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Third Screen Strategy - Dr. Alexander Elder

  • #281
  • Apr 2, 2013 3:26am Apr 2, 2013 3:26am
Quoting 100PipsADay
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...
Me too. waiting for H1 %R go above -20.
KISS - Keep It Simple Smart !!!!
  • #282
  • Apr 2, 2013 3:30am Apr 2, 2013 3:30am
Quoting khaled_ctg
Me too. waiting for H1 %R go above -20.
  • #283
  • Apr 2, 2013 3:33am Apr 2, 2013 3:33am
NZD/JPY is good to go for those interested in selling...

Getting ready to pull the trigger. I'll probably wait for this hour to close so AUD/JPY should be ready by then as well.

**IMPORTANT** For those of you following my trades my AUD/JPY sell positions will not show up as this particular broker does not have AUD/JPY pair available for some reason. I use a different broker when trading this pair... So I will post when I sell but will not include it in total profit, current open positions, or floating pips screen shots.
  • #284
  • Apr 2, 2013 3:35am Apr 2, 2013 3:35am
Quoting 100PipsADay
NZD/JPY is good to go for those interested in selling... Getting ready to pull the trigger. I'll probably wait for this hour to close so AUD/JPY should be ready by then as well. **IMPORTANT** For those of you following my trades my AUD/JPY sell positions will not show up as this particular broker does not have AUD/JPY pair available for some reason. I use a different broker when trading this pair... So I will post when I sell but will not include it in total profit, current open positions, or floating pips screen shots.
Ok Sir. Do we need to close H1 candle first before opening the position?
KISS - Keep It Simple Smart !!!!
  • #285
  • Apr 2, 2013 3:36am Apr 2, 2013 3:36am
It seems USD/JYP is on the way to H1 O/B area . .. ..
KISS - Keep It Simple Smart !!!!
  • #286
  • Apr 2, 2013 3:40am Apr 2, 2013 3:40am
Quoting khaled_ctg
Ok Sir. Do we need to close H1 candle first before opening the position?
It is completely up to you. Sometimes it is better to open position right when it hits over bought / over sold territory as sometimes we don't even get the chance for it to stay in the over bought / over sold territory before hour candle closes.

If you are going to short I would open up one sell position for NZD/JPY, AUD/JPY, and CAD/JPY right now. But make sure you spread your trade out between 2-4 positions so in case price moves higher we can get another good entry point.
  • #287
  • Apr 2, 2013 4:02am Apr 2, 2013 4:02am
Perfect! Got in a few NZD/JPY and AUD/JPY SELL positions.
  • #288
  • Apr 2, 2013 4:17am Apr 2, 2013 4:17am
AUD/NZD may be ready sometime

What you think guys?
Attached Image(s) (click to enlarge)
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  • #289
  • Apr 2, 2013 4:27am Apr 2, 2013 4:27am
Quoting irampagemc
AUD/NZD may be ready sometime What you think guys? {image} {image}
Yep! AUD/NZD has been ready to go for the past week or so. Wait for H1 to show "over bought" before placing your trade. Price is now below the 20 and 50 EMA as well giving us even more confirmation of a continued down trend.

Also, AUD/NZD doesn't move quite as fast as some of the other pairs so be prepared to hold these positions for weeks or even months at a time.
  • #290
  • Apr 2, 2013 4:56am Apr 2, 2013 4:56am
USD/JPY and EUR/JPY is now in position to enter short. What are you thinking?
KISS - Keep It Simple Smart !!!!
  • #291
  • Apr 2, 2013 4:58am Apr 2, 2013 4:58am
Quoting khaled_ctg
USD/JPY and EUR/JPY is now in position to enter short. What are you thinking?
I added one USD/JPY short.

Already have 4 EUR/JPY short positions from before so will not add anymore at this time.

Already have 4 CAD/JPY short positions from before so will not add anymore at this time.


Opened up 4 NZD/JPY and 4 AUD/JPY shorts during the past hour and are on my other account. *I won't count these trades (win or lose) with statistics in this thread as I don't want to cause any confusion.


**Go ahead and put in a sell position for USD/JPY or any other JPY cross pair as our system is telling us to SELL.
  • #292
  • Apr 2, 2013 5:05am Apr 2, 2013 5:05am
Thanks for clarifying this stuff for us 100pips. Soon we won't be asking this many questions

On that note: i have one for you!: Is 1% risk @ 160pip SL/280 TP per trade a good idea?

Since max of 4 trades, it means max of 4% risk for that pair (with each trade being its own 1% risk).


Is this too much or too little risk in your opinion
  • #293
  • Apr 2, 2013 5:15am Apr 2, 2013 5:15am
Quoting irampagemc
Thanks for clarifying this stuff for us 100pips. Soon we won't be asking this many questions On that note: i have one for you!: Is 1% risk @ 160pip SL/280 TP per trade a good idea? Since max of 4 trades, it means max of 4% risk for that pair (with each trade being its own 1% risk). Is this too much or too little risk in your opinion
You're welcome.

I think that 4% is a very reasonable amount of risk per pair. Risking 5% per pair at any given time is still OK
  • #294
  • Apr 2, 2013 5:19am Apr 2, 2013 5:19am
Please have a look to attached chart. We have different reading in traditional MACD and "Third Screen Strategy"'s MACD.
Attached Image (click to enlarge)
Click to Enlarge Name: MACD.JPG Size: 123 KB
KISS - Keep It Simple Smart !!!!
  • #295
  • Apr 2, 2013 5:24am Apr 2, 2013 5:24am
Quoting khaled_ctg
Please have a look to attached chart. We have different reading in traditional MACD and "Third Screen Strategy"'s MACD. {image}
I have never used the standard / traditional MACD indicator for this strategy so I really don't know what to say except for it is probably best to use the MACD indicator that I am using so that we can all remain on the same page.
Attached File(s)
File Type: mq4 macd_adjustable.mq4   4 KB | 418 downloads
  • #296
  • Apr 2, 2013 6:09am Apr 2, 2013 6:09am
Quoting 100PipsADay
You're welcome. I think that 4% is a very reasonable amount of risk per pair. Risking 5% per pair at any given time is still OK
Another member just brought the following to my attention which I completely disregarded when I replied to your question.

Keep in mind that if you are trading multiple JPY pairs (for example) and keep the 4% rule per pair then you are now heavily exposing yourself to the JPY.

If I was just starting out with this system I would personally trade some or all of the following pairs: EUR/AUD, EUR/CAD, GBP/AUD, AUD/JPY, CAD/JPY

The above pairs trend nicely, have a nice daily range, and seem to work the best with our system. It is however a little exposed to the AUD if you decide to trade all 5 pairs.

**Money Management** Everybody is responsible for their own money management so please make sure you are not over leveraging yourself. Trade safe and make sure you are around for the long haul.
  • #297
  • Apr 2, 2013 6:40am Apr 2, 2013 6:40am
It's actually the same reading on the 2 different macd's you show in your post that are both set to 12/24/9. The top one you show on your chart is the 'standard ' 2 line macd and the bottom one is the MT4 version of the macd - ie the default macd in the Indicators list of the MT4 charting.

The histogram on the top macd is the space between the 2 lines on that macd
The red line on the top macd is the red line on the bottom macd
The histogram on the bottom macd is the blue line (signal line) on the top macd shown as a histogram not a line.

Just 2 different ways of displaying the macd info.

G/L

Quoting khaled_ctg
Please have a look to attached chart. We have different reading in traditional MACD and "Third Screen Strategy"'s MACD. {image}
ex member
  • #298
  • Apr 2, 2013 6:49am Apr 2, 2013 6:49am
Quoting bbmac
It's actually the same reading on the 2 different macd's you show in your post that are both set to 12/24/9. The top one you show on your chart is the 'standard ' 2 line macd and the bottom one is the MT4 version of the macd - ie the default macd in the Indicators list of the MT4 charting. The histogram on the top macd is the space between the 2 lines on that macd The red line on the top macd is the red line on the bottom macd The histogram on the bottom macd is the blue line (signal line) on the top macd shown as a histogram not a line. Just 2...
Hi bbmac,
Thanks for the information. I suspect that.

But the problem is the data value. Traditional MACD shows 2 valus. One for MAIN and another for SIGNAL. And the Standard MACD shows 4 values.

Can you tell me relations of those values?
KISS - Keep It Simple Smart !!!!
  • #299
  • Apr 2, 2013 6:52am Apr 2, 2013 6:52am
Quoting khaled_ctg
Hi bbmac, Thanks for the information. I suspect that. But the problem is the data value. Traditional MACD shows 2 valus. One for MAIN and another for SIGNAL. And the Standard MACD shows 4 values. Can you tell me relations of those values?
How can I get 4 values of Standard MACD from traditional MACD's 2 values?
KISS - Keep It Simple Smart !!!!
  • #300
  • Apr 2, 2013 12:44pm Apr 2, 2013 12:44pm
Opened up 2 more USD/JPY SELL positions.

Current Open Positions
Attached Image (click to enlarge)
Click to Enlarge Name: Current_Open_Positions_(4-1).png Size: 206 KB
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