Third Screen Strategy - Dr. Alexander Elder | Page 14 | Forex Factory

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Third Screen Strategy - Dr. Alexander Elder

  • #261
  • Apr 1, 2013 10:21am Apr 1, 2013 10:21am
Current Open Positions
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  • #262
  • Apr 1, 2013 10:22am Apr 1, 2013 10:22am
Quoting 100PipsADay
What did you use for SL and TP targets?
As per "Third Screen Strategy" rules : SL 160 and TP 280
KISS - Keep It Simple Smart !!!!
  • #263
  • Apr 1, 2013 10:25am Apr 1, 2013 10:25am
Quoting khaled_ctg
As per "Third Screen Strategy" rules : SL 160 and TP 280
Excellent! Have you opened up 4 positions for EUR/CAD already?
  • #264
  • Apr 1, 2013 10:28am Apr 1, 2013 10:28am
Quoting 100PipsADay
Excellent! Have you opened up 4 positions for EUR/CAD already?
No Sir. Only one position for each with lot size 0.6
KISS - Keep It Simple Smart !!!!
  • #265
  • Apr 1, 2013 10:33am Apr 1, 2013 10:33am
Quoting khaled_ctg
No Sir. Only one position for each with lot size 0.6
I see. Just a friendly suggestion. If you split that up into maybe 3 positions per trade and trade 0.2 lots per position you could get a better entry price should price move against you in the short term.
  • #266
  • Apr 1, 2013 10:38am Apr 1, 2013 10:38am
EUR/JPY looks like it may be hitting "over bought" territory on the H1 time frame again fairly soon. If anybody is looking to scale in another position it may be a good time to do so.

This is why I normally open up 4 positions for each pair at different times.

For example, let's say I have two EUR/JPY positions in profit by 100-150 pips and we have this retrace today showing H1 as over bought. I could add in 2 more sell positions to keep my overall trade moving in profit with the trend as price keeps moving in my favor.

This is also why I like to open up 2 positions then wait in case price moves against me as I am then able to add 2 more positions with a better entry price for the next 2 positions.

This is only a personal preference to help maximize profits as much as possible.
  • #267
  • Apr 1, 2013 10:41am Apr 1, 2013 10:41am
Decided to go ahead and add in another EUR/USD as well as 2 more EUR/CAD short positions.

Current Open Positions
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  • #268
  • Apr 1, 2013 10:56am Apr 1, 2013 10:56am
Quoting 100PipsADay
I see. Just a friendly suggestion. If you split that up into maybe 3 positions per trade and trade 0.2 lots per position you could get a better entry price should price move against you in the short term.
Thank you Sir. It is a good idea. Will apply with next position.
KISS - Keep It Simple Smart !!!!
  • #269
  • Apr 1, 2013 4:18pm Apr 1, 2013 4:18pm
It would be nice to hit a couple of take profit targets sometime within the next 24 hours for USD/JPY and EUR/JPY trades...

Highlighted trades have the best potential to hit TP targets in the coming hours / days.
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  • #270
  • Apr 1, 2013 7:30pm Apr 1, 2013 7:30pm
Hi 100PipsADay,
According to Dr. Alexander Elder, "Third Screen Strategy" should be observed 3 time frame to consider a position. Here we just observe 2 screen Daily and Hourly. What about another screen?

I think there is a role of 4 Hour Chart. Would you please describe the fact?
KISS - Keep It Simple Smart !!!!
  • #271
  • Apr 1, 2013 8:09pm Apr 1, 2013 8:09pm
Quoting 100PipsADay
EUR/JPY looks like it may be hitting "over bought" territory on the H1 time frame again fairly soon. If anybody is looking to scale in another position it may be a good time to do so. This is why I normally open up 4 positions for each pair at different times. For example, let's say I have two EUR/JPY positions in profit by 100-150 pips and we have this retrace today showing H1 as over bought. I could add in 2 more sell positions to keep my overall trade moving in profit with the trend as price keeps moving in my favor. This is also why I like...

i went long eurusd today, at 12817. position still running. will reassess in the morning and close it if necessary.

my audcad short seems to be reversing back up. so presently losing. will wait and see.

gbpjpy short opened on 28 march currently in profit.


when you scale in, where do you set your stop loss for each position ? or is it that the total stop loss of all positions must add up to 280 starting from the 1st opened position ?
  • #272
  • Edited Apr 2, 2013 12:06am Apr 1, 2013 11:56pm | Edited Apr 2, 2013 12:06am
Quoting khaled_ctg
Hi 100PipsADay, According to Dr. Alexander Elder, "Third Screen Strategy" should be observed 3 time frame to consider a position. Here we just observe 2 screen Daily and Hourly. What about another screen? I think there is a role of 4 Hour Chart. Would you please describe the fact?
I mentioned before that one needs to take the Weekly trend into consideration FIRST. Then trade using Daily MACD and H1 Williams %

I can't really explain to anybody here how to tell if Weekly trend is up or down, it is pretty self explanatory most of the time if one just looks at the chart. However, even using the D1 MACD and H1 time frame without taking the Weekly into consideration can still be profitable. Just look at the recent short positions for USD/JPY and the JPY cross pairs...

Folks, keep in mind that I am here to present a strategy as well as share a few "rule of thumbs" that I use for this strategy such as SL, TP, Max Positions, and my favorite pairs to trend. I am NOT here to act as a "signal service" or to hold your hand every step of the way. Nothing is "black and white" in this business so people need to take matters into their own hands and find what works.
  • #273
  • Apr 1, 2013 11:59pm Apr 1, 2013 11:59pm
Quoting whatfx
i went long eurusd today, at 12817. position still running. will reassess in the morning and close it if necessary. my audcad short seems to be reversing back up. so presently losing. will wait and see. gbpjpy short opened on 28 march currently in profit. when you scale in, where do you set your stop loss for each position ? or is it that the total stop loss of all positions must add up to 280 starting from the 1st opened position ?
Going long on EUR/USD today has nothing to do with the Third Screen Strategy which is explained throughout this thread so please make sure to clarify WHY you entered this position so as to not create confusion for the traders utilizing this strategy. Thanks!

As for scaling in positions. I ALWAYS set a 160 SL and 280 TP for each position regardless of which one was opened first. This is why, for example, if you plan on trading 2 lots per trade it is best to split the trade up into 4 .50 lot positions or 2 separate 1 lot positions. This will allow one to enter in new trades should price move against you or one could scale in new positions as price moves in our favor.
  • #274
  • Apr 2, 2013 12:11am Apr 2, 2013 12:11am
Looks like 2 of the USD/JPY sell positions hit their TP earlier today while I was out. Banked another 558 pips between those two positions.
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  • #275
  • Apr 2, 2013 12:17am Apr 2, 2013 12:17am
Current Open Positions

2,000+ Pips Floating Profit

**Highlighted trades fairly close to TP targets**
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  • #276
  • Apr 2, 2013 12:19am Apr 2, 2013 12:19am
All CLOSED positions since March 18, 2013

Total Profit in Pips: 1,671

Floating Profit in Pips: 2,000+
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  • #277
  • Apr 2, 2013 12:41am Apr 2, 2013 12:41am
Quoting 100PipsADay
All CLOSED positions since March 18, 2013 Total Profit in Pips: 1,671 Floating Profit in Pips: 2,000+ {image}
Hi 100PipsADay

Great job.I got a short position on AUDJPY at 98.56 on March 27.Now when PA closed blew ema50 on the Daily chart.I will get another short position.
What do you think about AUDJPY?

Best Regards.
Fishcoo
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  • #278
  • Apr 2, 2013 12:48am Apr 2, 2013 12:48am
Quoting Fishcoo
Hi 100PipsADay Great job.I got a short position on AUDJPY at 98.56 on March 27.Now when PA closed blew ema50 on the Daily chart.I will get another short position. What do you think about AUDJPY? Best Regards. Fishcoo {image} {image}
Excellent work observing candles as well as MACD on the Weekly chart! MACD is about to cross over to the down side on the Weekly chart... I think this will be a very profitable position for you.

Also, you are right in regards to the 50 EMA, we haven't seen price below the 50 EMA since October 14, 2012. Once the 20 EMA crosses over the 50 EMA to the downside it will give even more confirmation of further movement South. I will also be looking to start building SELL positions for AUD/JPY once we see H1 time frame in "over bought" territory.

Obviously the BOJ could change things with their verbal diarrhea but I personally don't think we will get a very bullish reaction as much of what is going on is already priced in. If anything, market could be disappointed resulting in a quick sell off of USD/JPY as well as the cross pairs. I will hold short positions and look to keep building as price moves in our favor.

Fishcoo, keep up the good work!
  • #279
  • Apr 2, 2013 1:16am Apr 2, 2013 1:16am
Quoting whatfx
i went long eurusd today, at 12817. position still running. will reassess in the morning and close it if necessary. my audcad short seems to be reversing back up. so presently losing. will wait and see. gbpjpy short opened on 28 march currently in profit. when you scale in, where do you set your stop loss for each position ? or is it that the total stop loss of all positions must add up to 280 starting from the 1st opened position ?
Hey WhatFx,

Sorry for singling your post out but I want to show everybody here why we trade with the trend instead of trading against the trend. It is very dangerous to try and counter trend trade. Remember, always observe what is going on with the Weekly charts first. Wait for D1 MACD to point you in the same direction as the weekly, and then enter using H1 Williams %.

Look at what happened in the last 20 minutes or so with the EUR. Another major sell off putting us back into the current trend...

Take a look at the "Current Open Positions" 1st chart taken less than 1 hour ago then look at the 2nd chart taken about 2 minutes ago. See what happened with the EUR? This was expected for those of us trading with the trend.
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  • #280
  • Apr 2, 2013 1:21am Apr 2, 2013 1:21am
AUD/JPY, NZD/JPY, and CAD/JPY are ALL just about to hit "over bought" territory on the H1 time frame. Might want to look to start building some SELL positions if you haven't already.

I know Fishcoo is already aware and knows what to do...
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