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

[trendie]

hi Torch,

I understand what you mean.
All we can do is point out to other traders to be wary of 4xtrend, or to point out the shortcomings.

Personally, I have always been unsure of EW. I thought the e-book would describe how they determine a wave. My understanding is that even EW experts apply a certain amount of personal interpretation on which wave is which, even AFTER the event !!

Anyway, it was good fun. Back to MAs !!

PS: I am on my first real FX trade !! a BUY on the GBP/USD at 1.7811. SL now at 1.7815.
4 WHOLE pips profit locked in.

Hope you have a good day, Torch.

 

[trendie]

If the overall consensus is that 4xtrend works, but depends what time of day you check the charts , then should someone post a review to warn other traders ?

That is, after all, the purpose of this website, with over 21,000 members.

 

[timcannell]

"I've done the math so you don’t have to!" - just one of Brian's promotional slogans - how exactly do you do your maths Brian ? - I am intrigued !

 

[TheBramble]

If the overall consensus is that 4xtrend works, but depends what time of day you check the charts , then should someone post a review to warn other traders .

Good point Trendie. But it's MarketScope with FXCM that appears to be the more central issue.

Forget (for the moment anyway) what system, if any, you're using with it. If the charts are dodgy, they're dodgy. Even if you're a purely discretionary no-inds trader.

Don't use MARKETSCOPE with FXCM.

Anyone from FXCM reading this?

 

[timcannell]

An Open Letter To Brian Campbell:

Dear Brian
I have recently learned to my horror that the FXCM MarketScope indicators are
not accurate / buggy :-(. This makes the 4xTrend system impossible to trade - as
you know a system trader needs to take every signal his system throws up. I have
also contacted FXCM with regard to them providing me with the formula for the
indicators; something which they are unwilling to do. This unfortunately leaves
me with a worthless/untradeable system.
Please provide me with the exact indicator formulae or refund my system fee (
~$50 )
I am a maths graduate and professional programmer and am available to make this
system available for other platforms - let me know if I can help in this regard.
Many Thanks
Tim Cannell

 

[Salty Gibbon]

There goes the Holy Grail of FX trading !!!

 

[trendie]

There goes the Holy Grail of FX trading !!!

Never mind, there'll be another 3 if we wait patiently.

 

[Salty Gibbon]

Yes I know.

There is an infinite supply of holy grails in this business.

Quite extraordinary isn't it ?

We're so lucky

 

[JJL3142]

Tim,

The FXCM indicators are unreliable - I have done some testing on them and as a trading platform (either real time or on a swing basis) would be suicidal..

 

[Mark Hellikson]

Tim,

The FXCM indicators are unreliable - I have done some testing on them and as a trading platform (either real time or on a swing basis) would be suicidal..

Pervaz,

Are you talking about the MarketScope indicators specifically, or the FXCM indicators on other charts as well?

Thanks.

 

[Beachie41]

The reply to my request for the formula. As if we didn't already know.........


" I managed to obtain the equations used to calculate the Elliot Wave indicators in the MarketScope charting package and provide them below. I understand that these equations were based on a technical trading book written by Perry J. Kauffman called Trading Systems and Methods, which can be referenced for further understanding of the use of these indicators.

There is a statement in #2 below. "where f is logical expression" I am not sure what this function is. If you contact fxcm, they should be able to tell you.

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)
Parameters: 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).
Thank You,
4xtrend"

 

[zuijlen]

The reply to my request for the formula. As if we didn't already know.........


" I managed to obtain the equations used to calculate the Elliot Wave indicators in the MarketScope charting package and provide them below. I understand that these equations were based on a technical trading book written by Perry J. Kauffman called Trading Systems and Methods, which can be referenced for further understanding of the use of these indicators.

There is a statement in #2 below. "where f is logical expression" I am not sure what this function is. If you contact fxcm, they should be able to tell you.

Brian is really full of it isn't he? For the money we all paid him he could at least have made an effort to put the question to FXCM, who, as someone pointed out in this thread already, are not willing or able to reveal the complete formula.

I'm afraid I not only bought the intial system but was also suckered into buying the AOS By then, the next system was already being advertised. I didn't fall for it, fortunately. I learnt a lesson, but I'm not sure which one I just hope someone will succeed in reengineering.

BTW, nice forum, this.

Job van Zuijlen

 

[Mark Hellikson]

FXCM FX Class

Brian is really full of it isn't he? For the money we all paid him he could at least have made an effort to put the question to FXCM, who, as someone pointed out in this thread already, are not willing or able to reveal the complete formula.

I'm afraid I not only bought the intial system but was also suckered into buying the AOS By then, the next system was already being advertised. I didn't fall for it, fortunately. I learnt a lesson, but I'm not sure which one I just hope someone will succeed in reengineering.

BTW, nice forum, this.

Job van Zuijlen

Wow,

Finally made some headway last night trading the GPD/USD. I used a strategy based on Technical and Fundamental Analysis I learned about in the FXCM FX course - not pitching the course, just happy to be learning the FX ropes. Also, based the trade on info I got from a FX guru I found on another forum. 119 Pips overnight. Not bad. Nice to be making money.

 

[Mark Hellikson]

Who is the guru on the other forum? Where is the other forum?

E-mail me at [email protected].

 

[Mark Hellikson]

Jt's System Results for last week...

Mark,
The trades have just closed out for the week first trade -50 pips second trade +81 so a net +31 for week 2 of £Trader JT system.

Snaily,

How'd JT's "cable" system do for you this last week?

Thanks.

 

[alliance]

Originally Posted by Zuijlen
"I'm afraid I not only bought the intial system but was also suckered into buying the AOS "

Zuijlen:
Just a thought....perhaps u shouldn't throw the baby out with the bath water! Tony (The Bramble) has previously said that the AOS is not dependant on the Marketscope charts....


Originally Posted by alliance
btw, does the AOS sytem use these charts also?

Originally Posted by The Bramble
it does, but doesn't have to. The (quite different!) indicators used in AOS are commonly packaged ones with parameters provided.

(ho hum ..my "quotes", bold, italic, smilies etc dont appear to be working...any ideas anyone?)

 

[TheBramble]

That's right. I'm still trialling both systems (when I have time). 4xtrend are (apparently) still working on porting the basic system EW indicators to another (?) platform.

The AOS system still looks good.

 

[alliance]

(ho hum ..my "quotes", bold, italic, smilies etc dont appear to be working...any ideas anyone?)

Problem solved......culprit was ZA pro configuration

 

[zuijlen]

alliance: thanks for your encouraging words.

Do you, or anyone else, know of an alternative source for the data needed to trade AOS, i.e., the currency option values. The book suggests opening a demo account with refcospot.com, but that of course expires after 30 days. Can the demo be renewed indefinitely? Also, is there any known source of historical data for currency options? I would like to backtest over a longer period.

 

[TheBramble]

http://64.94.171.14/fxcm-co/europeanCalculatorPage.jsp

Hit the 'exotic options' calculator button. No historic, but easier to use than refco spot.