Third Screen Strategy - Dr. Alexander Elder | Page 17 | Forex Factory

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Third Screen Strategy - Dr. Alexander Elder

  • #321
  • Apr 3, 2013 7:15am Apr 3, 2013 7:15am
Quoting khaled_ctg
I opened 2 Short positions on GBP/USD as per "Third Screen Strategy"
GU is not a short yet. iam keeping an eye on it myself.

the daily macd is still in ''buy'' mode. why have you entered short ? - doesnt meet third screen strat rules.
  • #322
  • Apr 3, 2013 7:24am Apr 3, 2013 7:24am
Add a short position on GBPJPY at 141.41 and EURCAD at 1.3017 now.
  • #323
  • Apr 3, 2013 7:25am Apr 3, 2013 7:25am
Quoting Fishcoo
Add a short position on GBPJPY at 141.41 and EURCAD at 1.3017 now.
Nice!
  • #324
  • Apr 3, 2013 9:28am Apr 3, 2013 9:28am
Thanks for your amazing strategy which i have been using very successfully. Please can you tell me how you set up your charts with Weekly, Daily and 1 hour all on one chart and then tabs to open each window. I need all charts open, they are currently in profile and i can only open 1 at a time which is time consuming. Also my alerts do not go off on all the charts that are not currently open.
I have attached my current set up, please let me know if correct.
Thanks for you help anyone.
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy profile.jpg Size: 282 KB
  • #325
  • Apr 3, 2013 12:09pm Apr 3, 2013 12:09pm
Quoting howlathemoon
Thanks for your amazing strategy which i have been using very successfully. Please can you tell me how you set up your charts with Weekly, Daily and 1 hour all on one chart and then tabs to open each window. I need all charts open, they are currently in profile and i can only open 1 at a time which is time consuming. Also my alerts do not go off on all the charts that are not currently open. I have attached my current set up, please let me know if correct. Thanks for you help anyone. {image}

Charts look good to me. As for having multiple time frames what you need to do is open up 3 charts for each currency pair and set a different time frame for each separate chart. So normally you go to Market Watch and "right click" on the currency pair you plan on trading. But do it 3 times in a row instead of only once. Then put Weekly time frame on one chart, Daily on the next, and H1 on the last for that particular pair.

I tried to make a short video clip showing you the process. http://screencast.com/t/Y44N1XC5

Let me know if you have any more questions.
  • #326
  • Apr 3, 2013 12:21pm Apr 3, 2013 12:21pm
Current Open Positions

2nd Chart shows trades with highest floating pips from top to bottom. The trades highlighted are most likely to reach TP targets in the coming hours / days.
Attached Image(s) (click to enlarge)
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  • #327
  • Apr 3, 2013 12:40pm Apr 3, 2013 12:40pm
Hi 100pipsaday, i want to thank u for this awesome topic i was reading since first post.

I was making some testing in demo account before go to real, and its a nice strategy using W1 , D1 and H1 charts.

I want to know in your experience, how the trades develop after NFP release ? or it doesn't matter ?

Thanks!

sry about my english im not a native speaker.
  • #328
  • Apr 3, 2013 12:51pm Apr 3, 2013 12:51pm
Quoting simmatosan
Hi 100pipsaday, i want to thank u for this awesome topic i was reading since first post. I was making some testing in demo account before go to real, and its a nice strategy using W1 , D1 and H1 charts. I want to know in your experience, how the trades develop after NFP release ? or it doesn't matter ? Thanks! sry about my english im not a native speaker.
Hi Simmatosan,

Thank you and I'm glad you are enjoying this thread.

NFP: This is one of the most significant news events for the market every month but to be honest, we still don't even pay attention to it. Our large SL and TP targets allow us to have open trades during news releases without getting knocked out from the spikes.

I posted the following earlier. News is relevant only when it contributes to break sequences of measured moves induced by Program Trading on the larger time frames, i.e. daily and weekly. But very rarely news is capable of doing that: what can really change market direction is huge and coordinated participation from smart money and/or central banks.

For instance, the S&P500 was turned higher twice in the last 3 years: the first time in March 2009 and the second time in May-July 2011 by the intervention of the FED with Quantitative Easing initiatives.

Rarely ever will a news release reverse the current trend especially a weekly trend. Of course there will be spikes in the market but we are protected due to our larger stop loss which is normally anywhere from 160 - 260 depending on traders preference and the pair being traded. Hope this helps!
  • #329
  • Apr 3, 2013 12:59pm Apr 3, 2013 12:59pm
Here's how things stand
Attached Image (click to enlarge)
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  • #330
  • Apr 3, 2013 1:05pm Apr 3, 2013 1:05pm
Quoting irampagemc
Here's how things stand {image}
Perfect!

Looks to me like you have a couple hundred pips floating profit?
  • #331
  • Apr 3, 2013 1:45pm Apr 3, 2013 1:45pm
That's correct! , over 300 pips floating profit
  • #332
  • Apr 3, 2013 2:04pm Apr 3, 2013 2:04pm
Quoting irampagemc
That's correct! , over 300 pips floating profit
Good for you Irampagemc! Just keep following the rules to this strategy and you will experience great results in the long run.
  • #333
  • Apr 3, 2013 3:53pm Apr 3, 2013 3:53pm
Quoting 100PipsADay
Good for you Irampagemc! Just keep following the rules to this strategy and you will experience great results in the long run.
Hello 100pip. Hope you're having a good week. I have a question on what your thoughts are on eur/aud and gbp/aud? Are you waiting for daily TF to turn back down to match weekly chart, or are you shorting already? Thanks
  • #334
  • Apr 3, 2013 5:08pm Apr 3, 2013 5:08pm
Quoting MKFXTrader
Hello 100pip. Hope you're having a good week. I have a question on what your thoughts are on eur/aud and gbp/aud? Are you waiting for daily TF to turn back down to match weekly chart, or are you shorting already? Thanks
Monthly and Weekly down trends for both pairs.

I currently have 4 open sell positions with EUR/AUD. As for GBP/AUD I took 2 longs last week (or possibly the week before...) One got stopped out the other day, one is still open, I am expecting this to get stopped out fairly soon as well though.

Looks like EUR/AUD is about to turn "bullish" on the MACD but I wouldn't buy! GBP/AUD looks like it is about to turn "bearish" again so you may want to keep an eye on GBP/AUD for possible short positions.
  • #335
  • Apr 3, 2013 5:39pm Apr 3, 2013 5:39pm
Just pulled a sell on EURCAD @ overbought.
Attached Image (click to enlarge)
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  • #336
  • Apr 3, 2013 9:12pm Apr 3, 2013 9:12pm
Current Open Positions when i used Third Screen Strategy from March 27.Great system,simple and powerful.
Attached Image(s) (click to enlarge)
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  • #337
  • Apr 3, 2013 10:02pm Apr 3, 2013 10:02pm
Quoting Fishcoo
Current Open Positions when i used Third Screen Strategy from March 27.Great system,simple and powerful. {image} {image}
Excellent trading Fishcoo! I'm glad this system is working out for you.

Anybody else interested in sharing their results with us?

You folks see Fishcoo's results? He made over 1,000 pips since March 27 trading the Third Screen Strategy explained in this thread! That is roughly 1 Week's time!
  • #338
  • Apr 4, 2013 1:03am Apr 4, 2013 1:03am
Alright folks, I actually decided to close out my JPY cross pair SHORT positions a little early due to the BOJ release. This was the most important BOJ announcements for quite some time and it looks as though we have now broken through some major resistance for USD/JPY as well as most of the cross pairs.

Closed out ALL of the USD/JPY and JPY cross pair shorts for a total combined loss of 302 pips.

If bullish momentum keeps going we will be crossing back over to the upside on the D1 MACD by Friday or Monday of next week. Probably best to look to go long when H1 is showing "over sold" conditions.

I knew that holding positions through the BOJ news events was risky and most of the time I don't mind the news. But this is pretty significant in my opinion and it looks as though we will resume our weekly uptrend.

1st Chart: Closed Positions
2nd Chart: Current Open Positions
3rd Chart: Total Profit in Pips since March 25, 2013

Total Pips Since March 25: 1,213
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Total_Loss_(4-3).png Size: 121 KB
Click to Enlarge Name: Current_Open_Positions.png Size: 102 KB
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  • #339
  • Apr 4, 2013 3:26am Apr 4, 2013 3:26am
Quoting whatfx
i hate to think my audcad short might go in a range for the next few weeks. hope not.
Hey WhatFx,

Your AUD/CAD short is now in profit correct? Looks like you won't need to wait much longer after all!

I don't trade AUD/CAD or AUD/NZD very often because they are too slow for my liking, however, if you're patient enough they will get the job done.
  • #340
  • Apr 4, 2013 5:30am Apr 4, 2013 5:30am
Quoting 100PipsADay
Alright folks, I actually decided to close out my JPY cross pair SHORT positions a little early due to the BOJ release. This was the most important BOJ announcements for quite some time and it looks as though we have now broken through some major resistance for USD/JPY as well as most of the cross pairs. Closed out ALL of the USD/JPY and JPY cross pair shorts for a total combined loss of 302 pips. If bullish momentum keeps going we will be crossing back over to the upside on the D1 MACD by Friday or Monday of next week. Probably best to look to...
Hi 100PipsADay

Most of my JPY cross positions hited the SL . So sad , but this is the market. I will stick to the strategy and i believe that if we keep following the rules , we will experience great results in the long run.
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