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Third Screen Strategy - Dr. Alexander Elder

  • #461
  • Apr 7, 2013 9:00am Apr 7, 2013 9:00am
Quoting 100PipsADay
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...
I will update each pair on the Weekly, Daily, Open Position, & Overall Bias For Our Most Frequently Traded Pairs chart at the opening of each new week's candle which is at 8:00pm EST
  • #462
  • Apr 7, 2013 9:05am Apr 7, 2013 9:05am
Quoting khaled_ctg
What about USD/JPY, EUR/JPY ?
Typically USD/JPY and the JPY cross pairs move in tandem with each other, if AUD/JPY, CAD/JPY, and NZD/JPY are all UP bias then so is USD/JPY and EUR/JPY.
  • #463
  • Edited 11:27am Apr 7, 2013 10:57am | Edited 11:27am
GBP/USD

Possible trend reversal?

Weekly - Close above 1.53 resistance

Daily - D1 MACD Uptrend & Daily close above 50 EMA

H1 - Wait for Williams % to show "over sold" before going long.


**Due to the volatility and large daily range of GBP pairs I recommend using a 250 pip stop if your balance and risk tolerance allow you to do so.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPUSD_Weekly_(4-7).png Size: 103 KB
Click to Enlarge Name: GBPUSD_-_D1_MACD_(4-7).png Size: 108 KB
Click to Enlarge Name: GBPUSD_-_H1_(4-7).png Size: 105 KB
  • #464
  • Apr 7, 2013 11:08am Apr 7, 2013 11:08am
GBP/AUD

Possible Trend Reversal? Now looking to go long...

Weekly - Close above 1.4635 (resistance now should be support...)

Daily - D1 MACD Uptrend & Daily close above the 50 EMA

H1 - Wait for Over Sold conditions on the Williams %
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPAUD_-_Weekly_(4-7).png Size: 98 KB
Click to Enlarge Name: GBPAUD_-_Daily_(4-7).png Size: 101 KB
Click to Enlarge Name: GBPAUD_-_H1_(4-7).png Size: 102 KB
  • #465
  • Apr 7, 2013 11:18am Apr 7, 2013 11:18am
Quoting 100PipsADay
GBP/AUD Possible Trend Reversal? Now looking to go long... Weekly - Close above 1.4635 (resistance now should be support...) Daily - D1 MACD Uptrend & Daily close above the 50 EMA H1 - Wait for Over Sold conditions on the Williams % {image} {image} {image}
I agree, G/AUD price actions tells of temporary/mid term reversal. This is helped by general weakness in AUD and slight strength in the GBP.
Trade what you see, not what you think!
  • #466
  • Edited 11:32am Apr 7, 2013 11:21am | Edited 11:32am
Trade Idea For The Week: LONG GBP/JPY

As you all know USD/JPY and ALL of the JPY cross pairs are in very strong weekly uptrends and have recently just broken out to the upside again due to BOJ monetary decisions.

From the last two posts in regards to GBP/USD and GBP/AUD you can see that I am expecting a possible short to mid-term trend reversal to the upside during the coming weeks for those two pairs.

Therefore, if looking to long JPY cross pairs I think that GBP/JPY will be the biggest winner this week! Keep in mind that this is a very volatile pair and has an extremely high ATR so I would recommend using at least a 250 pip SL if you choose to trade this pair.

Recommended SL & TP Parameters: 250 SL & 350 TP
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPJPY_-_Weekly_(4-7).png Size: 128 KB
Click to Enlarge Name: GBPJPY_-_Daily_(4-7).png Size: 102 KB
Click to Enlarge Name: GBPJPY_-_H1_(4-7).png Size: 99 KB
  • #467
  • Apr 7, 2013 11:24am Apr 7, 2013 11:24am
Quoting OMGtrader
I agree, G/AUD price actions tells of temporary/mid term reversal. This is helped by general weakness in AUD and slight strength in the GBP.
Yep! This should provide us with good opportunities in GBP/USD and GBP/AUD longs but an even better opportunity with GBP/JPY in my opinion.

I like how you follow the KISS formula (keep it simple stupid)
  • #468
  • Apr 7, 2013 11:33am Apr 7, 2013 11:33am
Quoting 100PipsADay
I'm glad there are other more veteran traders than I who see the value of this system. As far as trading ALL of the pairs discussed with all max positions that just won't work unless you either A) have a very large account balance or B) are trading Micro lots so the trick is to find out what works best for you. Do you want to trade one pair with more volume? Or would you rather trade multiple pairs with less volume? One just needs to figure out what works best for them but I did want to point out that this system is working on multiple...
Thanks 100. I'll certainly be keeping an eye on your great work here.
  • #469
  • Apr 7, 2013 11:39am Apr 7, 2013 11:39am
It looks to me from what XE.com is showing that GBP/JPY is going to Gap DOWN on the opening by about 100 pips or so. If this is the case, I just may enter a long position right at the opening due to the statistics on "Gaps" closing the same trading day which I posted a while back.

Also, if it gaps down by 100 pips H1 Williams % may even show "over sold" conditions making it a completely valid signal anyways...

If you missed it you can find it here: http://www.forexfactory.com/showthre...79#post6522879

Something to keep an eye on...
  • #470
  • Apr 7, 2013 2:16pm Apr 7, 2013 2:16pm
Quoting 100PipsADay
It looks to me from what XE.com is showing that GBP/JPY is going to Gap DOWN on the opening by about 100 pips or so. If this is the case, I just may enter a long position right at the opening due to the statistics on "Gaps" closing the same trading day which I posted a while back. Also, if it gaps down by 100 pips H1 Williams % may even show "over sold" conditions making it a completely valid signal anyways... If you missed it you can find it here: http://www.forexfactory.com/showthre...79#post6522879 Something to...
I see a small gap up on XE not a gap down.
  • #471
  • Apr 7, 2013 2:19pm Apr 7, 2013 2:19pm
Quoting MKFXTrader
I see a small gap up on XE not a gap down.
Interesting... Just checked and you're right, however, almost the entire weekend it has been sitting at roughly 148.50 or so.
  • #472
  • Apr 7, 2013 2:22pm Apr 7, 2013 2:22pm
Quoting 100PipsADay
Interesting... Just checked and you're right, however, almost the entire weekend it has been sitting at roughly 148.50 or so.
Hmmm. Maybe. I didn't know the interbank markets open til a few hours b4 Australian open on Sunday.
  • #473
  • Apr 7, 2013 2:23pm Apr 7, 2013 2:23pm
In fact, if all of these rates are correct then it looks like we are going to be gapping to the upside for the cross pairs.

Hopefully it will close the gap and get us some more entry points (over sold) on the H1 within the next 24 hours or so.
Attached Image (click to enlarge)
Click to Enlarge Name: 2013-04-07_0921.png Size: 22 KB
  • #474
  • Apr 7, 2013 2:27pm Apr 7, 2013 2:27pm
Quoting 100PipsADay
In fact, if all of these rates are correct then it looks like we are going to be gapping to the upside for the cross pairs. Hopefully it will close the gap and get us some more entry points (over sold) on the H1 within the next 24 hours or so. {image}
Be nice if we can get in long on all yen cross after a nice O/S profit taking next 24 hours.
  • #475
  • Apr 7, 2013 2:28pm Apr 7, 2013 2:28pm
Quoting MKFXTrader
Be nice if we can get in long on all yen cross after a nice O/S profit taking.
That's what I'm hoping for! Keep adding new positions when over sold while taking profit on the old ones as price moves in our favor...
  • #476
  • Apr 7, 2013 8:10pm Apr 7, 2013 8:10pm
Quoting 100PipsADay
Hey Fx4Dreams, Welcome to our thread! Curious, which trades did you get into last night?
Hey 100Pips,

I got into EURJPY, CADJPY & AUDJPY. Up over $2000 in demo. Kinda scary!
  • #477
  • Apr 7, 2013 9:56pm Apr 7, 2013 9:56pm
Two more positions hit TP target... +593 Pips

1st Chart: Recently Closed Positions

2nd Chart: Total Profit & Loss in Pips (since March)

3rd Chart: Total Floating Profit in Pips
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Closed_positions.png Size: 33 KB
Click to Enlarge Name: Total_Closed_PnL.png Size: 126 KB
Click to Enlarge Name: Total_Floating_PnL.png Size: 143 KB
  • #478
  • Apr 7, 2013 11:54pm Apr 7, 2013 11:54pm
Quoting 100PipsADay
Two more positions hit TP target... +593 Pips 1st Chart: Recently Closed Positions 2nd Chart: Total Profit & Loss in Pips (since March) 3rd Chart: Total Floating Profit in Pips {image} {image} {image}
Nice, Congratulations!
I also had a position reach the TP target and also have some floating Profit(1200+ pips).
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 13 KB
Click to Enlarge Name: 2.jpg Size: 32 KB
  • #479
  • Apr 7, 2013 11:59pm Apr 7, 2013 11:59pm
AUDNZD looks like a very nice trade.Anyone who trade it ?I just wait for H1 show "over bought"and open a short position.The weekly and daily trend also showed bearlish very clearly.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: w.jpg Size: 109 KB
Click to Enlarge Name: d.jpg Size: 122 KB
Click to Enlarge Name: h.jpg Size: 116 KB
  • #480
  • Apr 8, 2013 12:01am Apr 8, 2013 12:01am
Quoting Fishcoo
Nice, Congratulations! I also had a position reach the TP target and also have some floating Profit(1200+ pips). {image} {image}
Very nice! Now your account looks like it is in profit since March 18th and are ready to start making some nice gains this week as trend moves in our favor.
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