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Third Screen Strategy - Dr. Alexander Elder

  • #121
  • Mar 10, 2013 2:02pm Mar 10, 2013 2:02pm
Quoting whatfx
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 ?
I'm glad to hear that this strategy is working for you! As for intraday scalping I don't really know as I haven't really tried it. I really only stick to my Swing Trading where I put a set 160 Sl and a 280 TP so positions are typically held for at least a few days, sometimes weeks.

You might want to drop down the time frames though. Maybe use the MACD on the H1 time frame and then enter using Williams % on the M15 or M5. I don't know...

Do some testing with different time frames and let me know how it works for you!
  • #122
  • Mar 10, 2013 2:04pm Mar 10, 2013 2:04pm
Quoting 100PipsADay
AUD/JPY

D1 MACD - Uptrend

H1 Williams % - Waiting for "over sold" conditions on the H1 time frame then will enter LONG.

Got long on AUD/JPY, EUR/JPY, and NZD/JPY on Friday once we got our pullback.

D1 MACD - Uptrend

H1 Williams % - I waited for pullback to occur and got long once H1 was showing "over sold" using Williams %.

**I'm only posting charts for EUR/JPY but same rules apply to AUD/JPY and NZD/JPY as well. Looking for about 280 pips per trade. I'm also hoping for another pull back before resuming uptrend so that I can get a few more long positions!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURJPY_-_D1_MACD_(3-8).png Size: 100 KB
Click to Enlarge Name: EURJPY_-_H1_Williams_(3-8).png Size: 103 KB
Click to Enlarge Name: JPY_Open_Positions_-_(3-9).png Size: 31 KB
  • #123
  • Mar 11, 2013 11:53am Mar 11, 2013 11:53am
Added two more trades:

CAD/JPY and AUD/JPY longs.


Current Progress
Attached Image (click to enlarge)
Click to Enlarge Name: Current_Open_Positions_(3-9).png Size: 42 KB
  • #124
  • Mar 11, 2013 7:40pm Mar 11, 2013 7:40pm
Quoting 100PipsADay
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...
Yes, i see. Thank you for your post, 100PipsADay. I think this system is simple and usefull when we use on D1 chart.Can your share the indicator on your chart ?
Attached Image (click to enlarge)
Click to Enlarge Name: 11.jpg Size: 156 KB
  • #125
  • Mar 11, 2013 7:49pm Mar 11, 2013 7:49pm
Here you go.

The only indicator not attached is the Williams Percent Range as that comes standard with all MT4 platforms. Just keep settings how they are for the MACD indicator.

Let me know if you need any help.
Attached File(s)
File Type: mq4 macd_adjustable.mq4   4 KB | 758 downloads
File Type: mq4 ATR in Pips 2.mq4   3 KB | 864 downloads
File Type: mq4 MA ribbon filled 2 x 14.mq4   2 KB | 896 downloads
File Type: tpl 100pipsaday.tpl   3 KB | 981 downloads
  • #126
  • Mar 12, 2013 3:56am Mar 12, 2013 3:56am
Quoting 100PipsADay
Here you go.

The only indicator not attached is the Williams Percent Range as that comes standard with all MT4 platforms. Just keep settings how they are for the MACD indicator.

Let me know if you need any help.
Hi 100PipsADay, thanks for your sharing.

I really like this system because i like the simple system.I will test this system , and let's see the results.

Best Regards.
Fishcoo.
  • #127
  • Mar 12, 2013 4:14am Mar 12, 2013 4:14am
Quoting Fishcoo
Hi 100PipsADay, thanks for your sharing.

I really like this system because i like the simple system.I will test this system , and let's see the results.

Best Regards.
Fishcoo.
You're welcome. Just stick to the rules and you should do fine.

Just for your information, I typically set a 160 Stop Loss and a 280 - 320 Take Profit. I also try to have about 4 positions opened for any particular pair giving me better entry points if price should move against me.

Happy Trading Fishcoo!
  • #128
  • Edited 4:20am Mar 15, 2013 4:01am | Edited 4:20am
Ok, below are results on a DEMO account utilizing the Third Screen Strategy of Dr. Alexander Elder for USD/JPY and 4 other JPY Cross Pairs.

AUD/JPY, EUR/JPY, CAD/JPY, NZD/JPY, and USD/JPY.

4 Max Positions per currency pair

D1 MACD - Uptrend

H1 Williams % - All positions were bought when conditions showed "over sold"


Notice that the first position at the very bottom was opened 1 week ago on March 8th. The most recent position up top (AUD/JPY) was opened up about 8 hours ago.

*This past week was basically a "text book" example for the JPY cross pairs in regards to how this strategy works.

*Also note that GBP/JPY is not listed as the swings with that pair are too volatile for this particular strategy.
Attached Image (click to enlarge)
Click to Enlarge Name: JPY_Cross_Pairs_-_DEMO_(3rd_screen_strategy)__(3-8_through_3-14).png Size: 161 KB
  • #129
  • Mar 15, 2013 4:28am Mar 15, 2013 4:28am
Below are trade results since September 2011 through February 2013 utilizing the Third Screen Strategy on AUD/JPY, CAD/JPY, and NZD/JPY.

First link is total Accumulated Pips and the 2nd link shows the statistics for that particular pair. The rest of the links are trade results for the past 16 months or so.


AUD/JPY:
http://screencast.com/t/kJyzLkwUN
http://screencast.com/t/rusrH760Gn
http://screencast.com/t/LXhHKtmv
http://screencast.com/t/ckp3uJVUXB
http://screencast.com/t/OBIxffppk2b
http://screencast.com/t/lC47eC3hPSjY
http://screencast.com/t/heXRNoQv5
http://screencast.com/t/264TWF9SKA6
http://screencast.com/t/Ite5GIcqj
http://screencast.com/t/8vkxOKH4Ii


CAD/JPY:
http://screencast.com/t/8GDP143f8
http://screencast.com/t/XMETqjWqS
http://screencast.com/t/dRD4zs7z
http://screencast.com/t/Ca23ythZkR
http://screencast.com/t/wo6oobJkS
http://screencast.com/t/JtWQDSTceX
http://screencast.com/t/gYmf6w5IW64
http://screencast.com/t/cTWNZtwNhx
http://screencast.com/t/egR74XaEmEfV


NZD/JPY:
http://screencast.com/t/3pmXzNREMDIN
http://screencast.com/t/G2tuFL6u2A
http://screencast.com/t/cwdsWhf5a1h
http://screencast.com/t/5ZeJf5GWi
http://screencast.com/t/ouRcyvrS1Y
http://screencast.com/t/Q7ymVyvA
http://screencast.com/t/T9ysdeqMjjLG
http://screencast.com/t/c1gg0IBCJXM
http://screencast.com/t/tsJgo9rUO
http://screencast.com/t/STCwwjrOgh
  • #130
  • Mar 15, 2013 4:38am Mar 15, 2013 4:38am
Quoting 100PipsADay
Ok, below are results on a DEMO account utilizing the Third Screen Strategy of Dr. Alexander Elder for USD/JPY and 4 other JPY Cross Pairs.

AUD/JPY, EUR/JPY, CAD/JPY, NZD/JPY, and USD/JPY.

4 Max Positions per currency pair

D1 MACD - Uptrend

H1 Williams % - All positions were bought when conditions showed "over sold"


Notice that the first position at the very bottom was opened 1 week ago on March 8th. The most recent position up top (AUD/JPY) was opened up about 8 hours ago.

*This past week was basically...

All in all we have about 1,000 pips floating profit in 1 week utilizing this system. There are currently 20 open trades with a TP of 280 pips so assuming all trades hit profit target that will be a total of 5,600 pips! Even if it takes a month to realize those gains, the return is excellent!
Attached Image (click to enlarge)
Click to Enlarge Name: JPY_Cross_Pairs_DEMO_(3-8_through_3-14).png Size: 134 KB
  • #131
  • Mar 15, 2013 9:16am Mar 15, 2013 9:16am
If you are LONG any of the JPY cross pairs or are looking to get long, right now might be a good time to add new positions due to the pull back.

*H1 Williams % is showing over sold
  • #132
  • Mar 16, 2013 5:21am Mar 16, 2013 5:21am
100pips,
I like your trading style. Simple rules yet effective. I've been trading naked charts using PA only. I sometimes will confirm PA with MML. No other indicators. I'm thinking of incorporating some of your technique into scaling in more positions. Let's get this thread actively going. Maybe with a focus more on trade setups? What do you think? If not, maybe we can start a new thread if you like? Call it naked trading or something similar?

Cheers
  • #133
  • Mar 16, 2013 5:34am Mar 16, 2013 5:34am
Quoting MKFXTrader
100pips,
I like your trading style. Simple rules yet effective. I've been trading naked charts using PA only. I sometimes will confirm PA with MML. No other indicators. I'm thinking of incorporating some of your technique into scaling in more positions. Let's get this thread actively going. Maybe with a focus more on trade setups? What do you think? If not, maybe we can start a new thread if you like? Call it naked trading or something similar?

Cheers
Hey MKFXTrader!

I am also a firm believer in PASR! However, this Third Screen Strategy helps me to trend trade while scaling in positions in order to maximize profits. I use Price Action @ Support / Resistance on the larger time frames (weekly and monthly) to help me locate potential trend reversals.

Feel free to post here whenever you have a potential trade setup. Just a heads up, I follow the Strat's Long Term Stress Free Trading thread as he provides excellent information in regards to PASR.

Here is his website if you're interested. It contains LOTS of valuable information in regards to PASR: http://www.stratsforextrading.com/dokuwiki/doku.php

**I am not a paid member of Strat's but even his public website has great info available to all**
  • #134
  • Mar 16, 2013 5:49am Mar 16, 2013 5:49am
Quoting 100PipsADay
Hey MKFXTrader!

I am also a firm believer in PASR! However, this Third Screen Strategy helps me to trend trade while scaling in positions in order to maximize profits. I use Price Action @ Support / Resistance on the larger time frames (weekly and monthly) to help me locate potential trend reversals.

Feel free to post here whenever you have a potential trade setup. Just a heads up, I follow the Strat's Long Term Stress Free Trading thread as he provides excellent information...

Sure I'll check it out. Seems like our trading style is very similar, just named differently. I too only trade using PA and use MML as S&R levels, but trigger trades mostly at extreme OB/OS territory. I find MML's to be pretty accurate use of S&R, especially on higher TF(daily and up). Using it to scale in positions on lower TF though, you really need to understand how MML works to do that efficiently. I like the idea of adding the william %R for confirmation. I'll definitely check out the site this weekend. Thanks bro.
  • #135
  • Mar 16, 2013 5:56am Mar 16, 2013 5:56am
Quoting MKFXTrader
Sure I'll check it out. Seems like our trading style is very similar, just named differently. I too only trade using PA and use MML as S&R levels, but trigger trades mostly at extreme OB/OS territory. I find MML's to be pretty accurate use of S&R, especially on higher TF(daily and up). Using it to scale in positions on lower TF though, you really need to understand how MML works to do that efficiently. I like the idea of adding the william %R for confirmation. I'll definitely check out the site this weekend. Thanks bro.
No problem MK, let me know if you have any questions about this particular strategy and I'll do my best to help. But I'll definitely keep people updated on current trades as well as new positions for the JPY cross pairs.
  • #136
  • Mar 16, 2013 6:05am Mar 16, 2013 6:05am
Quoting 100PipsADay
No problem MK, let me know if you have any questions about this particular strategy and I'll do my best to help. But I'll definitely keep people updated on current trades as well as new positions for the JPY cross pairs.

Just looking and scanning the PSAR website real quick. That is pretty much exactly my trading strategy. I call the bars differently instead of hammer, shooting star, BEOB, ect... I focus mostly on hammers and shooting stars. Of course we all have a little different twist for S&R. Great, I'll definitely post here any trade setups.
  • #137
  • Mar 16, 2013 6:06am Mar 16, 2013 6:06am
Quoting MKFXTrader
Just looking at the PSAR website. That is pretty much exactly my trading strategy. I call the bars differently instead of hammer, shooting star, BEOB, ect... I focus mostly on hammers and shooting stars. Great, I'll definitely post here any trade setups.
  • #138
  • Mar 16, 2013 6:08am Mar 16, 2013 6:08am
I see member SonicDeeJay down at the bottom. Read your profile and notice you prefer Trend Trading, PASR, and Third Screen Strategy of Dr. Alexander Elder. Just my kind of trader!

Feel free to post charts and analysis here as well SonicDeeJay!
  • #139
  • Mar 16, 2013 6:14am Mar 16, 2013 6:14am
Here are trade results for GBP/AUD and GBP/USD so far for 2013 using the Third Screen Strategy.

GBP/AUD
Total Trades: 16

Total Pips: 5,073

http://www.forexfactory.com/attachme...5&d=1363404807



GBP/USD
Total Trades: 18

Total Pips: 5,525

http://www.forexfactory.com/attachme...6&d=1363404807
http://www.forexfactory.com/attachme...7&d=1363404807
  • #140
  • Edited 10:08am Mar 16, 2013 8:23am | Edited 10:08am
Quoting 100PipsADay
Here are trade results for GBP/AUD and GBP/USD so far for 2013 using the Third Screen Strategy.

GBP/AUD
Total Trades: 16

Total Pips: 5,073





GBP/USD
Total Trades: 18

Total Pips: 5,525

Great results P. I hope you got long on G/U from below. I had that as a good signal with the hammer(I call it a kangaroo tail) off a MML support level Looks like MACD is now crossing. AUD/CHF was same setup except going short after thursday close and break of that low on Friday Asian session. CAD/CHF, EUR/GBP was just a few of the other setups this past week.

I haven't thought of analyzing from the weekly chart as Dr Elder suggested. Is this something you do or you just use the weekly to recognize basic levels of S&R? If I read his system correctly, if you trade using the daily chart, you should find the overall trend using the weekly? You're system is a little different as you are using the daily and hourly. Also you use the MA cross within the MACD and not the histogram crossing the zero line, as Dr Elder had described. Correct? Seems to me waiting for the slope or change of MACD histogram to cross below/above zero line is not ideal, and thus your interpretation and use of the MA crossover within MACD is better.

Thanks for the info on the first page.
I hope I can contribute to the thread.
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