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

So far my two trade on the 4xtrend this week..... first +32 (on GBP/USD) using rsi to exit rather than EWO. Second trade still going....long from 1.7936 (GBP/USD), took hlaf off at +100 pips running other half and will exit on my rsi based (still in work in progress mode!) system to exit. With the JT £ trade I am still long from 1.7900.
 
Exit other 1/2 of 4x trade at 1.7986 for +50 on this 1/2. I take the EWN falling to 0 and the rsi falling under 50 as my get out now signal.
 
Mark Hellikson said:
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!
Click to expand...

Mark,

This is the last time I am going to say this. DO NOT USE A DAILY CHART. forget EOD, practise trading the day. I am only trying to find a possible EOD strategy for the 4xtrend because i am unable to trade during the day (4xtrend educational manual may never be suitable for EOD as it was designed for day trading/screen watching)

when I placed the trade last night I done this on a 15min chart (as i would normally do when trading during the day) I was only monitoring a 15 & 30min charts that's it. I decided to leave it running over night just to see how the trade looked in the morning. If it had been -20pips then it would have been a good possibility as i was not watching the screen the indicators changed and i should have closed the trade.

I was not monitoring a daily chart. if you are trying to find the trade I done last night look at the 15min chart for 22/09/04 between 10:30 & 11pm UK time). if you try to look at any other chart you may not see the exact buy. (you will not find the buy signal on a daily chart because the daily chart is made up of the general movement of the currency pair for that day

e.g lets say for the first 3 days the x & y currency pair have been going long (moving upwards - buy) but also during this time the price may drop then go back up. etc so the daily chart for the last 3 days will show a buy trend. now lets assume the next 2 days the X & Y currency start to go short (move downwards - sell) so depending on how much it has moved in 2 days ( lets assume not as much as it did in the first 3 days) the indicators will still show a buy but the indicator numbers will start to decrease) so this will tell you the price is still on a possible buy but it could move to a sell so when trying to trade on daily chart you still need to abide by the rules of looking for new signals but remember the daily chart will not produce as many buy or sell signals as a 15/30min chart. a daily chart maps the daily movement of a currency where as a 15/30min chart maps the movement for that currency pair in that time period (15/30min) depending on what chart you are looking at.

Practise looking at either a 15 or 30min chart and get used to looking for possible buy and sell signals during the day.

Hope you can understand the above.

Regards
CarepUK
 
timcannell said:
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 ?
Click to expand...

Tim,

Welcome to the Forum.

The key for the book should be with you in about 24/48 hours.

first off if you are new to FX trading but have some basic knowledge (and i mean basic) you will find the 4xtrend educational manual very easy to understand and trade. please remember one thing if nothing else the 4xtrend strategy is by no means the "holy grail" in my eyes it is a simple system that beginners can use whilst learning the ropes and make a few £££ on the way :)...If you have any questions after purchasing it please let me know and i will do my best to help as i am sure other who have bought it will help you also.

Now down to business. I am very interested in automating the system if possible, i have a friend who is looking at it to see if this can be done but he is taking a while so i will be happy to leas with you in anyway possible to help create an automated 4xtrend system.

Please PM (private message) me if you would like to discuss this further.

Regards
CarpeUK...

P.S...Happy Trading :)
 
Update On Post #190

Update on post #190
http://www.trade2win.com/boards/showpost.php?p=129226&postcount=190

Ok last night I entered a trade on EUR/USD long @ 1.2267, left it open over night but when i checked it late morning the following day I noticed the trade had been stopped out @ 1.2325 +58 and for the life of me i dont know why. I looked at my FXCM report and cant seem to find the reason behind it. If anyone can come up with any theories, conspiracy or otherwise i would be interested :)

Ok whats really freaky about this is where i was stopped, it was very near the high point of the trade before it started to go short, ok i am thankful i did get stopped out and made a profit but i am a little p****d i could not trade the down trend, i could have picked up another 50+ points.

Can anyone shine some light on this freaky occurrence. Ok there has to be a logical explanation but i cant find it.

Also there is a short on the EUR/GBP @ 0.6824 i dont feel confident with this one, the indicators are saying sell but i dont have a good feeling about it at all. I will trade what i see and not what i feel (trendie i am sure you can appreciate this comment) but for some unknown reason i never seem to have much luck with EUR/GBP (bloody Europeans...JOKE!!!)

I will leave this running over night and check again in the morning before i go to work but i bet i get burned!!! :devilish:

Will keep you posted

Regards
C

Update: well as i predicted, my EUR/GBP trade got stopped out with a -20 loss....lol..should have listed to my own advice :devilish:
 
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Interesting thread.

Does FXCM charge for the charts necessary to run this package? If so what is the cost?

Thanks in anticipation.

LII
 
Last edited:
LevII said:
Interesting thread.

Does FXCM charge for the charts necessary to run this package? If so what is the cost?

Thaks in anticipation.

LII
Click to expand...

No they are a free plug-in that you will get with the strategy

Regards
C
 
snaily said:
So far my two trade on the 4xtrend this week..... first +32 (on GBP/USD) using rsi to exit rather than EWO. Second trade still going....long from 1.7936 (GBP/USD), took hlaf off at +100 pips running other half and will exit on my rsi based (still in work in progress mode!) system to exit. With the JT £ trade I am still long from 1.7900.
Click to expand...
Snaily, a couple of questions.

1. What made you decide to change the system entry/exit parameters/indicators?

2. Are these changes currently providing higher profits than if you had adhered strictly to the system?
 
7-10am breakout;
Sept 24: GBP/USD: 7-10am high = 1.7990; low = 1.7955.
 
..incidently, JT suggested the 7-10am BO on the EUR/USD rather than Cable. It probably doesn't make a great deal of difference though, in the long run.
 
FLIP !!

can you point me to the strategy page that describes JTs rules, please!

Or are they embedded in his threads ?

thanks
 
ccdltd said:
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
Click to expand...

Thanks for all your greeting messages; feels very good to be part of a community in my efforts -Re the above -I was unaware when I got the ebook key that the actual indcator formulae would not be revealed - 2 and 3 are the same formulae just the logical expression 'f' that differs and is unknown :-( - Im hoping however that it will be podssible to reverse engineer those two. 1 is self explanatory however - anyhow I will update you on my efforts if /when I make progress...
Is anybody who replied to my original mail going to the social event in Wardour Street a week on Monday ? - I literally work within spitting distance of the Wetherspoons pub - it'd be great to meet up and swap ideas...
 
TheBramble said:
Snaily, a couple of questions.

1. What made you decide to change the system entry/exit parameters/indicators?

2. Are these changes currently providing higher profits than if you had adhered strictly to the system?
Click to expand...

Bramble
I changed them just because I felt that the exit rules of the system more often than not gave up alot of profit. I currently take half my trade off if it goes 100 pips my way, I then run the other half based on an rsi exit signal. If the trade doesn't go 100 pips up I will exit 1/2 anyway based on my rsi signal and then use the system rules for the other half.
So far my exit rules are betting the stated system exit rules.
 
snaily said:
Bramble
I changed them just because I felt that the exit rules of the system more often than not gave up alot of profit. I currently take half my trade off if it goes 100 pips my way, I then run the other half based on an rsi exit signal. If the trade doesn't go 100 pips up I will exit 1/2 anyway based on my rsi signal and then use the system rules for the other half.
So far my exit rules are betting the stated system exit rules.
Click to expand...

I must agree with Snaily... I did some "Tick" chart trading this morning and made out very well - as can be expected, I see many more strong buy/sell signals and primarily use the RSI indicator as a trade close sign. You can definitely save some pips with the RSI, even with the "Tick" chart.

Thanks.
 
JT's cable system has put me +121 pips this week
I'm long again using 4xtrend from 1.8014 on same instrument
and exited at before I retire for the weekend at 1.8037.
 
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