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Third Screen Strategy - Dr. Alexander Elder

  • #101
  • Edited 5:00pm Feb 6, 2013 4:20pm | Edited 5:00pm
Quoting whatfx
no, i swing trade also. along with intraday trading off 15m , 5m charts. i work also, hence not much time to go through huge threads.


i read a book by dr elder 3 years ago. pretty good. it was about trading the trend off the weekly charts by making entries on the daily. there was also discussion about multiple time frame analysis etc.

i never got to try his methods out, as i discovered my own way of trading that works for me.

i think now that iam doing well, i will give this a shot on a demo account.



can you attach the...

Here is the MACD indicator that I use. Setting are the same. You should have the Williams % in your MT4.

Go to Indicators list. Scroll down to "Oscillators" and it should be the first or the last indicator depending on your broker. Let me know if you don't have it and I'll get one for you.

**As long as your system works for you stick with it!
Attached File(s)
File Type: mq4 macd_adjustable.mq4   4 KB | 605 downloads
  • #102
  • Feb 7, 2013 4:27am Feb 7, 2013 4:27am
Quoting 100PipsADay
AUD/JPY

D1 MACD just crossed over again to the upside = Bullish

Looking to enter long once Williams % shows "over sold" on the H1 time frame.


i think i found it. under oscillators there is ''wiliams percentage range''.

is that the one ?

what are the settings / levels etc ?


on your audjpy chart, you highlited the macd as bullish, even though the macd bars were moving down (although above the zero line). this signals price decline.
would you still consider that as bullish ?


as i speak there would appear a long setup coming up on eurgbp, waiting for 1hr williams to be oversold.

iam long on nzdjpy.

it seems your audjpy finally came around ?
  • #103
  • Edited 4:51am Feb 7, 2013 4:36am | Edited 4:51am
Quoting whatfx
i think i found it. under oscillators there is ''wiliams percentage range''.

is that the one ?

what are the settings / levels etc ?


on your audjpy chart, you highlited the macd as bullish, even though the macd bars were moving down (although above the zero line). this signals price decline.
would you still consider that as bullish ?


as i speak there would appear a long setup coming up on eurgbp, waiting for 1hr williams to be oversold.

iam long on nzdjpy.

it seems your audjpy finally came around.

Hi WhatFx,

Williams Percent Range is the one, just stick with the standard settings. I believe period should say 14

MACD - I don't pay attention to MACD bars moving up or down. I only pay attention to the Fast EMA being above or below the Slow EMA.
Above = Bullish (bars are blue)
Below = Bearish (bars are red)

Almost forgot, settings for MACD should be (from top to bottom) 12, 24, 9, 3


EUR/GBP - Just pulled up the Daily chart and noticed that the fast ema has now crossed over the slow ema albeit very slightly. Notice the little red bar forming on the MACD indicator? This could change before daily close but I would stay out of this particular trade for the time being, especially after such a strong uptrend.

AUD/JPY - This is the reason for large SL and TP targets. Still have a ways to go (in either direction) but my bias is still Bullish for ALL JPY cross pairs.
Attached Image (click to enlarge)
Click to Enlarge Name: EURGBP_-_D1_(2-7).jpg Size: 126 KB
  • #104
  • Feb 7, 2013 8:49pm Feb 7, 2013 8:49pm
Quoting 100PipsADay
Here is the MACD indicator that I use. Setting are the same. You should have the Williams % in your MT4.

Go to Indicators list. Scroll down to "Oscillators" and it should be the first or the last indicator depending on your broker. Let me know if you don't have it and I'll get one for you.

**As long as your system works for you stick with it!


i could not download your macd. i tried but nothing appears in my indicators folder.

is there a manual way of adding the fast / slow emas on standard mt4 macd ?


it appears eurgbp long is ready to go ...
  • #105
  • Feb 7, 2013 8:54pm Feb 7, 2013 8:54pm
Quoting whatfx
i could not download your macd. i tried but nothing appears in my indicators folder.

is there a manual way of adding the fast / slow emas on standard mt4 macd ?


it appears eurgbp long is ready to go ...
Hi WhatFx,

I'm sure you know how to add the files to your indicator folder but did you restart your MT4 before trying to load the indicator. Close out your MT4 then start it back up and let me know if that works.

Go to: Computer - C: Drive - Program Files (x86) - Then choose your MT4 folder - Experts - Indicators (paste the MACD file into the indicators folder)

EUR/GBP - I don't normally trade this pair but if you think its a good play then go for it!
  • #106
  • Feb 8, 2013 1:51am Feb 8, 2013 1:51am
Decided to close out AUD/JPY longs for a loss. Price Action is suggesting we may be getting our long awaited correction. Might be a good time to short JPY cross pairs as we move lower forming a new "higher low" on the weekly charts.

D1 MACD - Downtrend (bearish)

H1 Williams % - Waiting for "Over Bought"
  • #107
  • Feb 12, 2013 7:29am Feb 12, 2013 7:29am
went long eurgbp at 8579
  • #108
  • Feb 12, 2013 8:30am Feb 12, 2013 8:30am
Quoting whatfx
went long eurgbp at 8579
  • #109
  • Feb 13, 2013 7:02am Feb 13, 2013 7:02am
what stops are you using on these trades ?

i will be closing my eurgbp long position. good profit. as i feel it is heading down. can always re-enter long at a better position.

it doesnt appear that the yen pairs are correcting as yet.
  • #110
  • Feb 13, 2013 7:09am Feb 13, 2013 7:09am
Quoting whatfx
what stops are you using on these trades ?

i will be closing my eurgbp long position. good profit. as i feel it is heading down. can always re-enter long at a better position.

it doesnt appear that the yen pairs are correcting as yet.
I use 280 TP and 160 SL but always keep the option open to close early if price action tells me otherwise.

Nobody ever went broke taking a profit

Nice work with those trades WhatFx.
  • #111
  • Feb 14, 2013 9:37am Feb 14, 2013 9:37am
i see the following trades

long usdjpy, eurjpy, euraud, gbpjpy, eurusd

i will wait for further confirmation before going long on my live account. but i have entered long on all the above on my demo account. see how things go, as of now longs are ready to roll.

did short the eurgbp a couple days back. closed now for +50 pips. . on the way back up resuming its upward trend ?



what do you think of the above ?
  • #112
  • Feb 18, 2013 5:42am Feb 18, 2013 5:42am
longs on ej, gj, eu, ea all in profit now
  • #113
  • Feb 25, 2013 3:56pm Feb 25, 2013 3:56pm
hi

how come you have stopped posting here ? please keep it up.

do you think ej has finally turned and decided to go south long term ? both weekly and daily are under the sma.

i have entered long at 1.2006 though just to capture the retrace up after the huge fall today. with tight stops.

how you doing ?
  • #114
  • Feb 26, 2013 3:44pm Feb 26, 2013 3:44pm
keep it up,so you learn from mistake.
  • #115
  • Edited 5:09am Mar 8, 2013 4:58am | Edited 5:09am
Attached Image (click to enlarge)
Click to Enlarge Name: 360截图20130308185450702.jpg Size: 82 KB
Quoting whatfx
i could not download your macd. i tried but nothing appears in my indicators folder.

is there a manual way of adding the fast / slow emas on standard mt4 macd ?


it appears eurgbp long is ready to go ...
Hi 100PipsADay

Thank you for your system.I think it is very helpfull to me . And can you post this indicator ?

Another question is when D1 EMA 20 < EMA50 ,the trend is down,but D1 MACD - Upntrend (bullish).What can i do ?Can you give me some suggestion.Thanks for you help.

Best regards
Fishcoo
Attached Image (click to enlarge)
Click to Enlarge Name: 111111111.jpg Size: 130 KB
  • #116
  • Mar 8, 2013 5:36am Mar 8, 2013 5:36am
Quoting Fishcoo
Attachment

Hi 100PipsADay

Thank you for your system.I think it is very helpfull to me . And can you post this indicator ?

Another question is when D1 EMA 20 < EMA50 ,the trend is down,but D1 MACD - Upntrend (bullish).What can i do ?Can you give me some suggestion.Thanks for you help.

Best regards
Fishcoo
Hi Fishcoo,

Don't worry so much about the 20 EMA and the 50 EMA on the Daily charts as that is not really part of the "Third Screen Strategy" that I use, however, I do use those 2 EMA's in confluence WITH the Third Screen Strategy but that is another topic.

Right now I would just focus on the D1 MACD while entering positions using the Williams % on the H1 time frame.

So from what I can see on your chart (Silver) you now have the MACD in an "uptrend" on the D1 chart, therefore, you will look to enter Long and possibly scale in more positions as you move into profit using the Williams % indicator when market shows "over sold" on the H1 time frame.

Please let me know if you have any other questions.



**Anybody else who has been following this thread, I'm sorry I haven't been posting much lately but I will try my best to stop in here once or twice a day to answer any questions you might have.
  • #117
  • Mar 8, 2013 5:44am Mar 8, 2013 5:44am
Quoting whatfx
hi

how come you have stopped posting here ? please keep it up.

do you think ej has finally turned and decided to go south long term ? both weekly and daily are under the sma.

i have entered long at 1.2006 though just to capture the retrace up after the huge fall today. with tight stops.

how you doing ?


Hi WhatFx,

E/J is definitely in an uptrend from a weekly and now even a monthly perspective. I don't expect this to change any time soon. Now all we do is keep an eye on our D1 charts to enter long positions and scale in using Williams % on the H1 time frame when market shows "over sold."

Example
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURJPY_D1_MACD_-_(3-8).png Size: 102 KB
Click to Enlarge Name: EURJPY_H1_-_(3-8).png Size: 106 KB
  • #118
  • Mar 8, 2013 5:48am Mar 8, 2013 5:48am
AUD/JPY

D1 MACD - Uptrend

H1 Williams % - Waiting for "over sold" conditions on the H1 time frame then will enter LONG.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUDJPY_D1_MACD_-_(3-8).png Size: 101 KB
Click to Enlarge Name: AUDJPY_H1_-_(3-8).png Size: 100 KB
  • #119
  • Edited 6:20am Mar 8, 2013 5:58am | Edited 6:20am
XAU/USD (Gold)

It is good to not rely solely on this Third Screen Strategy but when used in confluence with Price Action at major support / resistance levels on the Weekly chart it is a very powerful system.

For example, Gold is showing D1 MACD in an uptrend but it has been in a pretty strong down trend during the past few months. Never smart to try and catch a falling knife UNLESS of course you can see bullish price action at a significant area of support on the Daily or even weekly chart. However, this "buy" signal on the D1 chart for Gold still could be good for a few hundred pips!

AUD/JPY, EUR/JPY, GBP/JPY, CAD/JPY, and USD/JPY are different cases because they are in a strong weekly and now monthly uptrend so using the D1 MACD (when in an uptrend) provides a good opportunity for entry and then using the H1 time frame to scale in winning positions in a strong uptrend can be very profitable.

Hope this helps!
Attached Image (click to enlarge)
Click to Enlarge Name: Gold_D1_MACD_-_(3-8).png Size: 134 KB
  • #120
  • Mar 10, 2013 8:34am Mar 10, 2013 8:34am
Quoting 100PipsADay
XAU/USD (Gold)

It is good to not rely solely on this Third Screen Strategy but when used in confluence with Price Action at major support / resistance levels on the Weekly chart it is a very powerful system.

For example, Gold is showing D1 MACD in an uptrend but it has been in a pretty strong down trend during the past few months. Never smart to try and catch a falling knife UNLESS of course you can see bullish price action at a significant area of support on the Daily or even weekly chart. [b]However, this "buy" signal...

to be honest i have stated on the gold thread that iam looking only for longs on gold, UNLESS price breaks weekly support.

so i will only take longs for the time being.

i entered long on eurjpy some time back at 120.047. presently in good profit.


the third screen strategy has shown good profits compared to some of the other methods i tested recently. iam now trading the method on live account alongside my own daily methods. doing well.

iam wondering if it will work well on intraday scalping ?
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