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

[CarpeUK]

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.

Its difficult for me to keep a log because i cant trade during the day so i miss most of the good trades, only catch a trade now and again because of work but when i first bought it i took a week of and paper traded and the results where outstanding...well ok i was only making 35/50pips a day but over a week it nice!!!!

I have asked in a previous post if anyone who has bought it, and can trade it for a week to test it i would be interested in the results.

But if you have lost of experience with EOD then i could use your help as i am trying to find a nice EOD strategy using 4xtrend

C

 

[trendie]

But if you have lost of experience with EOD then i could use your help as i am trying to find a nice EOD strategy using 4xtrend

C

Since the number of trades can be reduced by increasing the time-frame, try doing that.

You know that there will be more trades with 15min, but fewer with 30mins.
Experiment with 40min or 60mins to see if the number of trades are reduced.
( bear in mind the bigger the trade, the wider the stop-loss ).

And then check if they are profitable.
Then check if they trigger at certain times of the day more than others.
Also check out different currency pairs such as GBP/EUR, or GBP/SwissFranc,these are more likely to be europe-time volatility.

These are just questions I can think of off the top of my head. Hope this helps.

 

[Mark Hellikson]

Its difficult for me to keep a log because i cant trade during the day so i miss most of the good trades, only catch a trade now and again because of work but when i first bought it i took a week of and paper traded and the results where outstanding...well ok i was only making 35/50pips a day but over a week it nice!!!!

I have asked in a previous post if anyone who has bought it, and can trade it for a week to test it i would be interested in the results.

But if you have lost of experience with EOD then i could use your help as i am trying to find a nice EOD strategy using 4xtrend

C

I've just been communicating with 4xtrend about the confusing buy and sell signals I see day trading. I sent them an entire chart showing the yellow dotted line on the left of the chart. No matter which time period I click on to the right, a sell (-1, 4, -0) is reported, but there are definite movements upwards in the green line. I told them I'm still trying to get the hang of this, but that the day-trading charts are very confusing due to the eratic buy/sell numbers being reported for reversals. I'm waiting for their comments. This system may be a lot easier to make consistent trades with on an EOD strategy...

 

[CarpeUK]

Since the number of trades can be reduced by increasing the time-frame, try doing that.

You know that there will be more trades with 15min, but fewer with 30mins.
Experiment with 40min or 60mins to see if the number of trades are reduced.
( bear in mind the bigger the trade, the wider the stop-loss ).

And then check if they are profitable.
Then check if they trigger at certain times of the day more than others.
Also check out different currency pairs such as GBP/EUR, or GBP/SwissFranc,these are more likely to be europe-time volatility.

These are just questions I can think of off the top of my head. Hope this helps.

Thanks. i did not realise the bigger the chart the wider the stop loss. (but thinking about it, it makes perfect sence)

I will play about with it and see what happens.

Cheers

 

[trendie]

The only way I can see this being used as an EOD is if your time-frame is 1-day.

bear in mind the software analyses bars of data to determine elliot wave counts.

an EOD strategy is using 1-day bars.

Mark,

NO SINGLE system EVER gives perfect entries and exits.
my favourite system is Simple Moving Averages - this is the simplest method in all history.
But it makes more money than it loses.

Also, just because one method is good at giving good entry signals, it doesnt mean it also gives good exit signals.
Thats why even 4xtrend say to use itin conjunction with other ideas.

Thats what Carpe means about not relying on 4xtrend only.

( for example, if you use 4xtrend as an extry signal, you will find a 21-period moving average is better at getting you out before you lose your profit ).

You have to learn and research for yourself.

 

[CarpeUK]

I've just been communicating with 4xtrend about the confusing buy and sell signals I see day trading. I sent them an entire chart showing the yellow dotted line on the left of the chart. No matter which time period I click on to the right, a sell (-1, 4, -0) is reported, but there are definite movements upwards in the green line. I told them I'm still trying to get the hang of this, but that the day-trading charts are very confusing due to the eratic buy/sell numbers being reported for reversals. I'm waiting for their comments. This system may be a lot easier to make consistent trades with on an EOD strategy...

Mark,

Again i state. 4xtrend is not designed for an EOD strategy it has been designed for day trading. i have only been playiong around with EOD to see if i can come up with anything and at this time the answer would be NO.

The problem i think you are having is you are using the scroll bar to scroll through the chart instead of the cursor. left click you mouse anywhere on a daily chart (or any other time chart for that matter) then use the arrow key (located to the right of your keyboard) to move across the chart. Once you begin moving you will notice the indicators & numbers change. Try that

C

 

[Mark Hellikson]

Mark,

Again i state. 4xtrend is not designed for an EOD strategy it has been designed for day trading. i have only been playiong around with EOD to see if i can come up with anything and at this time the answer would be NO.

The problem i think you are having is you are using the scroll bar to scroll through the chart instead of the cursor. left click you mouse anywhere on a daily chart (or any other time chart for that matter) then use the arrow key (located to the right of your keyboard) to move across the chart. Once you begin moving you will notice the indicators & numbers change. Try that

C

Right, I click on the chart initially, then I use my keypad arrow keys. I still many times when the EW Trend, EWN, and EWO indicators appear to present false information based on the direction the green line is moving...I'm still trying though.

 

[CarpeUK]

Right, I click on the chart initially, then I use my keypad arrow keys. I still many times when the EW Trend, EWN, and EWO indicators appear to present false information based on the direction the green line is moving...I'm still trying though.

Take a screen shot and send it to me.

 

[CarpeUK]

Since the number of trades can be reduced by increasing the time-frame, try doing that.

You know that there will be more trades with 15min, but fewer with 30mins.
Experiment with 40min or 60mins to see if the number of trades are reduced.
( bear in mind the bigger the trade, the wider the stop-loss ).

And then check if they are profitable.
Then check if they trigger at certain times of the day more than others.
Also check out different currency pairs such as GBP/EUR, or GBP/SwissFranc,these are more likely to be europe-time volatility.

These are just questions I can think of off the top of my head. Hope this helps.

Trendie,

I should have posted this last night but i was to tired. A buy signal appeared with 4xtrend last night on EUR/USD (just before i was about to go to bed) so i entered the trade @ 1.2267. i will be unable to monitor this during the day so i have not set an exit point but if it was like the last one, the start of a nice little trend, move up at a slow but consistent rate.

anyone using 4xtrend should be able to confirm the buy signal.on a 15min chart between 10:30/11pm last night 22/09/04

Update: 11:42am just managed to check the above trade and for some reason it was stopped out @ 1.2325 (58 pip profit) but i am sure i did not place a close limit. Anyone have any ideas.
I will be unable to investigate this until i get home. (can't complain a profit is a profit.

 

[trendie]

Sept 22 trade: clsoed out for 50 pip loss. ( stop-loss was 1.7960 ).

GBP/USD:
todays ( Sep 23 ) 7-10am breakout: high = 1.7997, low = 1.7932.

once initiated, 50 pip stop-loss.
I think a 50-pip trailin stop might be useful !!

 

[ChowClown]

Hi trendie,

Are you testing JT's original 7-10am breakout? If so, it's a fixed 35 pip stoploss. A breakout being 1 pip above the 7-10am range high and 1 pip below the range low.

Over the past few years this method has averaged around 8 pips per day. The max drawdown has been manageable; the capital growth curve is quite smooth.

Apologies if you're testing something else.

 

[trendie]

Chowclown, yes it is JTs breakout.

thanks for clarification.

did he have a "time" beyond which he closed the daily trade ?

 

[ChowClown]

..yes, exit at 9pm (GMT), if not stopped out.

 

[Mark Hellikson]

Trendie,

I should have posted this last night but i was to tired. A buy signal appeared with 4xtrend last night on EUR/USD (just before i was about to go to bed) so i entered the trade @ 1.2267. i will be unable to monitor this during the day so i have not set an exit point but if it was like the last one, the start of a nice little trend, move up at a slow but consistent rate.

anyone using 4xtrend should be able to confirm the buy signal.on a 15min chart between 10:30/11pm last night 22/09/04

Update: 11:42am just managed to check the above trade and for some reason it was stopped out @ 1.2325 (58 pip profit) but i am sure i did not place a close limit. Anyone have any ideas.
I will be unable to investigate this until i get home. (can't complain a profit is a profit.

Hmmm... I think I need some help here.

Using the Daily chart, I went over every single pair in the MarketScope chart yesterday at 2:00 PM PST (10:00PM UK), and never saw a buy for the EUR/USD. In fact, the Daily chart showed a sell.

When you go over your charts at night, are you primarily looking at the EUR/USD, EUR/GBP, and GBP/USD pairs?

Also, do you look at the Daily and 15 minute charts for each of these pairs?

FInally, which period setting do you use when looking at the Daily and 15 minute charts at night, the 5, 10, 50, or Entire?

Thanks Carpe!

 

[timcannell]

4xTrend system & automated trading

Greetings to all - this is my first ever post ! Is anyone else still facing an irritating wait for their 4xTrend ebook key ? I ordered about 5 hours ago and am still waiting - In light of the positive opinions on this thread I cant wait to code it up in EasyLanguage and see if it stands up historically intraday - Im very new to trading generally, but as a professional C++ programmer, am looking to automate a successful system - has anyone else done this for forex intraday and would it be best to use a proper broker such as IB or a spread betting outfit with a tight spread ?

 

[Roberto]

I ordered about 5 hours ago and am still waiting

Welcome, Tim. I waited about 36 hours for the "key" but had no further problems after it arrived. (Can't understand the rest of your post because I'm not a techie!).

 

[trendie]

hi timcannell,

Carpe is the one with the most experience.
he give you an idea of the kinds of profits to be gained - that can point you to IB or SB.
the number of trades are few, so SB will probably be fine.

 

[TheBramble]

Hi Tim, welcome to t2w.

I'll be very interested in your efforts in programming the system as described.

Please keep us posted.

 

[snaily]

Greetings to all - this is my first ever post ! Is anyone else still facing an irritating wait for their 4xTrend ebook key ? I ordered about 5 hours ago and am still waiting - In light of the positive opinions on this thread I cant wait to code it up in EasyLanguage and see if it stands up historically intraday - Im very new to trading generally, but as a professional C++ programmer, am looking to automate a successful system - has anyone else done this for forex intraday and would it be best to use a proper broker such as IB or a spread betting outfit with a tight spread ?

Timcannell - using IB will allow you to link into there API and allow you to make automated systems.

 

[trendie]

Carpe will be pleased to hear that - he is looking for an automated system for 4xtrend for trades when he is at work !!