have to do is learn what the numbers mean and trade on them.

People like to make you think it’s difficult but it is not. The only thing I need to do is work out entry and exit on my daily chart so if you know any apps I can use to help me plot entry/exits on analyzing charts please let me know.

Also just to let you know i have placed the following trades this morning.

EUR/USD - sell 1.2241
GBP/USD - Sell 1.7878
EUR/GBP - Buy 0.6827 - This trade has been open since yesterday but still my system is showing a Buy so i have left it running.

when i first opened the GBP-USD it moved against me by about 12pips (i have faith in my EW indicator..hehehe) but now I am at work and updating this post the pips on the above are as follows

EUR/USD +11pips
GBP/USD -4pips
EUR/GBP +10pips

Let me know what you think

CarpeUK

---------------------------------

Update: i will update this part of the post each time i close of a trade today

EURUSD closed @ 11.12am @ 1.2211 = +30pips
GBP/USD Closed @ 13.45pm @ 179.28 -50pip (error on my part, think an
FA was made, the price was jumping
all over the place).
thats what i get for not checking the
FA's calendar, there is a lesson learned

GBP/USD-re-entered sell @ 1.7983 current pips @ +18
EUR/GBP is open @ -1pip

Carpe,

I'm real new to Forex trading and just purchased the 4X Made Easy software which I'm trying out for a few days before the formal trading class next Thursday. I have a demo account with FXCM, and was wondering if you could help me understand how you use their "EW Indicators, and free chart plug-ins" to help you make 35-50 pips/day? I don't even know what EW stands for...

Thanks a lot.

 

[Bigbusiness]

What happens when the 30 day demo with FXCM runs out?

 

[CarpeUK]

Carpe,

I'm real new to Forex trading and just purchased the 4X Made Easy software which I'm trying out for a few days before the formal trading class next Thursday. I have a demo account with FXCM, and was wondering if you could help me understand how you use their "EW Indicators, and free chart plug-ins" to help you make 35-50 pips/day? I don't even know what EW stands for...

Thanks a lot.

Mark,

Welcome to the forum. i am also still new to FX trading but i do need to point out to you that there is no quick solution to trading, you will need to study and work hard.

If you look at the very first post on :
What's this Elliot Wave Indicator for the FX market all about?

you will see i have purchased the book from 4xtrend.com so i feel obliged not to disclose the information on how i am trading.

Sorry i feel it would be unfair but check out the site and if you re interested take look at the Educational Manual.

Regards
CarpeUK

 

[CarpeUK]

What happens when the 30 day demo with FXCM runs out?

I have had this acocunt for longer then 30 days already and it still seems to be working. if not i would just create a new one

CarpeUK