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Third Screen Strategy - Dr. Alexander Elder

  • #501
  • Apr 8, 2013 6:59pm Apr 8, 2013 6:59pm
Hi all, I traded form March 18 using Third Screen Strategy .

Total Closed Profit in Pips: 1,030 Pips(From March 18)

Total Floating Profit in Pips: 295 Pips(From March 18)

1st Closed positions yesterday

2nd Total Floating Profit
Attached Image(s) (click to enlarge)
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  • #502
  • Apr 8, 2013 7:04pm Apr 8, 2013 7:04pm
Quoting Fishcoo
Hi all, I traded form March 18 using Third Screen Strategy . Total Closed Profit in Pips: 1,030 Pips(From March 18) Total Floating Profit in Pips: 295 Pips(From March 18) 1st Closed positions yesterday 2nd Total Floating Profit {image} {image}
Hey FishCoo!

Thanks for keeping all of us updated on your progress using the Third Screen Strategy! Looks like you are doing great

*Let's hope we can get another retrace so that H1 is Over Sold, then we can reload on some more long positions for the JPY cross pairs...
  • #503
  • Apr 8, 2013 7:16pm Apr 8, 2013 7:16pm
Quoting 100PipsADay
MysticX, I wouldn't worry about trying to incorporate weekly resistance and support levels into this strategy just yet. As for GBP/USD right now are showing Up on the D1 MACD and are over sold on the H1. Right now is a good time to get long on GBP/USD if you haven't already.

eur/aud, i have entered long. however note that daily has formed a red inverted hammer as i write. price could fall through. tomorrow will tell. also, the weekly you said had formed an engulfing bar long last week. technically not an engulfing bar as bar did not fully engulf the high and low of previous bar.


gbp/usd, although williams 1 hr has given us a buy, not entering yet as daily has also formed a red inverted hammer suggesting price could fall. but i would have still entered, but the key level iam watching is 15220. if price fails to break below this tomorrow, then i will go long as williams 1 hr has already given us the signal. but, if price goes below 15220, then in my opinion price could fall further. i guess an even better position to enter long once williams 1 hr shows oversold !..... wait and see.


i closed my audnzd short earlier for + 130 pips. just didnt have the patience to keep on holding it !

audcad was closed for a small loss. was ranging , had to get rid of it. funds can be better used elswhere.

iam waiting for my favourite pair eur/usd to show oversold on williams 1 hr. then long i go !
  • #504
  • Apr 8, 2013 9:16pm Apr 8, 2013 9:16pm
Quoting 100PipsADay
I wouldn't worry about trying to incorporate weekly resistance and support levels into this strategy just yet. As for GBP/USD right now are showing Up on the D1 MACD and are over sold on the H1. Right now is a good time to get long on GBP/USD if you haven't already.

Good stuff, thanks man. Once I figure out how to post those data from Oanda, I'll update my holdings.
  • #505
  • Apr 9, 2013 4:55am Apr 9, 2013 4:55am
Quoting whatfx
eur/aud, i have entered long. however note that daily has formed a red inverted hammer as i write. price could fall through. tomorrow will tell. also, the weekly you said had formed an engulfing bar long last week. technically not an engulfing bar as bar did not fully engulf the high and low of previous bar. gbp/usd, although williams 1 hr has given us a buy, not entering yet as daily has also formed a red inverted hammer suggesting price could fall. but i would have still entered, but the key level iam watching is 15220. if price fails to break...

just as i predicted, eur/aud on its way down , so losing on the long. looking to come out as likely to be stopped out the way the charts are depicting. maybe looking to come out when williams 1hr reaches overbought. will analyse again at that time before closing.

you see the problem with me is, iam a scrooge, dont like losing. but still would keep a position open as per the rules, but in this case it appears highly likely we could be stopped out. highly likely means better to close out. close the trade with minimal loss. can always re-enter at a better price at a later time.
  • #506
  • Apr 9, 2013 5:37am Apr 9, 2013 5:37am
i see the following potential trades:

gbpchf - long

eurgbp - long

eurcad - long

eurnzd - long

cadchf - short

wall street daily (dow) - short


out of all of these i only see to immediate trades. dow entered short. eurcad just waiting for williams 1 hr to turn oversold.

eurnzd, a tricky one, as it will be going against a strong weekly down trend. but at the moment williams 1hr is not oversold anyway.

cadchf not a strong signal.

the rest are in the process of developing i.e. need further confirmation on the daily.


anyone agree / disagree ?
  • #507
  • Apr 9, 2013 7:31am Apr 9, 2013 7:31am
GBP/CHF - I agree

EUR/GBP - I think I agree, but I'd personally wait until getting above the 20EMA

EUR/CAD - Looks good

EUR/NZD - Long looks to correct, according to my understanding of the system, but I'd wait until getting above 1.55

CAD/CHF - Short looks good, but I'd wait until breaking below the 50 EMA

Good eye on EUR/CAD, looks like I just missed the boat. I agree with your further analysis, but I'm still learning it myself. Good luck!
  • #508
  • Apr 9, 2013 7:38am Apr 9, 2013 7:38am
I know this isn't fancy, but here's what I'm holding as of this morning
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  • #509
  • Apr 9, 2013 1:40pm Apr 9, 2013 1:40pm
I was able to add a few long positions during london session last night for USD/JPY, CAD/JPY, NZD/JPY, and EUR/USD. Also, my GBP/AUD long position hit its Stop Loss...

1st Chart: Recently Closed Positions
2nd Chart: Total Profit & Loss since March 2013
3rd Chart: Total Floating Profit

Total Closed Profit in Pips: 3,025 Pips

Total Floating Profit in Pips: 3,079 Pips
Attached Image(s) (click to enlarge)
Click to Enlarge Name: closed.png Size: 26 KB
Click to Enlarge Name: Total_PnL.png Size: 125 KB
Click to Enlarge Name: Total_Floating.png Size: 160 KB
  • #510
  • Apr 9, 2013 1:44pm Apr 9, 2013 1:44pm
Hi 100 pips. Firstly thanks so much for the video, it has been very helpful in setting up my charts correctly.
I am currently living in Zimbabwe, and the internet connection can sometimes be quite challenging, but I am now ready to start following your Three Screen System. I have read through this thread three times now and been following all the trades you and other members have posted for the last couple of weeks, so feel quite confident that I can be successful using your system.
I just have a couple of questions. Which time zone are you in and therefore which market sessions do you trade? How many trading hours a day, on average, do you actively trade?
Obviously, we cannot trade every entry signal, and I would like to know which trading hours your extensive results analysis were based on.
I am just one hour behind London time.
Thanks again for all the time and effort you put in to help new members like me, it is so appreciated.
  • #511
  • Apr 9, 2013 1:58pm Apr 9, 2013 1:58pm
Quoting howlathemoon
Hi 100 pips. Firstly thanks so much for the video, it has been very helpful in setting up my charts correctly. I am currently living in Zimbabwe, and the internet connection can sometimes be quite challenging, but I am now ready to start following your Three Screen System. I have read through this thread three times now and been following all the trades you and other members have posted for the last couple of weeks, so feel quite confident that I can be successful using your system. I just have a couple of questions. Which time zone are you in and...
HowlAtTheMoon,

I normally check the charts every couple of hours at least throughout the entire day in order to find entry signals. It does not matter which trading session we trade as signals for trades can happen at any time on any trading day.

Due to this being a swing trading strategy we do not need to focus on a particular session in order to get in and out of trades like an intraday trader does.

Whenever you can, check the charts for the pairs you want to focus on and when you have a signal place your order then set your SL and TP parameters.
  • #512
  • Apr 9, 2013 6:51pm Apr 9, 2013 6:51pm
Quoting MysticX
GBP/CHF - I agree EUR/GBP - I think I agree, but I'd personally wait until getting above the 20EMA EUR/CAD - Looks good EUR/NZD - Long looks to correct, according to my understanding of the system, but I'd wait until getting above 1.55 CAD/CHF - Short looks good, but I'd wait until breaking below the 50 EMA Good eye on EUR/CAD, looks like I just missed the boat. I agree with your further analysis, but I'm still learning it myself. Good luck!

mystic

we dont look at any other indicators with this strategy. not 20 ema, not 50 ema. nothing else. because the system is doing well as it is. you will find that any divergence from the rules of the system could drastically reduce your winnings. .. so be careful. i do my own technical analysis based on my charts, but those are for intraday trading mainly. unless it is obvious from my chart analysis not to take the trade with third screen strategy, i will just follow the third screen rules no matter what.

i do sometimes look at those charts, before entering using this strategy. but it is price action mainly. and if the price action is such that it is showing opposite to what this strategy is signalling, then i will not take the trade. remember price action is king, above all else. recent examples i stated were the inverted hammers on eur/aud daily and gbp/usd. which caused the price to go against us on our trades. unfortunately i had already entered the eur/aud before realising the inverted hammer formation. but fingers crossed hopefully the price should rally before reaching the stop loss, and take us into profit. hoping it does....

also, just like you can make 1000's of pips everyweek, you can easily lose 1000's of pips every week too. so be careful again. say you have 6 jpy pairs long. all hit profit and you make money. but if all lost then what ? you lose 960 pips in total. thats a lot to lose !

so everyone should remember this and not get too complacent or greedy.


i was going to close the eur/aud long trade earlier today as it was losing and i feared stop loss would be hit, but price never rallied to a safe level to close out. so eur/aud trade still open. hoping tomorrow will see a rally ...

the key level on eur/aud for me is 12560. i see that a failure to go above that level in at least two tries , will see price falling (and hence going against my long trade). however if that level breaks and price moves above it, then we should see a rally which will hopefully take us into profit......

tomorrow will tell.
  • #513
  • Apr 9, 2013 7:01pm Apr 9, 2013 7:01pm
Quoting whatfx
mystic we dont look at any other indicators with this strategy. not 20 ema, not 50 ema. nothing else. because the system is doing well as it is. you will find that any divergence from the rules of the system could drastically reduce your winnings. .. so be careful. i do my own technical analysis based on my charts, but those are for intraday trading mainly. unless it is obvious from my chart analysis not to take the trade with third screen strategy, i will just follow the third screen rules no matter what. i do sometimes look at those charts,...

Correct!

D1 MACD and H1 Williams %
  • #514
  • Apr 9, 2013 7:20pm Apr 9, 2013 7:20pm
GBPAUD hited its SL yesterday.Maybe we should use a 200 stop due to the volatility and large daily range of GBP pairs .100PipsADay, what's your opinion?I see you still use a 160 SL and 280 TP.

1st Chart: Recently Closed Positions

2nd Chart: Total Floating Profit
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 13 KB
Click to Enlarge Name: 2.jpg Size: 79 KB
  • #515
  • Apr 9, 2013 7:37pm Apr 9, 2013 7:37pm
Quoting Fishcoo
GBPAUD hited its SL yesterday.Maybe we should use a 200 stop due to the volatility and large daily range of GBP pairs .100PipsADay, what's your opinion?I see you still use a 160 SL and 280 TP. 1st Chart: Recently Closed Positions 2nd Chart: Total Floating Profit {image} {image}
FishCoo,

That is a much better idea for those can can afford a higher SL for multiple pairs.

This particular account though I am trading the selected pairs with a set 160 SL and 280 TP and am tracking it with this thread.

*I do however have another account where I trade EUR/CAD, AUD/NZD, EUR/AUD, GBP/AUD, and GBP/USD using a 260 SL and 320 TP for all of those pairs. I also trade EUR/USD using a 200 SL and 320 TP. I also have a max positions of 8 per pair except for EUR/USD with this account.
  • #516
  • Apr 9, 2013 8:06pm Apr 9, 2013 8:06pm
Quoting 100PipsADay
FishCoo, That is a much better idea for those can can afford a higher SL for multiple pairs. This particular account though I am trading the selected pairs with a set 160 SL and 280 TP and am tracking it with this thread. *I do however have another account where I trade EUR/CAD, AUD/NZD, EUR/AUD, GBP/AUD, and GBP/USD using a 260 SL and 320 TP for all of those pairs. I also trade EUR/USD using a 200 SL and 320 TP. I also have a max positions of 8 per pair except for EUR/USD with this account.

maybe it is a good idea to list all the pairs and the stop loss you use for each one ? so that people can get an idea. why the difference in stop losses for different pairs ? how have you come to such a conclusion , did you test ?

very tired, past bedtime. just before i go i thought i quickly post the ''good'' signals i see:

eurgbp - long

eurcad - long

eurchf - long


these 3 are the strongest out of all the signals i see.
there also appears to be a a good short signal coming up on audusd ?


also, i know this is not related to the third screen strategy, but i thought i mention it to you good folks here as i obviously want you guys to make money.

there is a very good oppurtunity to ''sell'' nzdusd and make good money. nothing to do with the third screen rules. but make sure you check the lower time frames and do your analysis first before entering short. there appears to bet an excellent oppurtunity here. i just thought i mention it...

as for me, iam already short. too tired and lazy to do thorough chart analysis at this time. for me its a no brainer trade, so just took the short. hope iam right !

good night wherever you are....
  • #517
  • Apr 9, 2013 9:40pm Apr 9, 2013 9:40pm
Quoting whatfx
maybe it is a good idea to list all the pairs and the stop loss you use for each one ? so that people can get an idea. why the difference in stop losses for different pairs ? how have you come to such a conclusion , did you test ? very tired, past bedtime. just before i go i thought i quickly post the ''good'' signals i see: eurgbp - long eurcad - long eurchf - long these 3 are the strongest out of all the signals i see. there also appears to be a a good short signal coming up on audusd ? also, i know this is not related to the third screen strategy,...
I've already listed recommended SL and TP parameters for each pair with each pairs' statistics: http://www.forexfactory.com/showthre...11#post6577111

How did I come to this conclusion? Through extensive testing, not much else to really say HOW...

NZD/USD: This is a very dangerous short from what I can tell. Price has broken though the .845 resistance with strong conviction from a daily perspective. Next stop is going to be .88. Unless you want a 300 pip draw down I wouldn't short the NZD/USD...
  • #518
  • Apr 10, 2013 12:30am Apr 10, 2013 12:30am
Hey 100pips... been following the thread as I'm always interested in hard systems.

I'm curious as to how you have been handling EUR/USD trades as of late.

If I'm understanding things correctly, it's in a daily downtrend as the 20ema has crossed the 50 back awhile ago.

However, it's also hit overbought territory on the 1h Williams % quite a few times even in the last couple days.

I'm curious as to how you've been trading it, or if you've been avoiding it and for what reasons.

Just trying to get a better feel for the whole system.

Thanks!
check out my blog: forexmademillionaire dot com
  • #519
  • Apr 10, 2013 1:46am Apr 10, 2013 1:46am
Quoting Geppy
Hey 100pips... been following the thread as I'm always interested in hard systems. I'm curious as to how you have been handling EUR/USD trades as of late. If I'm understanding things correctly, it's in a daily downtrend as the 20ema has crossed the 50 back awhile ago. However, it's also hit overbought territory on the 1h Williams % quite a few times even in the last couple days. I'm curious as to how you've been trading it, or if you've been avoiding it and for what reasons. Just trying to get a better feel for the whole system. Thanks!
Hey Geppy!

Got stopped out of a few EUR/USD shorts last week. But recently opened up two long positions as can be seen from the Current Open Positions chart above. We don't really incorporate the 20 EMA and the 50 EMA into the Third Screen Strategy, however, I the two EMA's as well as PASR for my own personal guides.

We simply trade using D1 MACD and enter positions using H1 Williams % when we are in over sold / over bought area. Due to the fact that we are more or less in a Weekly down trend I won't trade counter trend trades quite as aggressively therefore I only opened up 2 long positions and am probably going to close them out as they are losing steam.
  • #520
  • Apr 10, 2013 2:00am Apr 10, 2013 2:00am
EUR/USD

D1 MACD - Up

H1 Williams % - Over Sold

Look at the 3 points in time since D1 MACD started showing "uptrend" where H1 Williams was showing over sold. This is where we would enter new trades as can be seen from Current Open Positions below. I decided to take this signal that we just got...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURUSD_-_D1_MACD_(4-9).png Size: 106 KB
Click to Enlarge Name: EURUSD_-_H1_Williams_(4-9).png Size: 126 KB
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