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Third Screen Strategy - Dr. Alexander Elder

  • #41
  • Nov 5, 2012 12:24pm Nov 5, 2012 12:24pm
Quoting 100PipsADay
Just placed a buy order for GBP/JPY.

MACD: D1 showing up trend on GBP/JPY

Williams %: H1 just hit "over sold" territory. I may look to scale in one more buy position if price moves a little lower.

Buy: 129.16

SL: 127.56 (160)
TP: 132.16 (300)
Nice play. The trend looked like it was going to continue up but looks like the lower Services PMI numbers caused the pairs to dip down. It's beginning to consolidate at 128.11 now, so hopefully you won't get stopped out ; )
If the dip is just reaction to news and doesn't change the entire market outlook for the GBP maybe you can buy the dip.

Cheers,
ReigningPips
  • #42
  • Nov 5, 2012 8:10pm Nov 5, 2012 8:10pm
Quoting reigningpips
Nice play. The trend looked like it was going to continue up but looks like the lower Services PMI numbers caused the pairs to dip down. It's beginning to consolidate at 128.11 now, so hopefully you won't get stopped out ; )
If the dip is just reaction to news and doesn't change the entire market outlook for the GBP maybe you can buy the dip.

Cheers,
ReigningPips
Hi ReigningPips!

Seems as though market has had major sell offs (Risk Off) with all major currency pairs including precious metals and commodities for the past few days.

This is more than likely due to the uncertainty of the US elections. However, I will hold positions until SL or TP is hit.

Hope you've been having a good week!

Regards,
100PipsADay
  • #43
  • Nov 5, 2012 8:12pm Nov 5, 2012 8:12pm
Daily and Hourly technicals are all giving Strong Buy signals for AUD/USD at the moment.

Obviously the news is more important at this time so it is best to wait and see what happens before making any moves, unless you are planning on playing the breakout.
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  • #44
  • Nov 5, 2012 8:17pm Nov 5, 2012 8:17pm
USD/JPY Daily & Hourly Technical Indicators:
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  • #45
  • Nov 5, 2012 8:36pm Nov 5, 2012 8:36pm
Daily - Simple Moving Averages & Exponential Moving Averages for Majors.
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  • #46
  • Nov 5, 2012 8:45pm Nov 5, 2012 8:45pm
Real-Time Technical Analysis Summary
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  • #47
  • Nov 6, 2012 2:13pm Nov 6, 2012 2:13pm
Just placed a Sell order for EUR/AUD.

MACD: D1 showing Down Trend on EUR/AUD

Williams %: H1 just hit "over bought" territory.

Sell: 1.227

SL: 1.2437 (160)
TP: 1.1977 (300)
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: EURAUD - H1 Williams % Over Bought.jpg Size: 204 KB
  • #48
  • Nov 6, 2012 2:41pm Nov 6, 2012 2:41pm
Real-Time Technical Analysis Summary
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  • #49
  • Nov 6, 2012 5:02pm Nov 6, 2012 5:02pm
Quoting 100PipsADay
Just placed a Sell order for EUR/AUD.

MACD: D1 showing Down Trend on EUR/AUD

Williams %: H1 just hit "over bought" territory.

Sell: 1.227

SL: 1.2437 (160)
TP: 1.1977 (300)
Scaling in one more Sell position for EUR/AUD.

Sold @ 1.2284
  • #50
  • Nov 7, 2012 2:48pm Nov 7, 2012 2:48pm
Quoting Slim Buffett
Took a small (bullish) trade just to let it "wander around" for awhile. Doing OK for now.
After nearly 3 months, still holding that little U/J long. Not sure why 'cuz I damn sure ain't gon'na get rich quick.
Attached Image (click to enlarge)
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When the Joker is in the deck.. fear not and play it well
  • #51
  • Nov 12, 2012 12:20am Nov 12, 2012 12:20am
Just placed a Sell order for EUR/USD

MACD: D1 showing Down Trend on EUR/USD

Williams %: H1 just hit "over bought" territory.

Sell: 1.2725

SL: 1.2885 (160)
TP: 1.2405 (320)


Just placed a Sell order for GBP/USD

MACD: D1 showing Down Trend on GBP/USD

Williams %: H1 just hit "over bought" territory.

Sell: 1.5896

SL: 1.6056 (160)
TP: 1.5576 (320)
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: EURUSD - H1.jpg Size: 124 KB
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  • #52
  • Nov 12, 2012 12:38am Nov 12, 2012 12:38am
Real-Time Technical Analysis for Multiple Currency Pairs
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  • #53
  • Nov 12, 2012 12:54am Nov 12, 2012 12:54am
Quoting 100PipsADay
Just placed a Sell order for EUR/USD

MACD: D1 showing Down Trend on EUR/USD

Williams %: H1 just hit "over bought" territory.

Sell: 1.2725

SL: 1.2885 (160)
TP: 1.2405 (320)


Just placed a Sell order for GBP/USD

MACD: D1 showing Down Trend on GBP/USD

Williams %: H1 just hit "over bought" territory.

Sell: 1.5896

SL: 1.6056 (160)
TP: 1.5576 (320)
Scaled in one more EUR/USD and one more GBP/USD sell order - Same SL and same TP
  • #54
  • Edited 9:11pm Nov 12, 2012 7:56pm | Edited 9:11pm
GBP/AUD - Sell Confirmation (scaling in one more position)

MACD - D1 still in Down Trend

Williams % - H1 just hit "over bought" territory

Sell GBP/AUD @ 1.5234

SL @ 1.5394 (160)
TP @ 1.4914 (320)
  • #55
  • Nov 13, 2012 1:14pm Nov 13, 2012 1:14pm
Hi guys

I just finished reading this cool book - can anyone tell me if this method really works? do yall mind telling me extra information about this cool strategy and how much is the winning% rate.



thanks and i appreciate it.
  • #56
  • Nov 13, 2012 2:26pm Nov 13, 2012 2:26pm
Quoting wxw110830
Hi guys

I just finished reading this cool book - can anyone tell me if this method really works? do yall mind telling me extra information about this cool strategy and how much is the winning% rate.



thanks and i appreciate it.

WxW11030,

I can tell you that this strategy works for me! However, I do use support and resistance along with the Third Screen Strategy in order to find good entry points. S&R is typically used on the weekly/monthly time frames along with certain candle stick patterns.

You need to find which trading style and time frame works for you. Just because this strategy works for me doesn't mean it will work for you.
  • #57
  • Nov 13, 2012 3:31pm Nov 13, 2012 3:31pm
Quoting 100PipsADay
WxW11030,

I can tell you that this strategy works for me! However, I do use support and resistance along with the Third Screen Strategy in order to find good entry points. S&R is typically used on the weekly/monthly time frames along with certain candle stick patterns.

You need to find which trading style and time frame works for you. Just because this strategy works for me doesn't mean it will work for you.

Thank you ! one more quick question. How do you set your TP SL? and I am confused with Dr. Elder's third screen strategy - ''trailing stop'' . do you mind explain it in user friendly form ?
  • #58
  • Nov 13, 2012 4:32pm Nov 13, 2012 4:32pm
Quoting wxw110830
Thank you ! one more quick question. How do you set your TP SL? and I am confused with Dr. Elder's third screen strategy - ''trailing stop'' . do you mind explain it in user friendly form ?
I never use a "Trailing Stop"

My SL and TP targets are my own, however, it is important to remember that nothing is "black and white" when it comes to trading. I close positions early if trend is losing momentum, fundamentals change, or if we are coming up on major resistance/support.

These are mostly set to protect myself from catastrophic events, also, SL's are a little larger then most others because I trade off of the Daily and I don't want to get knocked out of my trade due to news related spikes.

Hope this helps.
  • #59
  • Nov 13, 2012 5:36pm Nov 13, 2012 5:36pm
Quoting Slim Buffett
After nearly 3 months, still holding that little U/J long. Not sure why 'cuz I damn sure ain't gon'na get rich quick.
Experimental trade. Still going !! But is it near the end ?
(don't try this at home)
Attached Image (click to enlarge)
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When the Joker is in the deck.. fear not and play it well
  • #60
  • Nov 13, 2012 5:48pm Nov 13, 2012 5:48pm
Quoting Slim Buffett
Experimental trade. Still going !! But is it near the end ?
(don't try this at home)
Hey Slim!

I think you have yourself a really nice long setup if looking to hold for a few months.

Check out Morgan Stanley's forecast and analysis for USD/JPY if you're interested - http://www.dukascopy.com/tv/#88769

Morgan Stanley's Target for USD/JPY:

1 Month - 84.00
3 Month - 85.00
12 Month - 90.00
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