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Third Screen Strategy - Dr. Alexander Elder

  • #161
  • Mar 22, 2013 5:52am Mar 22, 2013 5:52am
Quoting malmal1985
i like both u and this topics.In recent time, i have been learning how to use it. but i have some difficulities: if it have a strong wave, the cycle of up and down lasts from 6 months to 1 year, makes more point- breaking in MACD, the result 0f which is more wrong signal.
I am sorry but english is not my mother tongue. thanks you

Seems to me you are counter trend trading. If the trend is up you should be buying dips and when trend is down, you should be selling rallies. Looks like you're doing it backwards from what I can see from the attachments.
  • #162
  • Mar 25, 2013 11:54am Mar 25, 2013 11:54am
Thanks for starting this thread, 100PipsADay; glad I ran across it a month or so ago. I traded this method on demo using H1/M15 for a couple weeks and began trading it live 8 days ago and it's proven to be quite good thus far. The only real change I made was to replace the Williams %R indicator with FT Stochastics (fisher transform). Both work well but FT Stochs seems to catch a few more pullbacks that %R misses. I tried lowering %R's period which did allow it to catch those aforementioned missed pullbacks but introduced too many false signals, for my liking. What I like best about this strategy is it's relative simplicity. Thanks for bringing it to our attention!
  • #163
  • Mar 26, 2013 12:21am Mar 26, 2013 12:21am
Quoting 100PipsADay
Hi WhatFx,

I am still long term bullish on ALL JPY cross pairs including EUR/JPY. I am still holding quite a few long positions for ALL JPY cross pairs at the moment. Right now my main focus is trading JPY cross pairs especially AUD/JPY, CAD/JPY, and NZD/JPY, but also holding a few CHF/JPY and GBP/JPY longs as well.

By the way, nice work on your E/J longs

I'm glad you liked the "Gap Trading" information and were able to make a profit using the information provided to you.
Hi 100PipsADay ,

It seems there is a nice short on EURJPY according your system.What do you think?If I am wrong , please tell me .

BR
Fishcoo
Attached Image(s) (click to enlarge)
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  • #164
  • Mar 26, 2013 2:22am Mar 26, 2013 2:22am
Quoting Fishcoo
Hi 100PipsADay ,

It seems there is a nice short on EURJPY according your system.What do you think?If I am wrong , please tell me .

BR
Fishcoo
FishCoo,

Looks like a solid SELL signal to me!

I typically set a SL of 160 and a TP of 280 when trading off of the Daily time frame but that is going to be up to you. As far as the signal goes I'm right there with you.

Great work!
  • #165
  • Mar 26, 2013 3:04am Mar 26, 2013 3:04am
Closed out 4 EUR/JPY SELL positions earlier today for 1,112 Pip profit. (1st Chart)

Current Open Positions (2nd Chart)

**Will post progress later this week. All trades were done using D1 MACD and H1 Williams % as explained multiple times throughout this thread. Anybody who has been following this system should have experienced similar results.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURJPY_-_Closed_(3-25).png Size: 48 KB
Click to Enlarge Name: Current_Open_Positions_-_(3-25).png Size: 100 KB
  • #166
  • Mar 26, 2013 4:15am Mar 26, 2013 4:15am
Hi 100PipsADay,
Good Day. I am looking for a good profitable trading strategy as my existing strategy does not give good output. After studying many strategies the "Third Screen Strategy" interests me. Finally I found this thread. It looks that your trade is very impressive with this strategy. I wish to follow this thread and wish to learn more about this strategy from you. I found you have a broad mind to help others. I am new here and wish to gain more knowledge about FX Trading from this thread.

Would you please let me know how can I setup my MT4 terminal like yours? And please describe the entry and exit rules of this strategy (I feel you might already describe it, but its a request to you).

Thanks in advance and wishing your trading success.

Regards.
Khaled
KISS - Keep It Simple Smart !!!!
  • #167
  • Mar 26, 2013 6:25am Mar 26, 2013 6:25am
Quoting tdbarnard
Thanks for starting this thread, 100PipsADay; glad I ran across it a month or so ago. I traded this method on demo using H1/M15 for a couple weeks and began trading it live 8 days ago and it's proven to be quite good thus far. The only real change I made was to replace the Williams %R indicator with FT Stochastics (fisher transform). Both work well but FT Stochs seems to catch a few more pullbacks that %R misses. I tried lowering %R's period which did allow it to catch those aforementioned missed pullbacks but introduced too many false signals,...
TDbarnard. Can you attach the FT stochastics and what settings you are using? Would like to test it out. Thanks.
  • #168
  • Mar 26, 2013 1:04pm Mar 26, 2013 1:04pm
Quoting 100PipsADay
Closed out 4 EUR/JPY SELL positions earlier today for 1,112 Pip profit. (1st Chart)

Current Open Positions (2nd Chart)

**Will post progress later this week. All trades were done using D1 MACD and H1 Williams % as explained multiple times throughout this thread. Anybody who has been following this system should have experienced similar results.

Got a few more short positions last night.

Current Open Positions
Attached Image (click to enlarge)
Click to Enlarge Name: Current_Open_Positions_-_(3-26).png Size: 136 KB
  • #169
  • Mar 26, 2013 1:41pm Mar 26, 2013 1:41pm
Quoting 100PipsADay
Got a few more short positions last night.

Current Open Positions

what made you want go short ? are the jpy pairs heading down?

iam waiting to go long on eurusd. actually entered a small long position just now. will go full throttle long with large stake, just holding for williams 1hr. also approaching daily support. so good levels to long. (although technically iam not following thrid screen rules, as daily is on sell).
  • #170
  • Mar 26, 2013 1:48pm Mar 26, 2013 1:48pm
also, just thought i mention it. the daily dow is a good one to watch. nice uptrend.

so far, i think i have had a 100% success rate with the third screen strat !
  • #171
  • Mar 26, 2013 2:32pm Mar 26, 2013 2:32pm
Quoting whatfx
what made you want go short ? are the jpy pairs heading down?

iam waiting to go long on eurusd. actually entered a small long position just now. will go full throttle long with large stake, just holding for williams 1hr. also approaching daily support. so good levels to long. (although technically iam not following thrid screen rules, as daily is on sell).
I'm simply following the system that I have explained throughout this entire thread and has been tried and proven for about a year and a half.

EUR/JPY: D1 MACD is in downtrend. I just banked over 1,000 pips with 4 SELL positions and have added a few more last night. Set SL and TP targets and will wait to see what happens.

EUR/USD: I am following my system rules which is why I am NOT buying EUR/USD at this time. Also, EUR/USD is in down trend so I'm not going to fight the trend or try to "pick bottoms" as that is dangerous. Price Action has not told me that buyers are in play so SELL EUR/USD is the way to go for me at this time. I have current sell positions well in profit but have not reached profit target as of yet so I am still holding until TP is reached.
  • #172
  • Mar 26, 2013 2:32pm Mar 26, 2013 2:32pm
Quoting whatfx
also, just thought i mention it. the daily dow is a good one to watch. nice uptrend.

so far, i think i have had a 100% success rate with the third screen strat !
I'm glad it's working out for you WhatFx! Keep up the good work.
  • #173
  • Mar 27, 2013 6:24am Mar 27, 2013 6:24am
Quoting 100PipsADay
Got a few more short positions last night.

Current Open Positions
Hi 100PipsADay

It seems your short positions are very nice. But i see your SL is 190 and TP is 310.Is there any change?And should we consider the Support and Resistance when we set the SL/TP?

Best Regards
Fishcoo
  • #174
  • Mar 27, 2013 7:12am Mar 27, 2013 7:12am
Quoting Fishcoo
Hi 100PipsADay

It seems your short positions are very nice. But i see your SL is 190 and TP is 310.Is there any change?And should we consider the Support and Resistance when we set the SL/TP?

Best Regards
Fishcoo
Hi Fishcoo,

Yes the short JPY positions are looking good so far. As for the SL and TP changes I am trying something new with a few trades, larger SL but also larger TP. I've highlighted the 4 trades with different SL and TP targets. However, I would stick with the 160 SL and 280 TP though if you are following this system.

As for Support / Resistance goes I wouldn't bother with that either at this time unless you are already experienced with price action. No need to complicate anything. Just set SL (160) and TP (280) targets and wait until either is hit.
Attached Image (click to enlarge)
Click to Enlarge Name: Current_Open_Positions_-_(3-27).png Size: 142 KB
  • #175
  • Mar 27, 2013 8:16am Mar 27, 2013 8:16am
Hi 100PipsADay,
I am trying to understand and implement this strategy. I downloaded all the indicators and templet and set it in my MT4 terminal.

I see my chart like the attached files. Can I take long for GBP/USD?

Please advise.

Thanks.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBP H1.JPG Size: 98 KB
Click to Enlarge Name: GBP D1.JPG Size: 103 KB
KISS - Keep It Simple Smart !!!!
  • #176
  • Mar 27, 2013 8:23am Mar 27, 2013 8:23am
Quoting khaled_ctg
Hi 100PipsADay,
I am trying to understand and implement this strategy. I downloaded all the indicators and templet and set it in my MT4 terminal.

I see my chart like the attached files. Can I take long for GBP/USD?

Please advise.

Thanks.
Hi Khaled,

I personally wouldn't buy GBP/USD at this time even though D1 MACD is showing "uptrend" because we are in a strong weekly and even monthly down trend now. I also still have one sell position open from a few weeks back so I won't touch GBP/USD until either SL or TP target is reached.

Also, GBP/USD is one of the harder pairs to trade as it is a volatile pair, I actually use a 260 pip SL and a 320 pip TP with GBP/USD as well as most other GBP cross pairs.
  • #177
  • Mar 27, 2013 8:49am Mar 27, 2013 8:49am
Thank you Sir for your kind advise.

What is your opinion about Silver? According the Strategy I think it indicates Long.

Thanks again.
KISS - Keep It Simple Smart !!!!
  • #178
  • Mar 27, 2013 9:07am Mar 27, 2013 9:07am
Quoting khaled_ctg
Thank you Sir for your kind advise.

What is your opinion about Silver? According the Strategy I think it indicates Long.

Thanks again.
After looking at the Silver chart I noticed that it has been stuck in a tight range for about 1 month now so until a clear breakout occurs (up or down) it is probably best to wait.

Keep in mind that the Third Screen Strategy is a Trend Strategy so it is always best to trade pairs that are trending. If a pair is ranging it is best to wait for a breakout.
  • #179
  • Mar 27, 2013 9:16am Mar 27, 2013 9:16am
Thanks Sir. I got a tips from you.
KISS - Keep It Simple Smart !!!!
  • #180
  • Mar 27, 2013 9:19am Mar 27, 2013 9:19am
Again would you please tell about ATR? How can I utilize this indicator to open/close a position?
KISS - Keep It Simple Smart !!!!
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