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

[Mark Hellikson]

so far:
GBP/USD: triggered SHORT at 8:15 at 1.8052
Peaked ( or troughed ) at 1.8040 at 9:15
reversed, and trade clsoed at 9:35 at 1.8060 ( 20 point stop-loss ) for a LOSS of 8 pips.

EUR/USD: triggered a BUY at 1.2277 at 10:10
still running, but peak value so far is 1.2314.
with a stop-loss of 35 points, max point of closure is 1.2279.
( so, potentially 20 pips in the bag )

How is the 4xtrend doing ?

Trendie,

You got these results using JT's TLB?

For me, the 4xtrend method of day-trading has not come together yet. I'm noticing some nice trends in some of the pairs and am making notes about them and their times to develop some things on my own. I'm also reading through the 4xtrend Education Manual again more carefully and noticing many things I'd forgotten about. I'm going to be communicating with 4xtrend about some of the manual in an effort to better understand how they trade using this sytem...

Is anyone really having success with the 4xtrend system when using it as a day-trading tool?

Thanks.

 

[trendie]

Mark,

these trades were the result of using JTs breakout system.
7-8am for the GBP/USD, and the 7-10am breakout fof the EUR/USD.
( all times are UK ).
These have been described in this thread already.
the TLB will get triggered Tues 1am UK time, and is a once-a-week trade.

All the trades I have listed are paper-trades; the figures derived by reading the figures from the chart.
I am not using any platform, or real money.

Additionally, Mark, I find the trading mechanism on 4xtrend simple and straightforward.
You shouldnt really be having any probelms.
The only problem I had in understanding it was how they decided to exit a trade.

 

[CarpeUK]

so far:
GBP/USD: triggered SHORT at 8:15 at 1.8052
Peaked ( or troughed ) at 1.8040 at 9:15
reversed, and trade clsoed at 9:35 at 1.8060 ( 20 point stop-loss ) for a LOSS of 8 pips.

EUR/USD: triggered a BUY at 1.2277 at 10:10
still running, but peak value so far is 1.2314.
with a stop-loss of 35 points, max point of closure is 1.2279.
( so, potentially 20 pips in the bag )

How is the 4xtrend doing ?

Trendie,

No trades today. Got home about 4 and started about 5 but nothing new. this is the most frustrating thing for me not being able to trade during the day.

 

[TheBramble]

Carpe, you can still check trades you would have taken and FX is tradeable during weekdays 24 hours....although a bit slack out of major markets' hours I grant you.

 

[trendie]

Carpe,

I think you should still assess which trades you missed.
If you intend to trade full-time, then you need to get an idea of the kinds of profits and losses you would make if you traded full-time.
Only then can you make a realistic assessment when and if you can do this full-time.

I believe you should list the trades you "would" have done between 8am and 7pm, if you were at home.

( You may decide you want to take a "weeks holiday" from work, and try it out for real, without risking your day-job ).

 

[Mark Hellikson]

Mark,

these trades were the result of using JTs breakout system.
7-8am for the GBP/USD, and the 7-10am breakout fof the EUR/USD.
( all times are UK ).
These have been described in this thread already.
the TLB will get triggered Tues 1am UK time, and is a once-a-week trade.

All the trades I have listed are paper-trades; the figures derived by reading the figures from the chart.
I am not using any platform, or real money.

Additionally, Mark, I find the trading mechanism on 4xtrend simple and straightforward.
You shouldnt really be having any probelms.
The only problem I had in understanding it was how they decided to exit a trade.

Trendie,

Yes, I found the exit info a little fuzzy myself. I couldn't tell if I should make a sell trade when a buy trade reverses, close the trade out, etc.

Have you actually been consistently successful day-trading 4xtrend?

 

[CarpeUK]

Carpe, you can still check trades you would have taken and FX is tradeable during weekdays 24 hours....although a bit slack out of major markets' hours I grant you.

Bramble,

I do always check the days possible trades when i get home and see what i have missed but i get a little frustrated because the times i want to trade like now are crap and not much is happening, this is why i am trying to automate the system and even find an EOD strategy.

 

[trendie]

Mark,

No, I havent been testing out 4xtrend.
I have been running the JT breakout as a comparison against 4xtrend.

 

[JJL3142]

Whats the rush guys - the markets will still be here tommorow

Impatience and day-trading do not go well together

Patience with a decent shake of money management (and some hard sweat) are the real keys of successful trading imho.

Trendie - are you still doing EOD fib ?

 

[Mark Hellikson]

Mark,

No, I havent been testing out 4xtrend.
I have been running the JT breakout as a comparison against 4xtrend.

Trendie,

That's what I thought. Hmmm... I wonder if anyone out there has had success day-trading 4xtrend. Anyone care to speak up about their 4xtrend day-trading success?

Thanks again.

 

[CarpeUK]

Carpe,

I think you should still assess which trades you missed.
If you intend to trade full-time, then you need to get an idea of the kinds of profits and losses you would make if you traded full-time.
Only then can you make a realistic assessment when and if you can do this full-time.

I believe you should list the trades you "would" have done between 8am and 7pm, if you were at home.

( You may decide you want to take a "weeks holiday" from work, and try it out for real, without risking your day-job ).

Trendie,

Thats my plan. I took a week of when i first got the system after learning it for a week, then took a week of and that week went very well.
I would like to take another week of soon but i already have 2 weeks booked in November for a holiday (Las Vagas Baby!!!) so i will have to do it after then.
I am a contractor so i only get paid for the hours/days i do (ever feel like you are stuck between a rock and a hard place) but hay i am determined to learn to become a good trader so i will do what i must.....with success comes sacrifice......and boy am i going to be successful

 

[trendie]

Whats the rush guys - the markets will still be here tommorow

Impatience and day-trading do not go well together

Patience with a decent shake of money management (and some hard sweat) are the real keys of successful trading imho.

Trendie - are you still doing EOD fib ?

Fibs - since I have decided to day-trade, to see if I have the suitable personality ( I may not, as I am impatient ), I have been using retracements on the main trend to make my trades.

I am not looking at EOD fibs, since I am no longer using an EOD mentality.

Perhaps I need to get another project, work during the day, and then forget about trading until the evening !!

At the moment, I am placing trades out of boredom !!! ( I have been lucky, as they are profitable, except when I close a trade just before it REALLY takes off !! )

I also think that day-trading is unhealthy.
However, I am getting used to placing limit orders, which I never used to do.

I beleive I have the strategy, but I need to NOT get bored.

 

[trendie]

Sept 28:

GBP/USD: 7-8am range: high= 1.8113; low= 1.8080

EUR/USD: 7-10am range; high= 1.2307; low= 1.2279

NB: the gbp-usd got triggered at 08:30 as a buy.

 

[FetteredChinos]

trendie, you could always try setting your limit orders, and then turning your PC off.

that way, even if you wanted to fiddle, it would take 5 mins for you to start everything up, and in that time, you may have enough attacks of conscious to stop yourself.

 

[trendie]

trendie, you could always try setting your limit orders, and then turning your PC off.

that way, even if you wanted to fiddle, it would take 5 mins for you to start everything up, and in that time, you may have enough attacks of conscious to stop yourself.

FC - yes thats my problem - messing about with an essentially-OK strategy.
I am a trend-follower.
But, if I screen-watch intra-day, I start seeing trends, but they are short-term.
( time-frame issues )
I need to stop interfering with my essentially EOD strategy.
I have started using limit orders, to good effect.

I hate golf.
I havent started exercising.
So - I am going shopping to Ikea !!

I can place trailing stops with FXCM.
However, D4F dont have trailking stops.

Do you any SBs that do trail-stops on indices ??

See you around 2pm !!

 

[FetteredChinos]

ikea? you brave man.


bring me back a Tradersch Tahble will you?

 

[trendie]

Sept 28:

GBP/USD: 7-8am range: high= 1.8113; low= 1.8080

EUR/USD: 7-10am range; high= 1.2307; low= 1.2279

NB: the gbp-usd got triggered at 08:30 as a buy.

results;
gbp/usd triggered BUT at 8:30am at 1.8114.
peaked at 1.8152 at 12:40.
stop-loss of 20 pips.

stopped out therefore at around 1.8132. thats a PROFIT of 18 pips.

eur/usd triggered BUY at 1040 at 1.2307: peaked at 1.2347 at 3pm.
should I have closed out at 3pm?
anyway 35 stop-loss from that high if you're still in.

both trades profitable.

 

[CarpeUK]

Managed to get two trades in today for the 4xtrend

EUR/USD : Buy @ 1.2312 closed @ 1.2346 +34

GBP/USD : Buy @ 1.8139 closed @ 1.8161 +22

With the above I used 3 EMA's to close the trades.(looked for the crossover/revers and took the profit)

CarpeUK

 

[Mark Hellikson]

Managed to get two trades in today for the 4xtrend

EUR/USD : Buy @ 1.2312 closed @ 1.2346 +34

GBP/USD : Buy @ 1.8139 closed @ 1.8161 +22

With the above I used 3 EMA's to close the trades.(looked for the crossover/revers and took the profit)

CarpeUK

Carpe,

Nice trades! What does EMA mean Also, were these day trades, or EOD?

 

[trendie]

Sept 29th:

GBP/USD: 7-8am breakout range: High= 1.8115; Low= 1.8087.
SELL triggered at 09:30.

EUR/USD: 7-10am breakout range: High= 1.2328; Low= 1.2308.
SELL triggered around 11:20.