In this post I will review the ElementFX forex trading system that has been designed to be used in the ever popular MetaTrader 4 (MT4) platform which you can download for free from most online forex brokers. You can even get a free demo trading account if you wish to practice trading with the ElementFX system until you become confident and produce consistent results. This particular forex system can be used by both beginner and advanced traders. It is very user friendly and comes with easy to follow setup instructions and trade examples for clarity on how to use it.
To be honest, I think this system is similar to something that you could build with free forex indicators. It will have good and bad signals, so the user should have some knowledge of the market so that they can filter each signal according to their own market analysis to try and improve the consistency. You should also have an idea of money management and only take those trades which you feel comfortable with when it comes to risk and reward.
What is the ElementFX Trading Strategy?
The ElementFX forex system uses a combination of technical indicators to produce optional buy and sell trading signals. It claims to identify price action on multiple time frames whilst it also gives projected stop loss and take profit levels. The system incorporates Fibonacci levels along with support and resistance levels.
There is a user-friendly trading dashboard that show the trend and momentum according to the system on different time frames along with a message stating the current conditions the ElementFX strategy analysis finds. You can specify the time frames you want to see the momentum of and trade according to that. You have full control of this. The system can give 3 different strength signals for you to interpret as you wish.
When you receive a signal from ElementFX, you can choose to take it as is or to add your own analysis to further confirmation. You do not of course have to take every signal if you don’t want to. I would personally filter every single signal with my own market analysis.
ElementFX can be used on any forex currency pair or other trading instruments that you have in your MT4 platform. Other assets frequently traded online include stocks, indices, commodities, cryptocurrencies, precious metals, oil, gas, etc.
I would prefer to trade on major FX currency pairs such as the EURUSD and GBPUSD as I tend to find that they have some of the tightest spreads and most liquidity available, especially if using a reliable ECN forex broker.
The ElementFX system can run on any chart time frame that you wish, from 1-minute through to 1-month charts. It can be used for scalping, day trading and swing trading. I prefer to trade on the long-term charts as they can help to filter out some of the noise that can occur in the lower time frames, thus making it easier for me to spot trends and ranges.
Price Action Trading
The ElementFX forex system is based primarily on price action trading. Price action in trading analyses the performance of a security, index, commodity or currency to predict what it might do in the future. If your price action analysis tells you that the price is about to rise, you might want to take a long position, or if you believe that the price will fall, you might choose to short the asset.
Understanding price action trading involves looking at patterns and identifying the key indicators that might have an impact on your investments. There are a number of different price action methods that many traders use to predict market movements and make short-term gains.
ElementFX Features
Some of the key ElementFX strategy features include the following:
- Buy and Sell forex trading signals
- Identifies price action on dual time frames
- Alert Window with Sound
- User-friendly for both Pro’s and beginners
- 100% price action signals
- Can be used on all time frames
- Optional take profits and stop loss levels projected
- Can be used on all currency pairs/time frames
ElementFX Summary
Overall, the ElementFX strategy is a very basic manual forex trading system is that is easy to use. It can be used on any trading instrument and chart time frame. The system will analyse multiple time frames which can help improve signal strength whilst it also implements an easy to understand trader’s dashboard and sends signal alerts to the trader which they can then decide what to do next.
For me the key to success using ElementFX would be to have a good trading plan in place, primarily sensible money management and bullet proof trading discipline.
I would only take trades that present a favourable risk to reward ratio so that the losing trades don’t wipe out the winners. Ideally, I would want a 1:3 ratio on each signal that I decide to take. Patience and discipline will be required as with any forex trading system.
In order to use this forex system, you will need a trading account with a forex broker. With so many brokers to choose from, I have conveniently compiled a list of my best forex brokers to help you quickly and easily choose a broker that meets your needs.
I could probably be able to come up with something very similar by just using the indicators already freely available in the MT4 platform and that is just being straight up!
ElementFX Forex System
$49
Pros
- Manual Forex Trading System
- Technical Indicators
- Easy To Use
- Signal Alerts
- Versatile Forex Strategy
- Any Trading Instrument
- Any Chart Time Frame
- Detailed Instructions
- Price Action Analysis
- Fibonacci Levels
Cons
- MetaTrader 4 Only
- Quite Basic Forex Strategy
- Not Very Innovative
- Requires Some User Initiative
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
