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

[Mark Hellikson]

yes thats right, i first bought the Educational Manual and that was so good i decided to buy the Advanced Options Strategy as well. I only bought this the weekend, i have started to read it but it is more involved then the Educational Manual.

If your new to FX do not buy the Advanced Strategy yet, it will only confuse you. Start with the Educational Manual first then see how you go with it. Remember this is for daily trading/screen watching, what i am doing is playing about with my own theory on end of day charts using the EW indicators as i am unable to screen watch all day.

If anyone does buy it we can all get together and work on some nice strategies for EOD

Regards
CarpeUK

Carpe,

I bought the Educational Manual and Forex Beginners Guide about 30 minutes ago. I've already read the beginners guide. It's very well written. I have not received a reply from 4xtrend regarding the ky for unlocking the Educational Manual. Any idea how long it normally takes them to unlock your Educational Manual?

Thanks.

Mark

 

[CarpeUK]

Carpe,

I bought the Educational Manual and Forex Beginners Guide about 30 minutes ago. I've already read the beginners guide. It's very well written. I have not received a reply from 4xtrend regarding the ky for unlocking the Educational Manual. Any idea how long it normally takes them to unlock your Educational Manual?

Thanks.

Mark

Mark,

Congrats on purchasing the strategy. The Beginers guide is written very well so you can imagine how well written the EWP is written.

Brian will get back to you within 24hrs (normaly sooner but dont panic he will get back to you)

the best advice i can give you is once you start reading and get to the indicator section have the FXCM plug-in installed and open so you can see what you are reading, this will help make more sense.

Are you planning on trading during the day?. Keep in touch and let me know how you get on, if i you need any help give me shout.

Once you have grasped the basics look back at some of the daily charts, thats how i came up with the idea on how to try and work out an EOD strategy. scan through the daily charts with the indicators added and you may be surprised by the results.

So far the best time i have found to trade with my own EOD is 5/5.30am to about 7.30/8am sometimes longer depending on what is going on.

Anyway sorry i dont want to confuse you. enjoy your reading and let me know what you think

Regards
CarpeUK

 

[Mark Hellikson]

Mark,

Congrats on purchasing the strategy. The Beginers guide is written very well so you can imagine how well written the EWP is written.

Brian will get back to you within 24hrs (normaly sooner but dont panic he will get back to you)

the best advice i can give you is once you start reading and get to the indicator section have the FXCM plug-in installed and open so you can see what you are reading, this will help make more sense.

Are you planning on trading during the day?. Keep in touch and let me know how you get on, if i you need any help give me shout.

Once you have grasped the basics look back at some of the daily charts, thats how i came up with the idea on how to try and work out an EOD strategy. scan through the daily charts with the indicators added and you may be surprised by the results.

So far the best time i have found to trade with my own EOD is 5/5.30am to about 7.30/8am sometimes longer depending on what is going on.

Anyway sorry i dont want to confuse you. enjoy your reading and let me know what you think

Regards
CarpeUK

Carpe,

Thanks a lot! You're really valuable and I really appreciate your skill, experience, and trailblazing with this material. What time zone are your 5/5:30 to about 7:30/8am periods in? I've heard the best times to trade are from 10:00-midnight and 5:30-7:30 AM PST.

 

[CarpeUK]

Carpe,

Thanks a lot! You're really valuable and I really appreciate your skill, experience, and trailblazing with this material. What time zone are your 5/5:30 to about 7:30/8am periods in? I've heard the best times to trade are from 10:00-midnight and 5:30-7:30 AM PST.

Mark,

I am still very new to this myself but i seem to have picked it up very quickly so that is a bonus but i think it is because the way the book is written.

When i refer to 5am i am talking about UK time (BST) soon to change to (GMT). this is the time i find best to trade GBP/USD but dont take this as Gospel, practise what you read and you will find your own best times to trade.

Regards
CarpeUK

 

[Roberto]

I bought it about 22 hours ago now and am also waiting for the "key" ... to be fair, my email did get an immediate automated reply saying that they're terribly busy and replying to people "in turn"; so I'm hoping to be able to read the thing tomorrow. (I agree the "introductory" booklet was well written and helpful).

 

[CarpeUK]

I bought it about 22 hours ago now and am also waiting for the "key" ... to be fair, my email did get an immediate automated reply saying that they're terribly busy and replying to people "in turn"; so I'm hoping to be able to read the thing tomorrow. (I agree the "introductory" booklet was well written and helpful).

Roberto,

dont panic you will receive the key for the book. Hope you enjoy it and can get on with it, once you have read it you may laugh to yourself like i did and think "this is to simple how can this work" but it does.

Like i said to Mark, once you come to the indicator section open up the FXCM with the chart plug ins and look at what you are reading, i found this a great help.

But if you do get stuck and need any help let me know and i will try and do what i can

Regards
CarpeUK

 

[trendie]

Hi CarpeUK,

Does this $49 book explain all the entry and exit signals ?
And is this book a stand-alone ? ( dont need to sign up to subscriptions etc )
Is it meant for ForEx only, or can it be used on any instrument ?

For just £30, this may be worth blowing, based on all the excitement shown so far !!

 

[Mark Hellikson]

I bought it about 22 hours ago now and am also waiting for the "key" ... to be fair, my email did get an immediate automated reply saying that they're terribly busy and replying to people "in turn"; so I'm hoping to be able to read the thing tomorrow. (I agree the "introductory" booklet was well written and helpful).

Thanks for the update Roberto! Keep me posted as to when you get your key.

 

[CarpeUK]

Hi CarpeUK,

Does this $49 book explain all the entry and exit signals ?
And is this book a stand-alone ? ( dont need to sign up to subscriptions etc )
Is it meant for ForEx only, or can it be used on any instrument ?

For just £30, this may be worth blowing, based on all the excitement shown so far !!

Trendie,

The indicators tell you when to enter/exit a trade. The book is stand alone, you dont need to subscribe to anything. The plug-in is only for FXCM forex but if you could get it to work with other markets i don't see why i could not work. Within the plug-in there are lots of other indicators but in this book it only concentrates on the 3 EW indicators

As this is just for day trading/screen watching you can change your entry/exit points. I do not recommend you go against the entry point (i have tried this and i got hit with big losses) but as for the exit you can take as little or as much profit as you wish.

I thought the same for £30 it was worth the risk and i must say it has been the best £30 i have spent, beats any other strategy i have come across at the moment (in my opinion that is)

Some people my love this other may hate it but if you are new to FX it think this will be a step in the right direction.

Hope this helps
CarpeUK

 

[ccdltd]

EW formulas

I found the following formulas on the web for the three EW indicators in FXCM

1. Elliot Wave oscillator (EWO)
Parameters: hasn't parameter.
Calculation: EWO (i) = MVA((high + low) / 2, 5) - MVA((high + low) / 2, 35).

2. Elliot Wave trend (EWTREND)
Parameters: N - number of periods, TR - trigger.
Calculation: EWTREND (i) = f (last(i), high(i), low(i), TR), where f is logical
expression,
high(i) = max (last(j)), low(i) = min (last(j)), j = [i - N, i],
last(j ) = MVA((high + low) / 2, 5) - MVA((high + low) / 2, 35).

3. Elliot Wave number (EWN)
Parame ters: N - number of periods, TR - trigger.
Calculation: EWN (i) = f (last(i), high(i), low(i), TR), where f is logical
expression,
high(i) = max (last(j)), low(i) = min (last(j)), j = [i - N, i],
last(j) = MVA((high + low) / 2, 5) - MVA((high + low) / 2, 35).

I am trying to code these for Metastock and have only been successful in number 1. Any ideas?

Naj

 

[ChowClown]

..hmm, is it me or are 2 & 3 the same calculations??

 

[JJL3142]

Chow,

Same forumla but different values would be used

 

[Salty Gibbon]

CarpeUK
Would be grateful for a response to my posts #23 and #25.
When you say you make 50 pips, what would that translate to in real money.
How does forex trading work in terms of position size, calculation of profit etc. ?
I am looking at buying this thing shortly. The cost is negligible so what the hell !!!

 

[Roberto]

Roberto,

dont panic you will receive the key for the book. CarpeUK

Yes, indeed. It was here, with a nice accompanying email, when I got up today, and I've already read it once.

I know what you mean about it "looking so simple" but I've previously read a couple of books on Elliott Waves (by Robert Beckman) so I have some idea of what the apparent simplicity conceals. But certainly very well set out and easy to understand. So far, I like the look of it and it's very heartening to know that you've been doing ok so far with it.

I'm not actually about to download and start anything new right now because I'm going away soon and I think I'll start off with this after I get back. I'm also going to re-subscribe to eSignal then (which I need for my other stuff anyway) and I _think_ that eSignal probably includes all the necessary tools for me to do it from that platform without needing plug-ins or anything technical or complicated (might be "famous last words"!).

Will be interested to hear how others get on, of course, but my initial impression is certainly pretty favourable, and at this price, how wrong can you go?

 

[SvenFoster]

Salty,

FX is just like anything else you should start with how much do you expect to lose and then workout you position size from that.
If your SB'ing then obviously its usually £1 per pip,

If its traditional FX then if you expect to lose 30pips and you using a standard lot then each pip is worth $10(mini lot $1)
30 * $10 = $300 dollars(potential loss ~ £170 or £17 for a mini lot)
You've just got to workout what a $'s worth in £ and the rests easy.

So just scale the number of lots/mini to your level of risk lets say 2% of your money and bobs ya uncle.

Of course ya average FX shop requires only 1% margin deposited and some will take 0.25% eeeek which is great if you wear brown adrenaline trading pants.

The figures are only a guide and it depends on the usual risk aversion and expected drawdown blah blah blah.

 

[CarpeUK]

CarpeUK
Would be grateful for a response to my posts #23 and #25.
When you say you make 50 pips, what would that translate to in real money.
How does forex trading work in terms of position size, calculation of profit etc. ?
I am looking at buying this thing shortly. The cost is negligible so what the hell !!!

Salty,

Sorry just trying to keep up with all the posts, my god what have i started. there are two others on the forum who have just purchased this so if you are still unsure wait to get there feedback.

on a mini account with fxcm 1pip (10k) lot relates to about 56p but on a normal account i woudl imagine 1pip would be just over £1

Salty go to FXCM and open a demo account, you will need one anyway if you plan on getting this book.

CarpeUK

 

[Mark Hellikson]

Yes, indeed. It was here, with a nice accompanying email, when I got up today, and I've already read it once.

I know what you mean about it "looking so simple" but I've previously read a couple of books on Elliott Waves (by Robert Beckman) so I have some idea of what the apparent simplicity conceals. But certainly very well set out and easy to understand. So far, I like the look of it and it's very heartening to know that you've been doing ok so far with it.

I'm not actually about to download and start anything new right now because I'm going away soon and I think I'll start off with this after I get back. I'm also going to re-subscribe to eSignal then (which I need for my other stuff anyway) and I _think_ that eSignal probably includes all the necessary tools for me to do it from that platform without needing plug-ins or anything technical or complicated (might be "famous last words"!).

Will be interested to hear how others get on, of course, but my initial impression is certainly pretty favourable, and at this price, how wrong can you go?

Roberto,

I just got an e-mail from 4xtrend.com stating I need to send them my "username" 10-digit code before they can unlock my Educational Manual - Incidentally, I did send them the 10-digit code referred to in the following. When I try to run the Educational Manual prorgram I've downloaded, I get a small login dialog box, but never do I see a "username" text field. I see two lines in the dialog box one stating "Your unique 10-digit code:", and the next line that reads, "Enter unlock key". Am I missing something here?

 

[CarpeUK]

Roberto,

I just got an e-mail from 4xtrend.com stating I need to send them my "username" 10-digit code before they can unlock my Educational Manual - Incidentally, I did send them the 10-digit code referred to in the following. When I try to run the Educational Manual prorgram I've downloaded, I get a small login dialog box, but never do I see a "username" text field. I see two lines in the dialog box one stating "Your unique 10-digit code:", and the next line that reads, "Enter unlock key". Am I missing something here?

Mark,

when you try to open the book a 10 digit number will appear in one box and a blank box will appear underneath. Once you have been emailed your 10 digit unlock key paste the unlock key in the blank box.

When you have done this once you will not need to do it again.

CarpeUK

 

[CarpeUK]

I've been living up to my national stereotype, sitting on my thirty odd quid (ha!) waiting for someone to reveal all on this thing; seems it ain't gonna happen so here goes.. more business for fxtrend.

Nonetheless, I am REALLY concerned by this requirement to plug back into the bandits, so hopefully the manual will make all the elements clear enough for exporting into GFT's chart studio etc etc. Will then demo trade it alongside my live trading using my existing system for a good few months.

However if FXtrend are too busy to send keys for 22 hours plus, they are probably too busy to do plugins for other platforms. I was going to ask another question, but as I'm buying the thing I'll just read it myself, so I'll simply sign off by reminding the unwary-

BEWARE OF LIVE TRADING WITH FXCM, KIDS... THEY'RE BAD FOR YOUR TEETH.

Torch,

Trying to work out how the EW indicators work without reading the book will confuse you. whilst reading the book, check out the indicators and everything will make sense

 

[Mark Hellikson]

Mark,

when you try to open the book a 10 digit number will appear in one box and a blank box will appear underneath. Once you have been emailed your 10 digit unlock key paste the unlock key in the blank box.

When you have done this once you will not need to do it again.

CarpeUK

Right, I e-mailed it to them very early yesterday morning so I don't know why they're asking for a 10-digit "username" code. I just sent them the 10-digit code you mention again. I guess I'll need to wait another day now to get the manual unlocked...