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

[CarpeUK]

I have got my FXCM demo account up and running.
Looks good, with the plug-in and all.

Since we have the book, and those who dont have the book, wont be the wiser, ( hopefully ), we could post the 3 figures [x,y,z] ??
Since you would have had to buy the book to understand, we could pass on info, without transgressing copyright rules ??

Is that workable / acceptable ?

yes but the question is what way round are the x,y,z that may differ on peoples charts depending on how they have set them up. pm me the x,y,z translations and i will make sure the others get them.

 

[snaily]

Snaily,

first of congrats with the 197 pips. As i said in my early post today was a very very good day to trade on a sell. as for just using a demo account it does not matter you got the pips.

are you using the EW indicator or your own trading strategy?

I'm using the 4xtrend system by the book (at least I think I am!). I also have my own system based on a breakout at various times of the day.

 

[CarpeUK]

I'm using the 4xtrend system by the book (at least I think I am!). I also have my own system based on a breakout at various times of the day.

Snaily,

Thanks for the post, nice to see people making a pip or to like i said could be done and its not that complicated. Keep it up mate hope the pips keep on coming

Ok to all who where worried about this EW Book i found on the net there you go, someone has already had a 197pip trade and Kbay is also doing very well with an open trade of well over 100pips.

Just goes to show not all systems are crap, keep it up all, who knows the EW indicators may just turn out to be one of the best after all

 

[kbay]

deal4free have tighter spreads so would it not be more profitable to use them when trading but use the fxcm as analaysis?

 

[trendie]

good point kbay.
thats what my approach is likely to be after a couple of weeks of testing.

potential problem is when the fxcm demo runs out.
will they expect you to place money with them to continue ?
will they allow you to extend the demo account ?

things to look into ?

 

[CarpeUK]

good point kbay.
thats what my approach is likely to be after a couple of weeks of testing.

potential problem is when the fxcm demo runs out.
will they expect you to place money with them to continue ?
will they allow you to extend the demo account ?

things to look into ?

kbay,

good idea.

Trendie
i have had my account for longer then 30days i think as long as you trade it i think they will just keep extending it but if you dont use it at all i suspect they will close the account so even when you are money trading, place the same trades on the FXCM as you would be on the real account.

 

[snaily]

good point kbay.
thats what my approach is likely to be after a couple of weeks of testing.

potential problem is when the fxcm demo runs out.
will they expect you to place money with them to continue ?
will they allow you to extend the demo account ?

things to look into ?

I'm using my capitalspeads sb account and that seems to work fine. It compares favourably to the FXCM prices. If the demo account runs out then I guess just ask for an extension or register with a new email account.

My early successwith this system needs to be tested to see how succesful this system is over time and if it has any bad drawdowns.

 

[CarpeUK]

I'm using my capitalspeads sb account and that seems to work fine. It compares favourably to the FXCM prices. If the demo account runs out then I guess just ask for an extension or register with a new email account.

My early successwith this system needs to be tested to see how succesful this system is over time and if it has any bad drawdowns.

I agree thats why i said from the beginning i have only been using it for 3-4 weeks but the results i have had are amazing.

This book is not the "holly gaily" by no means but it is a step in the right direction for people who are new to FX and want to get started. for $49 ist the best investment i have made yet.

Also people will suffer losses, if they think they wont then they are kidding themselves but hay only time will tell.

 

[CarpeUK]

Ok as this thread has been nice and quiet today i am guessing everyone has got the book and is studying . Hows it going. has anyone been trading this strategy today, if so has anyone caught any nice pips

 

[trendie]

I have recorded triggers on the EUR/USD and GBP/USD based on the strategy.
At some point I would like to compare notes to ensure I am entering at the correct points, and I am reading the exit points correctly as well.

 

[trendie]

Also, for objective analysis, shouldnt we be comparing this against another system, to determine a baseline.
Such as JonnyTs break-out sytem ?

That way we can assess one systems profitably against another system ?

 

[CarpeUK]

I have recorded triggers on the EUR/USD and GBP/USD based on the strategy.
At some point I would like to compare notes to ensure I am entering at the correct points, and I am reading the exit points correctly as well.

Trendie,

I only got home form work little while ago but i am in on the same trades. what price did you enter at and i will check it on my chart

 

[snaily]

Trendie,

I only got home form work little while ago but i am in on the same trades. what price did you enter at and i will check it on my chart

I'm long on GBP/USD based on my 30 min chart at 1.7870, so about 60 pips at the moment.
I had an earlier short at 1.7765 (around 07:00 hrs) which I lost 40 pips on and reversed it to long at 1.7805, and added to the position when the the elliot wave system gave a signal.

 

[Mark Hellikson]

I'm long on GBP/USD based on my 30 min chart at 1.7870, so about 60 pips at the moment.

Hello All,

I've been quiet due to the fact that I've been working on a house the family is selling - at the last moment I was asked to furnish cement, paint, fencing, etc., work for an open house this weekend. I've only been able to glance at the manual the last day or so, and will have to wait until Monday to really absorb it. Can anyone tell me how to print out the charts in the manual? For some reason, I can't print them out. I can't copy them to Paint, or Wordpad either...

Thanks, and I returned my $3K 4X Made Easy software this morning. It sure was nice to read some people are doing so well with 4xtrend.

Mark Hellikson

 

[trendie]

I had the same problem Mark.
Must be some mechanism to prevent people from selling on the manual.

I just accept that they need to do this to protect themselves.

I think I understand the entry signals.
Need to re-read and understand what triggers an exit !!

 

[snaily]

I had the same problem Mark.
Must be some mechanism to prevent people from selling on the manual.

I just accept that they need to do this to protect themselves.

I think I understand the entry signals.
Need to re-read and understand what triggers an exit !!

From how I interpret the exits for this system:
Exit a long when the EWO becomes negative
Exit a short when the EWO become positive.

 

[CarpeUK]

I'm long on GBP/USD based on my 30 min chart at 1.7870, so about 60 pips at the moment.

Snaily,

Congrats again nice pips ...looks like you have well and truly got the hang of this system. Are you trading from home all day, if so i am assuming you are watching the charts?. Just checked and it was spot on buy signal at 1.7870. i must admit i have been using the 15min chart so i think i will have to try the 30min and see how that fairs. its difficult because cannot watch my trades.

Snaily i assume the time of the trade was the period beginning 06.30 16/09/04. i am just trying to find this on a 15min chart to compare and i am having no luck...Hmm any ideas?
I want to compare charts to find out what one gives more reliable signals

Trendie,

Sounds like a good idea. How does JonnyT's system work?

 

[trendie]

CarpeUK,
( please forgive spelling, have just finshed off a bottle of Mumm champers with dinner )

JonnyT, I believe, is a nreak-out system om FX. whereby you take a position oin the direftion of the breakout.
The breakout being defined as; the high and the low betweem 7am-10am.

Dont know which time ( GMT, EST, PST ) etc.

But has good reviews on FX sites rtegarding JonnyT.

Might be worth seeing if the most profitable 4xtrend trades are time-dependant.

I have seen relative falt-lining most of the time, then sudden moves at certain times.

Even if you accept 4xtrend, could you avoid losing trades by placing more value on certain times ?
( when exchanges open arond the world - already mentioned in manual )

 

[snaily]

I trade from work.....just have the kind of job that lets me keep an eye on charts all day!

My earlier trade around 7am that I reversed is not using the 4xtrend system, but something of my own.

My initial live trades using this 4xtrend system have given good results....but its only been two days!

 

[trendie]

From how I interpret the exits for this system:
Exit a long when the EWO becomes negative
Exit a short when the EWO become positive.

Hi snaily,

That is how I read it.
I was a little concerned whether I should consider the EWN changing as a signal.
Or whether the EWT goes 0 as a signal.

Thanks for the clarification.