eSignal is our data provider and their real-time data, powers the Forex chart(s) that run our SCS software.
The SCS software generates trading signals in the charts.
Be sure and download eSignal version: 10.6
Step 1: Download / Install eSignal OnDemand
You may obtain the first 30 days FREE, except for the Forex exchange fee of about $50 / month.
Contact Scott Wilks at eSignal for your FREE month:
Scott Wilks
1-800-322-1819
1-510-266-6000 x.1629
scott.wilks@interactivedata.com
Download eSignal Version: 10.6 here
Forex exchange add-on is: FX GTIS
Step 2: Download / Insert ConceptForex SCS
- Download installer file, "CF_Strategy.msi" from here
- Save file to desktop, then dbl-click to run install sequence.
The 'EUR SCS.efs' is automatically saved to the proper folder on your hard drive and a copy is placed on your computer desktop: (efs = eSignal formula study)
eSignal Ver: 10.6
Path = C:\Program Files\esignal\Formulas\Conceptforex\Strategies
eSignal Ver: 11 and on (future use)
...\Documents\InteractiveData\Formulas\Conceptforex\Strategies
Step 3: SCS Activation Required
There is code in the SCS that only allows it to operate under your own eSignal username.
That is why we need your username to provision the efs to function.
Please allow 24 hours to process.
If you forgot your username, then with eSignal up and running, go to:
File > Preferences > Connection tab
Click here to send username if you have not already done so.
Step 4: Page and Chart Setup (ver: 10.6)
(ver 11.x future)
Please view the 'Esignal Chart Making' video in our help videos section.
Make a Page (basically a new desktop in esignal)
1. Click: Page > New Page, then,
2. Click: Page > Save Page As... (then give it a name)
Make a EUR/USD Chart
1. Click: File > New > Advanced Chart > Candlestick
2. In chart, type 'comma' key, 'Change symbol/interval' window opens
3. Enter desired symbol and time interval (see below), then 'OK'
4. Re-Save the page again
Insert SCS software
1. Click anywhere in the chart to select it
2. Right-click, select > Formulas > Conceptforex > Strategies
3. Find 'EUR SCS.efs', click on it to insert, done
4. If you are permissioned, it is automatically functioningImportant: This is NOT drag-n-drop!
Chart Symbols
The eSignal symbol for the EUR/USD cross pair is: EUR A0-FX
(the '0' is a zero, not the letter O)
However, this symbol (feed) is a conglomerate of all Forex contributors and you will see lots of spikes and such. Therefore, we prefer to water the feed down by using one of the contributors as follows:
Gain: EUR@GAIN A0-FX
Contributors with faster (more ticks / time period) PFG and FXCM. You would need to use longer time intervals if choosing one of these.
FXCM: EUR@FXCM A0-FX
PFG: EUR@PFG A0-FX
Our R&D and trading has primarily been with the Gain feed.
The difference between contributors is mainly noted when using 'tick' based intervals.
You can view eSignal's contributor list here. Then click on 'complete listing'.
Chart Interval
You have 2 options for time intervals; minutes (time) or tick. We like to use tick charts whenever possible as this will break down a larger time bar into several smaller bars to smooth out the trend and turning points.
Time chart intervals to use:
Begin with a 45 minute chart
Keep an eye on 30 and 60 minute also
Tick chart intervals to try:
Begin with the 2600T
Keep an eye on 1000T - 2000T also
How to Watch the Charts
During your trial and after, try and keep up at least 6 charts and keep note over a period of at least 1 week, which chart(s) are doing best under the current conditions.
Then choose that best chart for your trading signals. The following charts should be up and watched (at a minimum):
- 30 min
- 45 min
- 60 min
- 75 min
- 1000T
- 2000T
- 2500T
- AND any other time frame you wish to experiment with
The SCS is meant to generate your net pips over time and you should not judge performance on the signals on just a day or two. We like to view any Forex performance on what happened over the month.
You can try any combination of contributor and interval you want - the sky is the limit. For example, you could put up a charts using intervals based on Fibonacci numbers.
Chart Items
- Diamonds
The trade signal. The diamond will be colored in the proper direction, RED for short and BLUE for long, BLACK for counter-trend.
The typical trading signals/positions are not reversed. This means that if you have a current trade on in a direction which has not yet hit target and you get another signal, but in the opposite direction, you will continue in the current trade - one way or the other.
Of course, you are free to do as you wish at any time.
- Trade entry / Target lines
These are meant to be a suggestion for your primary target, as many trades will go far beyond these targets.
Chart Labels
When you insert a SCS into the chart, it is automatically functioning.
If you are using the Auto Interface module and want that particular EFS to be your signal source, then set the 'Autotrade' in the EFS to: True
In the upper left of the chart you will find labels (may vary a little between strategies):
- Software Name/Version
- Last close price of the symbol - Autotrade: On/Off
- Last entry signal, price, time
- Trend Status: Long, Short, Flat
Edit Studies...
Right-click on the chart to get the 'Edit Studies...' option.
The 'Edit Studies' window opens.
Select the 'EUR SCS <ver> in the left column to show the window below.
- Allow Autotrade
Select true to send entry signals to the Interface Module. This function is here because you may wish to have several open charts with the SCS, in different time frames, but you want only 1 of the charts to be actively trading to the Interface Module.
- Target Pips Line
Change this value to set your printed target line in pips.
Note: This is only for your visual enjoyment, as nothing will happen in the chart when price crosses this line.
- All 'counter-trend' signals will print with a BLACK diamond.
If you do NOT wish these signals to go to the interface module, then set this option to FALSE.
- Play Entry Sound
Select true to allow audible entry sounds
- Long Entry Sound
Select your desired Long entry sound
- Short Entry Sound
Select your desired Short entry sound
Scaling the Chart
If you find that prices are 'scrunched together' either up and down or right to left, then, put the cursor in the outside column of the chart window ( on the right or below the chart ), hold the mouse button down and slide the cursor, up and down ( for vertical scale changes ) or left and right ( for horizontal scale changes ).
Times to Trade
Forex
These can function 24/7, beginning with the open on Sunday ( or a few hours after ) and continuing until Friday morning. You should never take Friday PM trades, UNLESS, you are willing to hold a position over the weekend.
Conservative traders may wish to also avoid trading the slow afternoons, from about mid-morning to 4 PM PST. You may also wish to begin with the evening opening of London, instead of right from the gun on Sunday afternoon. Trading on FOMC and Non-Farm Payroll days and/or the night before is aggressive!
Caution with any 'employment situation' announcement.
Be careful with any opening gaps, as these usually close somewhere down the line.
Disclaimer
Trading spot currencies, stocks, futures are inherently risky and always includes the possibility of loss. Because the risk factor in any exchange market is high, you should only trade with funds that you can afford to lose. Past results do not in any way guarantee or imply similar results in the future. No trading system has been devised that offers safety or freedom from loss. We cannot guarantee you profits. Losses can and will occur. Use all efs studies at your own risk. This is not a trading system, the software described are tools and assist devices.
You could lose part or all of your capital investment.