Third Screen Strategy - Dr. Alexander Elder | Page 11 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Substitute for screen time? 5 replies

Alexander Elder's Channel 4 replies

Elder-Rays 3 replies

Attachments: Third Screen Strategy - Dr. Alexander Elder
Exit Attachments

Third Screen Strategy - Dr. Alexander Elder

  • #201
  • Edited 11:58am Mar 27, 2013 11:47am | Edited 11:58am
Quoting khaled_ctg
Thanks for the link.

Now I understand that while opening a position I should put my SL D1 ATR(5) pips away. Is it correct?
That's up to you. Some traders will risk 2x or 3x the 14day ATR. It's up to your money management and risk tolerance, but you get the idea.

http://www.forex-tsd.com/general-dis...ur-profit.html
  • #202
  • Mar 27, 2013 7:36pm Mar 27, 2013 7:36pm
Quoting 100PipsADay
I wouldn't. I don't trade USD/CHF but when looking at EUR/USD we have a strong Weekly down trend and the D1 MACD has just crossed over to the downside again so I would be looking to sell EUR/USD OR buy USD/CHF.
Just put in a SELL order for EUR/USD, got filled @ 1.2779

D1 MACD - Downtrend

H1 Williams % - Over Bought

**I will be looking to have a total of 4 open SELL positions for EUR/USD so will continue to sell as price moves higher.

SL: 160
TP: 280
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURUSD_-_D1_MACD_(3-27).png Size: 106 KB
Click to Enlarge Name: EURUSD_-_H1_Williams_(3-27).png Size: 102 KB
  • #203
  • Mar 27, 2013 9:28pm Mar 27, 2013 9:28pm
Just added EUR/AUD short position @ 1.22564

Current Open Positions
Attached Image (click to enlarge)
Click to Enlarge Name: Current_Open_Positons_(3-27).png Size: 153 KB
  • #204
  • Mar 27, 2013 9:30pm Mar 27, 2013 9:30pm
There is also still good opportunity to short EUR/CAD as well. Wait for H1 to show "over bought" before placing SELL order.
  • #205
  • Mar 27, 2013 10:22pm Mar 27, 2013 10:22pm
Quoting 100PipsADay
Just added EUR/AUD short position @ 1.22564

Current Open Positions
Nice work.I added EURUSD AUDJPY EURJPY EURAUD CADJPY GBPJPY short position .Let's see where it will go .
  • #206
  • Mar 27, 2013 10:23pm Mar 27, 2013 10:23pm
Quoting Fishcoo
Nice work.I added EURUSD AUDJPY EURJPY EURAUD CADJPY GBPJPY short position now.Let's see where it will go .
Excellent!

As long as your SL is not too tight (preferably 150+) you should see some great results in the coming weeks with your trades.
  • #207
  • Mar 27, 2013 10:33pm Mar 27, 2013 10:33pm
Quoting 100PipsADay
Excellent!

As long as your SL is not too tight (preferably 150+) you should see some great results in the coming weeks with your trades.
I set SL=160 TP=280 on my position according this strategy.I like this simple and powerful sysytem.Thank you for your great work.

  • #208
  • Mar 27, 2013 11:10pm Mar 27, 2013 11:10pm
Quoting Fishcoo
I set SL=160 TP=280 on my position according this strategy.I like this simple and powerful sysytem.Thank you for your great work.

Perfect! I am glad this strategy is working out for you Fishcoo.

Feel free to ask for input on any potential trades you are looking at and keep up the good work.
  • #209
  • Mar 28, 2013 12:06am Mar 28, 2013 12:06am
Quoting 100PipsADay
Perfect! I am glad this strategy is working out for you Fishcoo.

Feel free to ask for input on any potential trades you are looking at and keep up the good work.
Do I follow Fishcoo? Or should I need the analysis again before open positions?
KISS - Keep It Simple Smart !!!!
  • #210
  • Mar 28, 2013 3:36am Mar 28, 2013 3:36am
Quoting khaled_ctg
Do I follow Fishcoo? Or should I need the analysis again before open positions?
  • #211
  • Mar 28, 2013 3:47am Mar 28, 2013 3:47am
Quoting 100PipsADay
Just put in a SELL order for EUR/USD, got filled @ 1.2779

D1 MACD - Downtrend

H1 Williams % - Over Bought

**I will be looking to have a total of 4 open SELL positions for EUR/USD so will continue to sell as price moves higher.

SL: 160
TP: 280

i did the opposite. i went long at 12776 on eurusd. but mine is intraday trade, looking to grab pips asap before day finishes. already bagged 31 pips earlier on eu.

looking good. present position around +24 pips. can close it out if i wish for a total of 55 pips thus far on eu today. but will let it ran. stop at BE now. so no bother if stop out, still 31 pip in the kitty from earlier to play around with. will observe price action at level 12808. if fails to break above then will take profit.

and then i might choose to go short on eu following third screen strat if i wish. so entering at a better position than you guys -

but i may skip taking any shorts for now.

good trading.


  • #212
  • Mar 28, 2013 5:32am Mar 28, 2013 5:32am
on this strategy-

just entered short on chfjpy and audcad. chfjpy not a great deal of confidence, but meets strategy rules.
  • #213
  • Mar 28, 2013 5:33am Mar 28, 2013 5:33am
Quoting whatfx
i did the opposite. i went long at 12776 on eurusd. but mine is intraday trade, looking to grab pips asap before day finishes. already bagged 31 pips earlier on eu.

looking good. present position around +24 pips. can close it out if i wish for a total of 55 pips thus far on eu today. but will let it ran. stop at BE now. so no bother if stop out, still 31 pip in the kitty from earlier to play around with. will observe price action at level 12808. if fails to break above then will take profit.

and then i might choose to go short on eu following...
""and then i might choose to go short on eu following third screen strat if i wish. so entering at a better position than you guys - ""

You man are so calculative !!!! great trading
KISS - Keep It Simple Smart !!!!
  • #214
  • Edited 12:33pm Mar 28, 2013 6:06am | Edited 12:33pm
thanks for pointing out the audcad pair 100pipsaday. although i had it in my radar, i wasnt looking at the weekly chart of it. good thing you pointed it out.

audcad short could turn out to be a very good one. iam waiting and hoping the weekly bar will close an engulfing one at the end of the week. if so, then good money to be made here on shorting this pair. will add more positions.

so folks get ready.............



i took the plunge at shorting at £10 per point not £20 per point as i had planned, as brokers spread was still not 2 pips, but 6 pips !

i will add more shorts as we go along and as i see fit.



i closed my eu long earlier for +28 pips, as price although broke 12808 moved back down it. so took profit,, as 12808 resistance seemed to have held. will not be taking any shorts though. too close to weekly support for my liking.
  • #215
  • Mar 28, 2013 11:17pm Mar 28, 2013 11:17pm
Current Open Positions

**All current open positions were executed using the Third Screen Strategy explained throughout this thread**
Attached Image (click to enlarge)
Click to Enlarge Name: Current_Open_Positions_(3-28).png Size: 175 KB
  • #216
  • Mar 29, 2013 12:23am Mar 29, 2013 12:23am
Quoting 100PipsADay
Current Open Positions

**All current open positions were executed using the Third Screen Strategy explained throughout this thread**
Hi 100PipaADay

Most of my positions are the same to you . What do you think about CHFJPY?It seems a nice short,but too near the Daily Support.

Bert Regards

Fishcoo
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 111111.jpg Size: 90 KB
Click to Enlarge Name: 22222.jpg Size: 113 KB
  • #217
  • Mar 29, 2013 12:29am Mar 29, 2013 12:29am
Quoting Fishcoo
Hi 100PipaADay

Most of my positions are the same to you . What do you think about CHFJPY?It seems a nice short,but too near the Daily Support.

Bert Regards

Fishcoo
Hi Fishcoo,

As for CHF/JPY, I don't typically trade this particular pair as I trade EUR/JPY instead so I can't really say for sure.

To be honest, I am a little concerned about ALL JPY cross pair shorts at this time but am following the system regardless. All of the fundamentals are pointing to a weaker yen throughout the rest of this year and possibly longer, however, this strategy is purely technical so I will trade what the charts are telling me.
  • #218
  • Mar 29, 2013 1:01am Mar 29, 2013 1:01am
Quoting 100PipsADay
Hi Fishcoo,

As for CHF/JPY, I don't typically trade this particular pair as I trade EUR/JPY instead so I can't really say for sure.

To be honest, I am a little concerned about ALL JPY cross pair shorts at this time but am following the system regardless. All of the fundamentals are pointing to a weaker yen throughout the rest of this year and possibly longer, however, this strategy is purely technical so I will trade what the charts are telling me.
Ok Sir, it seems you don't like to trade all currency pair. May I know why? And which currency pair you like to trade most, why? May we get a list?

Thanks.
KISS - Keep It Simple Smart !!!!
  • #219
  • Mar 29, 2013 1:21am Mar 29, 2013 1:21am
Quoting khaled_ctg
Ok Sir, it seems you don't like to trade all currency pair. May I know why? And which currency pair you like to trade most, why? May we get a list?

Thanks.
As you know the Third Screen Strategy is a trend strategy so it is important to trade pairs that trend nicely.

EUR/AUD & GBP/AUD: Both of these pairs trend very nicely and have a good average daily range.

AUD/JPY, CAD/JPY, NZD/JPY, & EUR/JPY: Most JPY Cross pairs trend nicely and some tend to respect support / resistance better than others. These 4 pairs are my favorite JPY cross pairs to trade.

EUR/USD, EUR/CAD, & AUD/NZD: These are last on my list of favorite trending pairs to trade.


If I could pick only 4 pairs to trade I would choose in order of favorite to least favorite it would be: AUD/JPY, EUR/AUD, GBP/AUD, & CAD/JPY.
  • #220
  • Mar 29, 2013 2:23am Mar 29, 2013 2:23am
Hi 100 pips and thanks for your thread. I notice you started the thread with lots of fundamental reading while presenting a technical method and although I see nothing wrong with the combined approach I wonder if you are gaining confidence in the technical side of the strategy now?

I share your reservations about Yen pairs and agree the long term weakness of the Yen sentiment, but maybe they are due a correction of at least 38% which would take us to about 115 in the case of Eur/Jpy?
Gone to a better place
1 trader viewing now