Third Screen Strategy - Dr. Alexander Elder | Page 21 | Forex Factory

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Third Screen Strategy - Dr. Alexander Elder

  • #401
  • Apr 5, 2013 6:44am Apr 5, 2013 6:44am
Quoting MKFXTrader
Perfect. We can change or update as we progress.
Excellent!
  • #402
  • Apr 5, 2013 6:47am Apr 5, 2013 6:47am
Hi,

I have one of Dr. Elder's book "Trading for a living" collecting dust in my book shelf. Bought in 2001. The third screen strategy is described there.

Do you use this strategy exclusively or is there other elements you combine with it?
Swedish steel!
  • #403
  • Edited 7:09am Apr 5, 2013 6:55am | Edited 7:09am
Weekly, Daily, Open Position, & Overall Bias For Our Most Frequently Traded Pairs

AUD/JPY:
Weekly - Up
Daily - Up
Open Positions - Up
Overall - Up

CAD/JPY:
Weekly - Up
Daily - Up
Open Positions - Up
Overall - Up

NZD/JPY:
Weekly - Up
Daily - Up
Open Positions - Up
Overall - Up

GBP/AUD:
Weekly - Down
Daily - Up
Open Positions - Down
Overall - Flat

EUR/AUD:
Weekly - Down
Daily - Up
Open Positions - Down
Overall - Flat

EUR/CAD:
Weekly - Down
Daily - Up
Open Positions - Down
Overall - Flat

EUR/USD:
Weekly - Down
Daily - Up
Open Positions - Down
Overall - Flat

AUD/NZD:
Weekly - Down
Daily - Down
Open Positions - Up
Overall - Down

GBP/USD:
Weekly - Down
Daily - Up
Open Positions - Down
Overall - Flat

NZD/USD:
Weekly - Flat
Daily - Up
Open Positions - Up
Overall - Flat

AUD/USD:
Weekly - Flat
Daily - Down
Open Positions - Down
Overall - Down


Per the suggestion of member MKFXTrader I will try to update the Weekly, Daily, Open Position, & Overall Bias on a weekly basis.
  • #404
  • Apr 5, 2013 6:56am Apr 5, 2013 6:56am
Quoting grovsnus
Hi, I have one of Dr. Elder's book "Trading for a living" collecting dust in my book shelf. Bought in 2001. The third screen strategy is described there. Do you use this strategy exclusively or is there other elements you combine with it?
Grovsnus, the thread is only 27 pages long. I recommend you read it and take notes, then read it again and update your notes, then demo it for a month or two.

Cheers.
  • #405
  • Edited 7:10am Apr 5, 2013 6:59am | Edited 7:10am
Quoting grovsnus
Hi, I have one of Dr. Elder's book "Trading for a living" collecting dust in my book shelf. Bought in 2001. The third screen strategy is described there. Do you use this strategy exclusively or is there other elements you combine with it?
I try to stick to this system for the majority of my trading. However, I do keep an eye on Monthly and Weekly support / resistance areas along with price action at those levels to look for possible long term trend reversals. Also, keeping track of the fundamentals helps to give us more of a macro view of the markets.

But all in all I would say 95% of my trading is done using a part of the Third Screen Strategy which is explained throughout this thread


Edit: Took out "100% of my trading" up top as I have 95% down below. They contradict each other...

By the way, excellent book! Trading For A Living by Dr. Alexander Elder
  • #406
  • Apr 5, 2013 7:03am Apr 5, 2013 7:03am
Quoting 100PipsADay
I try to stick to this system 100%. However, I do keep an eye on Monthly and Weekly support / resistance areas along with price action at those levels to look for possible long term trend reversals. Also, keeping track of the fundamentals helps to give us more of a macro view of the markets. But all in all I would say 95% of my trading is done using a part of the Third Screen Strategy which is explained throughout this thread

Cool, thanks. Maybe I should dust off my book then.
Swedish steel!
  • #407
  • Apr 5, 2013 7:04am Apr 5, 2013 7:04am
Quoting 100PipsADay
Weekly, Daily, Open Position, & Overall Bias For Most Frequently Traded Pairs AUD/JPY: Weekly - Up Daily - Up Open Positions - Up Overall - Up CAD/JPY: Weekly - Up Daily - Up Open Positions - Up Overall - Up NZD/JPY: Weekly - Up Daily - Up Open Positions - Up Overall - Up GBP/AUD: Weekly - Down Daily - Up Open Positions - Down Overall - Flat EUR/AUD: Weekly - Down Daily - Up Open Positions - Down Overall - Flat EUR/CAD: Weekly - Down Daily - Up Open Positions - Down Overall - Flat EUR/USD: Weekly - Down Daily - Up Open Positions - Down Overall -...
  • #408
  • Apr 5, 2013 8:01am Apr 5, 2013 8:01am
1st Chart: Recently Closed Positions (April 4th - April 5th: -1,343 Pips)

2nd Chart: Total Profit and Loss since March 18, 2013 (-130 Pips Total)

3rd Chart: Current Open Positions (500+ floating Pips)
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Closed.png Size: 95 KB
Click to Enlarge Name: Total_PnL.png Size: 95 KB
Click to Enlarge Name: Current_Open.png Size: 147 KB
  • #409
  • Apr 5, 2013 8:04am Apr 5, 2013 8:04am
Since March 18, 2013 when I started tracking trade results on a consistent basis for this thread I am basically back to break even, actually am 130 pips in the red for closed profit and loss.

I have a little over 500 pips floating profit with current open positions so not too bad. Am a little disappointed in the last few days results but we are going to make up for it here very soon!

Hope everybody is doing good!
  • #410
  • Apr 5, 2013 8:07am Apr 5, 2013 8:07am
Quoting 100PipsADay
Since March 18, 2013 when I started tracking trade results on a consistent basis for this thread I am basically back to break even, actually am 130 pips in the red for closed profit and loss. I have a little over 500 pips floating profit with current open positions so not too bad. Am a little disappointed in the last few days results but we are going to make up for it here very soon! Hope everybody is doing good!

are you demoing or live account ?

are you a fxcm representative ? no problem if you are. even better.
  • #411
  • Apr 5, 2013 8:11am Apr 5, 2013 8:11am
Quoting whatfx
are you demoing or live account ? are you a fxcm representative ? no problem if you are. even better.
Live Account: Yes. The "Current Open Positions" charts that I post on a daily basis (or try to anyways) is one of my actual LIVE accounts. This is what I'm tracking in this thread for those who are interested.

I am trading EUR/AUD, GBP/AUD, EUR/CAD, EUR/USD, USD/JPY, and ALL of the JPY cross pairs in this particular account.

FXCM Rep: No, I just liked the logo, but somebody recommended that I take the "FXCM" part out of it so I did a little "Microsoft Paint" editing and put my FF user name instead...
  • #412
  • Apr 5, 2013 8:15am Apr 5, 2013 8:15am
Quoting 100PipsADay
Since March 18, 2013 when I started tracking trade results on a consistent basis for this thread I am basically back to break even, actually am 130 pips in the red for closed profit and loss. I have a little over 500 pips floating profit with current open positions so not too bad. Am a little disappointed in the last few days results but we are going to make up for it here very soon! Hope everybody is doing good!
By the way, at the Peak of the past few weeks I was up almost $20k! Now I'm back to break even...

Oh well, that's the name of the game, you win some you lose some but always make sure that you lose less then you win!
  • #413
  • Apr 5, 2013 8:26am Apr 5, 2013 8:26am
Quoting 100PipsADay
FXCM Rep: No, I just liked the logo, but somebody recommended that I take the "FXCM" part out of it so I did a little "Microsoft Paint" editing and put my FF user name instead...
  • #414
  • Apr 5, 2013 8:29am Apr 5, 2013 8:29am
I "borrowed" it from the FXCM Rep who frequents these forums...
  • #415
  • Apr 5, 2013 8:42am Apr 5, 2013 8:42am
Quoting 100PipsADay
By the way, at the Peak of the past few weeks I was up almost $20k! Now I'm back to break even... Oh well, that's the name of the game, you win some you lose some but always make sure that you lose less then you win!
100pip. You should consider taking partial profits. Maybe have two targets for each open entry within the system. This way you make something rather then BE. I also recommend you consider moving TP to BE when you have a position in the positive of greater then 50-75or100 pips. It would increase your win %. I hate giving back pips. Just a suggestion.
  • #416
  • Apr 5, 2013 8:48am Apr 5, 2013 8:48am
Quoting MKFXTrader
100pip. You should consider taking partial profits. Maybe have two targets for each open entry within the system. This way you make something rather then BE. I also recommend you consider moving TP to BE when you have a position in the positive of greater then 50-75or100 pips. It would increase your win %. I hate giving back pips. Just a suggestion.
MKFX,

Thanks for the words of advice. I have actually tested this system many ways and I have decided to stick to this plan no matter what. It seems to work better in the long run and also keeps it simple.

Thank you though for the suggestion my friend, its appreciated!
  • #417
  • Apr 5, 2013 8:57am Apr 5, 2013 8:57am
Quoting 100PipsADay
MKFX, Thanks for the words of advice. I have actually tested this system many ways and I have decided to stick to this plan no matter what. It seems to work better in the long run and also keeps it simple. Thank you though for the suggestion my friend, its appreciated!
You reminded me of this stubborn mule clip from family guy.

Inserted Video


Just joking with ya.
  • #418
  • Apr 5, 2013 9:01am Apr 5, 2013 9:01am
Quoting MKFXTrader
You reminded me of this stubborn mule clip from family guy. http://www.youtube.com/watch?v=fqs9DYisSsg Just joking with ya.
LOL
  • #419
  • Apr 5, 2013 9:27am Apr 5, 2013 9:27am
@100PipsADay: Nice thread

Help me to summarize the SL and TP:

SL=160 / TP=280
AUDJPY
NZDJPY

SL=200 / TP=320
EURUSD

SL=260 / TP=320
AUDNZD
AUDUSD
CADJPY
EURAUD
EURCAD
GBPAUD
GBPUSD
NZDUSD

SL=260 / TP=350
GBPJPY

Is that correct?

Regards,
dynel
  • #420
  • Apr 5, 2013 9:27am Apr 5, 2013 9:27am
Opened Positions Today
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