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

[trendie]

yes, all UK times.

EXCEPT - if I display any 4xtrend data, I am showing the date and time on the chart.

 

[CarpeUK]

Hi chaps, just delving in here..

how has the system been performing over the last 2 weeks??

10 trades is a resonable sample.

what is the total number of points for the unadulterated system? win rate??


just curious, thats all. im yet to see a reliable indicator. (MACD comes close, but no cigar)

FC

Fettered,

over the last few weeks the system has performed well for me BUT i have not been trading it everyday (i have to work during the best trading hours) but i have managed to pick up some nice pips eg. EUR/USD over 2 days i made 71 pips in total, i left the trade open, whilst i was sleeping i placed stop losses. i did close out the trade early (rookie mistake ) i thought the indicator was pointing to a revers (got excited and thought i could catch more pips on the way down ) so i closed out, the second closed the trade realised i read the signal wrong...doh!!!!!! so i re entered the trade (lost another 3pips due to the spread) but overall i made a nice profit.

Yesterday i made 50pips using an EOD strategy but i think this was pure luck (lost 25pips today with it )...i am trying to devise an EOD strategy for 4xtrend but i still have lots of work to do.

overall it is working but as i can only trade out of hours it is slow because the "ideal trade" is few and far between because the market does not always move as much.

If anyone on the forum has bought this and can trade during the day i would be interested in knowing the long term profitability but if you are patient enough the money is there to be made with 4xtrend outside the main trading hours.....thats my opinion of corse

 

[CarpeUK]

Okay, it helps to know that you are all considering 4PM (EST) US time to be the "EOD".

Has anyone used the trendlinebreakout system with much success? How many pips/day has anyone averaged with that method?

Thanks.

Mark,

I have some concerns about you my friend. I have been reading back at lots of post and you seem to be looking for quick and easy systems (dont worry i am sure most people on this forum have done the same thing at one time or another, i know i have) my only advice to you is learn, teach yourself how to trade, learn what indicators do and how to use them. once you get some good grounding and knowledge behind you things will become easier.

The reason for this is you seem to be jumping around form strategy to strategy. i know you have purchased the 4xtrend and you seem to be struggling with.(4xtrend is not a complicated system and can work very well but you still have to learn what to do and how to do it) before giving up on it and trying to find an "out of the box system" learn how 4xtrend works, learn how to read the indicators and learn how the market is moving. once you have a basic knowledge of this then think about changing it to our own style or moving onto other strategies

Please take the above as constructive, not destructive criticism i am only trying to help you as i know where you are coming form, a few months ago i was the same but now i am beginning to find my feet a little more.

Open a demo account and play with 1 strategy at a time, if you try to play with more then one at the begining you will get confused, dont worry about blowing all the money in the demo account thats what its there for but "learn" form your losses and remember your "wins"

The above may be a totally inaccurate observation and if so i apologies

Regards
C

 

[Mark Hellikson]

Mark,

I have some concerns about you my friend. I have been reading back at lots of post and you seem to be looking for quick and easy systems (dont worry i am sure most people on this forum have done the same thing at one time or another, i know i have) my only advice to you is learn, teach yourself how to trade, learn what indicators do and how to use them. once you get some good grounding and knowledge behind you things will become easier.

The reason for this is you seem to be jumping around form strategy to strategy. i know you have purchased the 4xtrend and you seem to be struggling with.(4xtrend is not a complicated system and can work very well but you still have to learn what to do and how to do it) before giving up on it and trying to find an "out of the box system" learn how 4xtrend works, learn how to read the indicators and learn how the market is moving. once you have a basic knowledge of this then think about changing it to our own style or moving onto other strategies

Please take the above as constructive, not destructive criticism i am only trying to help you as i know where you are coming form, a few months ago i was the same but now i am beginning to find my feet a little more.

Open a demo account and play with 1 strategy at a time, if you try to play with more then one at the begining you will get confused, dont worry about blowing all the money in the demo account thats what its there for but "learn" form your losses and remember your "wins"

The above may be a totally inaccurate observation and if so i apologies

Regards
C

Just trying to find out more about EOD strategies...When you check the chart for your EOD picks, you're using the "daily" charts, right?

 

[CarpeUK]

Right, I knew it meant end of day. What I was wondering is how do you determine the end of day for the FX when it gets traded 24 hours/day.

Mark,

EOD (end of day) for FX is at 5pm EST thats 10pm UK time. If you check most FX charts you will notice that a new day begins on the chart at the above times.

If you are planning any EOD strategy work on the above times.

Regards
C

 

[CarpeUK]

Just trying to find out more about EOD strategies...When you check the chart for your EOD picks, you're using the "daily" charts, right?

Thats right i do all my EOD stuff on a daily chart. Or should i say i do all my daily (winging it)...lol on a daily chart but i have yet to come up with any solid strategy.

 

[Mark Hellikson]

Mark,

I have some concerns about you my friend. I have been reading back at lots of post and you seem to be looking for quick and easy systems (dont worry i am sure most people on this forum have done the same thing at one time or another, i know i have) my only advice to you is learn, teach yourself how to trade, learn what indicators do and how to use them. once you get some good grounding and knowledge behind you things will become easier.

The reason for this is you seem to be jumping around form strategy to strategy. i know you have purchased the 4xtrend and you seem to be struggling with.(4xtrend is not a complicated system and can work very well but you still have to learn what to do and how to do it) before giving up on it and trying to find an "out of the box system" learn how 4xtrend works, learn how to read the indicators and learn how the market is moving. once you have a basic knowledge of this then think about changing it to our own style or moving onto other strategies

Please take the above as constructive, not destructive criticism i am only trying to help you as i know where you are coming form, a few months ago i was the same but now i am beginning to find my feet a little more.

Open a demo account and play with 1 strategy at a time, if you try to play with more then one at the begining you will get confused, dont worry about blowing all the money in the demo account thats what its there for but "learn" form your losses and remember your "wins"

The above may be a totally inaccurate observation and if so i apologies

Regards
C

Incidentally, when (using the 4xtrend system on a 15 minute chart displaying 10 periods) I found I was getting buy signals just before a currency pairs went down, and getting sell signals just before a currency pair went up, I called FXCM to see if the indicators were off due to their working on the MarketScope charting system. They told me last week this chart is in its production stages, and as such, could not be totally relied on. I asked the rep if using another chart could help with the indicator lag times (reaction times), and he said no. He also told me not to rely on any one trading system, and that they have a very successful training course that teaches you how to trade using numerous strategies so you could check numerous strategies at one time to make sure using just one strategy didn't cause you to lose money...

 

[FetteredChinos]

thanks for the description carpe. pleased you had some success with it.

i am particularly impressed with your skill in this matter though

i left the trade open, whilst i was sleeping i placed stop losses.

 

[TheBramble]

CreepyCarpe - yeah right! Wires coming out of every orifice, he transmits his lucid dream trading positions to his brokers (who are also asleep for chrissakes!!!).

 

[trendie]

reminds me of the film "The Lawnmower Man" !!

 

[CarpeUK]

Incidentally, when (using the 4xtrend system on a 15 minute chart displaying 10 periods) I found I was getting buy signals just before a currency pairs went down, and getting sell signals just before a currency pair went up, I called FXCM to see if the indicators were off due to their working on the MarketScope charting system. They told me last week this chart is in its production stages, and as such, could not be totally relied on. I asked the rep if using another chart could help with the indicator lag times (reaction times), and he said no. He also told me not to rely on any one trading system, and that they have a very successful training course that teaches you how to trade using numerous strategies so you could check numerous strategies at one time to make sure using just one strategy didn't cause you to lose money...

Mark,

If you are not happy with 4xtrend dont trade it, its as easy as that. i do not have any issues with as yet and besides the exit strategy the systems does not need tweaking that much.

Go on a course learn as much as you can i would encourage that but i do not 100% trust FXCM teaching you how to help them lose money...Hmmmm...its not as easy as you have been told you still have a BIG learning curve in front of you....UNLESS YOU ARE ON A WIND UP!!!

 

[CarpeUK]

thanks for the description carpe. pleased you had some success with it.

i am particularly impressed with your skill in this matter though

Thanks. i must admiot after spending 6hours a night in front of my PC for 3 months i have learnd a lot but most of it is from T2W.

I am surprised myself how well i have been doing with it, after searching and learning for months i am pleased i have found something that works for me and i feel comfortable trading, after all thats what i think is most important about trading. Also any system/strategy you use will always need a tweak here and there i dont see any system as being 100%

Regards
C

 

[CarpeUK]

thanks for the description carpe. pleased you had some success with it.

i am particularly impressed with your skill in this matter though

FC,

have you never heard of dream trading...my god man where have you been. I go to bed and make a million every night...........then wake up poor again in the morning

as for the weirs.....you dont want to know

 

[trendie]

Hey FC, thats nothing.

I am having this terrible dream that I closed a SELL on the Dow today at 10,196 and now the Dow is at 10,099.

Please someone WAKE ME UP from this !!

 

[CarpeUK]

Hey FC, thats nothing.

I am having this terrible dream that I closed a SELL on the Dow today at 10,196 and now the Dow is at 10,099.

Please someone WAKE ME UP from this !!

OUCH!!!...please tell me you are joking?...lol...sorry i should not laugh but i really hope it is a joke.

 

[trendie]

no joke !!

I was EXPECTING the market to retrace back to about 10,235, where I would have initiated another SELL.
You know how the market likes to see-saw back and forth !!

Anyway, looking back, I had no TA reason, other than gut-feel.

I will be printing off todays chart with my trades, and posting into my diary.

TRADE WHAT YOU SEE - NOT WHAT YOU THINK

My left leg is numb from the number of times I have kicked it.

 

[CarpeUK]

no joke !!

I was EXPECTING the market to retrace back to about 10,235, where I would have initiated another SELL.
You know how the market likes to see-saw back and forth !!

Anyway, looking back, I had no TA reason, other than gut-feel.

I will be printing off todays chart with my trades, and posting into my diary.

TRADE WHAT YOU SEE - NOT WHAT YOU THINK

My left leg is numb from the number of times I have kicked it.

Sorry to hear that. Did you close out the trade with any profit or was it a loss?

I must admit i have a habit of doing that trading what i think not what i see, thats why i cannot open a real money account yet i have to try and drop that habit first.

 

[trendie]

It was a trade I started last night from 10,256, so it was profitable, but jnot as much as it could have been.

I think this staying at home doesnt work for me.
I have too much time to think.
I am seeing patterns that arent there.
I am impatient, so am making incorrect trades and assessments.

I should have gone jogging or something.

I need to make sure that tomorrow, I dont try to get my "revenge" on the market.

I need a goods night sleep, and forget about today.

After all, tomorrow is another day ......

 

[CarpeUK]

It was a trade I started last night from 10,256, so it was profitable, but jnot as much as it could have been.

I think this staying at home doesnt work for me.
I have too much time to think.
I am seeing patterns that arent there.
I am impatient, so am making incorrect trades and assessments.

I should have gone jogging or something.

I need to make sure that tomorrow, I dont try to get my "revenge" on the market.

I need a goods night sleep, and forget about today.

After all, tomorrow is another day ......

Maybe if you think like that, take a day of and dont trade. may save you money in the long run. Or if you do trade only place small amounts money or number of trades....thats my philosophy on it, for what its worth...yeah i know not much

 

[trendie]

Good advice, Carpe.

I know all that. But I seem to have forgotten everything when screen-watching.

I am ok analysing what to do on an EOD situation.
Because I am used to that.

I think it is because I am at home, and am screen-watching.
I will do my analysis - place my limit orders.
Then be away from the screen for the afternoon.
Come back in at 6:30pm ( my normal home time from work )

See what happens.

Carpe, are you keeping a log of 4xtrend trades ?

How many trades, or weeks worth of data before we compare notes against 7-10am breakout results ?
Or should we post a daily or weekly log ?
That way all the info is available for others to evaluate.