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

[Mark Hellikson]

Following the disparity between the signals I was reading on the fxcm charts for USD/CHF the other day and those of Tony (The Bramble), I have spent much time looking again, communicating by em@il with Tony and uninstalling and re-installing the prog and chart plug -in (twice)! Still tho, sometimes when I look back @ a signal after the event....the info has changed
Finally, whilst I still had some hair left on my head...I em@iled FXCM re the problems I was having, and thought my query and (especially) their reply may be of interest to others:

Hi there,
Assistance required pls,

I am attaching 4 screenshots over the same two time periods, both using 3 EW
indicators. The 1st two attachments called 06.45 and 07.00 were taken on
the day (4th Oct). The next two attachments were taken within last 30 mins,
but of the same time period i.e. 4th October 06.45 and 07.00. As u can see,
the indicator numbers have changed, and I am wondering how this can possibly
be? I was looking back to see where a trade had gone wrong, and had the
signals been as per the 6th,,it would have been a no trade!

An explanation of how the same time periods with same indicators can change
from one day to the next would be much appreciated.

Many thanks,

The following response received pretty quickly:

Thank you for your interest in FXCM. The problem that you are incountering is a software problem of MarketScope. Our team of technicians is looking into the program's flaws and it will be fixed very shortly. If you have any further question, you can speak to a charting specialist who will answer your questions more thoughroughly. Please feel free to contact: Brandon Palmer a charting specialist here at FXCM. His email address is [email protected]. I will also forward your email to him.

From your technically advanced question, I get the feeling that you are a technical trader. Please do remember that FXCM is a market maker that provides the best execution in the retail FX market. We offer fixed guaranteed spreads that will never change undre normal market conditions. Yet if you are an advanced technical trader, I would suggest that you subscribe to a premium charting package. A premium package will offer further trend indicators and statistical analytics. Premium charts are supported by coorporations that only specialize in data and therefore will not fail. If you are considering the premium packages, please look at : http://www.fxcm.com/trial-demo.html. We actually offer a one month free subscription to these premium packages which will allow you to demo the charts.

FXCM is committed to offering clients excellent execution, easy accessibility, safety of funds, and the most exceptional customer service in the foreign exchange industry. If you have any questions or concerns, please feel free to contact us by phone, email or live chat 24 hours a day, 7 days a week. Our email is [email protected]. You can call us at +1 (212) 897-7660, or toll-free (US only) at +1(888) 503-6739. Our international toll-free numbers are available at the following page: http://www.fxcm.com/24-hour-customer-support.html

Kindest Regards,

Theodore Tenev
Forex Capital Markets, LLC
32 Old Slip, 10th Floor
New York, NY 10005
Tel: (212) 897-7660
Fax: (212) 897-7669
Email: [email protected]


A "blip" I could handle, but as a relative newbie to TA, knowing the programme has "flaws" doesn't fill me with confidence! Has anyone else encountered similar problems? Tho only paper trading, should I still go with the signals I get or........????

(Thanks Tony for your help and advice and patience)!

Yes, I've known about the MarketScope charts for sometime now - since I was new to the forum, I thought no one would believe me if I shared this info back then. I found out about it when I communicated with FXCM about some things I had questions about a little while back when I first bought the 4xtrend Education Manual. Also, the FXCM 4x instructors will tell you not to depend on the MarketScope charts as they are still working the programming bugs out of that chart and it tends to be unreliable. FXCM's 4x course recommends using Intellicharts.

 

[timcannell]

This was part of his last reply to me -
"I will give serious consideration to having the indicators programmed into this platform. I have been working to get the indicators programmed into another platform, but it is not so easy. Perhaps it will be easier to have them programmed into the one you suggest."

Considering what he told you previously, I've emailed him for clarification on this matter.

Hi Beachie ... do let me know what he says...

 

[timcannell]

Following the disparity between the signals I was reading on the fxcm charts for USD/CHF the other day and those of Tony (The Bramble), I have spent much time looking again, communicating by em@il with Tony and uninstalling and re-installing the prog and chart plug -in (twice)! Still tho, sometimes when I look back @ a signal after the event....the info has changed
Finally, whilst I still had some hair left on my head...I em@iled FXCM re the problems I was having, and thought my query and (especially) their reply may be of interest to others:

Hi there,
Assistance required pls,

I am attaching 4 screenshots over the same two time periods, both using 3 EW
indicators. The 1st two attachments called 06.45 and 07.00 were taken on
the day (4th Oct). The next two attachments were taken within last 30 mins,
but of the same time period i.e. 4th October 06.45 and 07.00. As u can see,
the indicator numbers have changed, and I am wondering how this can possibly
be? I was looking back to see where a trade had gone wrong, and had the
signals been as per the 6th,,it would have been a no trade!

An explanation of how the same time periods with same indicators can change
from one day to the next would be much appreciated.

Many thanks,

The following response received pretty quickly:

Thank you for your interest in FXCM. The problem that you are incountering is a software problem of MarketScope. Our team of technicians is looking into the program's flaws and it will be fixed very shortly. If you have any further question, you can speak to a charting specialist who will answer your questions more thoughroughly. Please feel free to contact: Brandon Palmer a charting specialist here at FXCM. His email address is [email protected]. I will also forward your email to him.

From your technically advanced question, I get the feeling that you are a technical trader. Please do remember that FXCM is a market maker that provides the best execution in the retail FX market. We offer fixed guaranteed spreads that will never change undre normal market conditions. Yet if you are an advanced technical trader, I would suggest that you subscribe to a premium charting package. A premium package will offer further trend indicators and statistical analytics. Premium charts are supported by coorporations that only specialize in data and therefore will not fail. If you are considering the premium packages, please look at : http://www.fxcm.com/trial-demo.html. We actually offer a one month free subscription to these premium packages which will allow you to demo the charts.

FXCM is committed to offering clients excellent execution, easy accessibility, safety of funds, and the most exceptional customer service in the foreign exchange industry. If you have any questions or concerns, please feel free to contact us by phone, email or live chat 24 hours a day, 7 days a week. Our email is [email protected]. You can call us at +1 (212) 897-7660, or toll-free (US only) at +1(888) 503-6739. Our international toll-free numbers are available at the following page: http://www.fxcm.com/24-hour-customer-support.html

Kindest Regards,

Theodore Tenev
Forex Capital Markets, LLC
32 Old Slip, 10th Floor
New York, NY 10005
Tel: (212) 897-7660
Fax: (212) 897-7669
Email: [email protected]


A "blip" I could handle, but as a relative newbie to TA, knowing the programme has "flaws" doesn't fill me with confidence! Has anyone else encountered similar problems? Tho only paper trading, should I still go with the signals I get or........????

(Thanks Tony for your help and advice and patience)!

Given that by FXCMs own admission the MarketScope indicators are not reliable and that the the 4xTrend system relies on indicators ONLY available for that platform... then it is my assertion the 4xTrend system is piece of crap - I fell very strongly about this and have decided to ask for a refund from Brian unless he can obtain the formulae which I believed I had paid him for - does anyone else think they deserve a refund ? - Indeed does anyone else in fact think i am being unreasonable ?

 

[alliance]

Given that by FXCMs own admission the MarketScope indicators are not reliable and that the the 4xTrend system relies on indicators ONLY available for that platform... then it is my assertion the 4xTrend system is piece of crap - I fell very strongly about this and have decided to ask for a refund from Brian unless he can obtain the formulae which I believed I had paid him for - does anyone else think they deserve a refund ? - Indeed does anyone else in fact think i am being unreasonable ?

Tim:
I made the exact same points to Carpe last nt in a pm, so I agree with u entirely. Bryan is next on my list...tho I feel he may highlight the "will be fixed very shortly" part of fxcm's response. However, even if it is resolved, I now have little or no confidence in it. I would never feel sure enuff that it was providing the correct info to actually trade it with real £'s

 

[alliance]

p.s. last night when I looked back @ GBP/USD, the ohlc was TOTALLY missing from 12.00 til 17.00, on ALL timescales!!!

 

[Salty Gibbon]

Is the early optimism evaporating ?

 

[alliance]

Salty:
Since the ONLY charts (apparently) that support the system are unreliable @ best and downright wrong @ worst then yes I would say it is (for me). However I don't regret the £30, as I have learnt at least £30 worth from it. The charting problem renders the system useless......whether that makes the actual underlying system useless is therefore kind of hard to determine. Also interesting to consider how accurate Brian's tests were given that he was using said charts...........nuff said!
btw, does the AOS sytem use these charts also?

 

[TheBramble]

Given that by FXCMs own admission the MarketScope indicators are not reliable and that the the 4xTrend system relies on indicators ONLY available for that platform... then it is my assertion the 4xTrend system is piece of crap - I fell very strongly about this and have decided to ask for a refund from Brian unless he can obtain the formulae which I believed I had paid him for - does anyone else think they deserve a refund ? - Indeed does anyone else in fact think i am being unreasonable ?

I don't know about unreasonable Tim. When you bought it you knew the basic system indicators were configured to work ONLY with FXCM.

There was no commitment for 4xtrend to provide you with the formula for calculating the indicators for any other platform. You were only buying the system - not the formulae (unless of course that was part of your agreement with them).

The exposure one has to a system which uses bespoke indicator plug-ins AND a specific platform (i.e. FXCM) was something I highlighted at the very beginning of this thread - simply as an exposure to be addressed. You quite rightly in my view have gone down that route of attempting to minimise that risk by looking to develop the inds for other products. Which it seems you're unlikely to be able to do.

As for FXCM's admission that MarketScope isn't as reliable/robust as you would wish, I doubt there are any grounds for getting a refund from 4xtrend on that basis. They may well suggest you wait and give FXCM a chance to rectify the problem.

Having said all of that, you may well find they will give you a refund anyway just because you ask.

I'd be interested in their response to you.

 

[TheBramble]

btw, does the AOS sytem use these charts also?

It does, but doesn't have to. The (quite different!) indicators used in AOS are commonly packaged ones with parameters provided.

 

[FetteredChinos]

you moved country bramble? becoming an ex-pat i see

 

[TheBramble]

Wallis & Futuna is tax-free.

 

[FetteredChinos]

is that even with Direct Access?

may have to give it a go.

ive been exiled to antarctica, for crimes against fashion.

 

[alliance]

When you bought it you knew the basic system indicators were configured to work ONLY with FXCM.

Not saying ur wrong here Tony, but I don't recall reading that PRIOR to purchase?

 

[timcannell]

I don't know about unreasonable Tim. When you bought it you knew the basic system indicators were configured to work ONLY with FXCM.

There was no commitment for 4xtrend to provide you with the formula for calculating the indicators for any other platform. You were only buying the system - not the formulae (unless of course that was part of your agreement with them).

The exposure one has to a system which uses bespoke indicator plug-ins AND a specific platform (i.e. FXCM) was something I highlighted at the very beginning of this thread - simply as an exposure to be addressed. You quite rightly in my view have gone down that route of attempting to minimise that risk by looking to develop the inds for other products. Which it seems you're unlikely to be able to do.

As for FXCM's admission that MarketScope isn't as reliable/robust as you would wish, I doubt there are any grounds for getting a refund from 4xtrend on that basis. They may well suggest you wait and give FXCM a chance to rectify the problem.

Having said all of that, you may well find they will give you a refund anyway just because you ask.

I'd be interested in their response to you.

OK - there was no commitment to provide the formulae - I misread that possibly - but not providing any reliable means to trade the system = no system as far as I am concerned; systems trading is all about taking every trade and this is currently impossible if the indicators are unreliable...

 

[Mark Hellikson]

OK - there was no commitment to provide the formulae - I misread that possibly - but not providing any reliable means to trade the system = no system as far as I am concerned; systems trading is all about taking every trade and this is currently impossible if the indicators are unreliable...

In case anyone's interested, here are the exact remarks as taken from my current FXCM FX trading course as made by the instructors:

"PLEASE don't use Marketscope charts, they are very innacurate. Use Intellicharts or any one of the free packages available here. The Marketscope charts are not as accurate as other charting packages because they are still in beta testing."

Thanks.

 

[TheBramble]

OK. You may well have a case, but getting a refund on that alone is be no means guaranteed.

Have you considered giving 4xtrend the opportunity to obtain & relay the formula on to its clients or at least provide it for another package?

 

[trendie]

If this were a trade, would you not treat this as having your stop-loss, and start looking for the next trade ??

The cost of this s/w was around £30. Big deal.
Is anyone really going to waste time and effort to get a refund?

One good trade would cover that within a day, even at £1 a pip.

I am simply going to bin it and move on.

Stop-Loss hit. Get out. No emotion. Look for next trade set-up.
( I wish I could do this in real life trading )

 

[Salty Gibbon]

I didn't realise Peterborough was in Wallis & Futuna Tony.

I thought it was just down the road from me.

Hmmm !!

 

[TheBramble]

Neither did I.

 

[Torch]

If this were a trade, would you not treat this as having your stop-loss, and start looking for the next trade ??

The cost of this s/w was around £30. Big deal.
Is anyone really going to waste time and effort to get a refund?

One good trade would cover that within a day, even at £1 a pip.

I am simply going to bin it and move on.

Stop-Loss hit. Get out. No emotion. Look for next trade set-up.
( I wish I could do this in real life trading )

That sadly is how the snake oil boys make their pile.
They price things below 'Who cares' level and nobody ever puts them bang to rights on their outrageous claims. See also horse racing scams and homeworking scams.

Is there no general use formula for Elliot Waves than anyone can find? (I've looked myself.)
If anyone can dig something up, I will put some time aside next week to code it for Dealbook and do some serious roadtesting of this thing before it gets thrown out with the bathwater.

p.s. Check out the money management 'free' e-book that you get emailed when you look into Brian's latest thing that Bramble pointed out. Absolutely disgusting.