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

[CarpeUK]

EWO must cross zero for the correct trade close out signal, and this is the only indicator to watch once an appropriate buy (would cross to -0), or sell (would cross to +0) has been placed based on all three indicators lining up on a new (not an existing) signal.

Mark,

PM me with your questions, dont post specific details about the system.

Regards
C

 

[Mark Hellikson]

Hi Mark,

are you using the 15 minute bars or the 30 minute bars for your trading ??

I've tried the 15, the 30 and the daily...I'm thinking I have to look at the newest period in any of these time frames, see if the indicators line up in the newest period and then place a buy or sell as indicated. Like you said though, when I've done this, there is a lot of time for pips to reverse before a close out is indicated by the indicators which means you can lose a lot of pips in the mean time...

 

[CarpeUK]

I've tried the 15, the 30 and the daily...I'm thinking I have to look at the newest period in any of these time frames, see if the indicators line up in the newest period and then place a buy or sell as indicated. Like you said though, when I've done this, there is a lot of time for pips to reverse before a close out is indicated by the indicators which means you can lose a lot of pips in the mean time...

Mark,

The buy/sell signals are very clear if you re-read the manual and have the plug-in open whilst reading about the buy/sell indicator may make a little more sense.

As for the exit you are correct, thats the only flaw i have come up with so far, as posted previously. Start with either a 15 or 30 min chart, never trade on a chart smaller then 15min.

I will PM you the details about the buy/sell

Regards
C

 

[snaily]

I'll be trading JT's £ Trader system alongside the 4xtrend so I'll post my results here.
JT's system had me long today from 1.7900 on GBP/USD (thats all I trade apart from Emini S&P)
4xtrend had me long at 1.7933.
I have been looking at a better exit for 4xtrend and currently using RSI to take half my position off...
So I am currently close to an exit on 1/2 this long on the 4xtrend system (I use 30min charts only on this)

 

[CarpeUK]

I'll be trading JT's £ Trader system alongside the 4xtrend so I'll post my results here.
JT's system had me long today from 1.7900 on GBP/USD (thats all I trade apart from Emini S&P)
4xtrend had me long at 1.7933.
I have been looking at a better exit for 4xtrend and currently using RSI to take half my position off...
So I am currently close to an exit on 1/2 this long on the 4xtrend system (I use 30min charts only on this)

Snaily,

Thanks for letting me know, i wanted to find out how 4xtrend would stand up to other systems.

Regards
C

 

[trendie]

baseline tests:

Sept 22: 7am-10am range: High of 1.8010, Low of 1.7910.
A breakout of this range would trigger a trade.

NB: The trendLineBreak start point on TUES Sept 21 at 1am was: 1.7850.
This would have triggered a BUY at 1.7900.
( or a SELL at 1.7800 )

Hope you guys are monitoring your 4xtrend trades !!

 

[FetteredChinos]

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

 

[trendie]

FC,

CarpeUK uses this I believe. He was the one who extolled its virtues.
He should have the most experience.
He is an EOD player, and will answer you by this evening.

I am running the comparative tests !!

 

[FetteredChinos]

cheer trendie..

i might go out and buy the system anyway to see what all the fuss is about...

 

[trendie]

FC,

my view was it is only $50, so at around £30, it is worth a shot.

even if you dont like it, hardly a big deal.

thats why I went for it.

 

[trendie]

OOPS:

7-10am breakout: I have SHORTed GBP-USD at 1.7891. ( should have been 1.7910 )
Stop-loss of 50 points at 1.7960.

 

[Mark Hellikson]

OOPS:

7-10am breakout: I have SHORTed GBP-USD at 1.7891. ( should have been 1.7910 )
Stop-loss of 50 points at 1.7960.

What's an EOD strategy and how does it work? Also, is this 7-10AM UK time? Thanks.

 

[trendie]

EOD - End of Day ( looking at data at end of the day. as opposed on intra-day trading ).
yes - UK Time.
It is now 14:42PM here.
You can work out the time-diffs from that.

 

[Mark Hellikson]

EOD - End of Day ( looking at data at end of the day. as opposed on intra-day trading ).
yes - UK Time.
It is now 14:42PM here.
You can work out the time-diffs from that.

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 Hellikson]

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.

Is an end of day strategy one where you look at what happened with a specific currency pair for the entire previous day to establish a trend, or is it one where you look at the closing numbers and plan to open a buy and a sell order like Bunnygirl suggests on another link. Bunnygirl suggests a buy and a sell based on the closing numbers and then cancels the buy or sell based on one of those purchases taking place (something like that...).

Thanks.

 

[trendie]

Bunnygirls plan seems a daily version of the TrendLineBreak.

Dont know. US Markets here have opened. watching Dow.
will reply later in evening.

will need a definitive on what is end of day, as you say.

 

[FetteredChinos]

end of day is generally 9pm which is when the US market closes (or is it 9.15??)

market then goes pretty quiet until midnight when the asian market opens for business, selling fine goods and delicate soft furnishings.....

 

[trendie]

that makes sense !! based around US activity.

Mark - thats 9pm UK time = 4pm US time. ( dont know which time zone )

 

[Mark Hellikson]

that makes sense !! based around US activity.

Mark - thats 9pm UK time = 4pm US time. ( dont know which time zone )

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 Hellikson]

This is very early days; but JTs 7-10am breakout seems better.

I dont know what the exit strategy, although I think it is a 35 or 50-pip stop-loss.
However, once in profit, I dont know what the exit strategy is ( could be a trailing stop )

Sep 20: 7-10am range: 1.7904 - 1.7856 triggered at 11am

Sep 21: 7-10am range: 1.7866 - 1.7840 triggered at 10:10am.

both trades are profitable

Trendie,

Are your 7-10am times and other times UK times?

Thanks.