Third Screen Strategy - Dr. Alexander Elder | Page 28 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Substitute for screen time? 5 replies

Alexander Elder's Channel 4 replies

Elder-Rays 3 replies

Attachments: Third Screen Strategy - Dr. Alexander Elder
Exit Attachments

Third Screen Strategy - Dr. Alexander Elder

  • #541
  • Edited 12:26pm Apr 10, 2013 12:14pm | Edited 12:26pm
Quoting whatfx
100pips thanks for your opinion on nzdusd. like i said i entered short without doing my usual chart analysis. a bit adventorous, silly of me. but i guess i was just in the mood for taking a chance. and having made £1000 on selling ARM Holdings, i just couldn't care less. just wanted to be a bit of a rookie for a change ! i just hope it doesnt come back to haunt me. i will keep the short open as long as it hasnt hit my stop loss. i will add further shorts at the appropriate levels, and hopefully should be able to come out with some profit. i...

Hmmm..... Not sure I really agree with this post all that much, however, if you would like a vouch from me here is what I suggest.

For your next 50 positions I suggest you post charts like FishCoo and I have been doing in order to track your actual trades, current open positions and total closed profit & loss while using this system.

Below is an example of what I want to see from the other members and is useful to this thread:

D1 MACD - Up (1st chart)

H1 Williams % - Over Sold (2nd chart)

Current Open Positions (3rd chart: note that the EUR/USD trades were all opened when H1 was in over sold territory and D1 MACD was Up)

*It would be nice to show some actual profit and loss using this strategy. We don't have a 90% win rate for our trades, however, our wins more than take care of our losses. Once you can show me that you are actually trading this strategy using charts and correct analysis I will vouch for you.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURUSD_-_D1_MACD_(4-10).png Size: 112 KB
Click to Enlarge Name: EURUSD_-_H1_Williams_(4-10).png Size: 110 KB
Click to Enlarge Name: EURUSD_Hihghlighted.png Size: 167 KB
  • #542
  • Apr 10, 2013 12:14pm Apr 10, 2013 12:14pm
Quoting MKFXTrader
I hope it's ok with pippy. If not, I'll delete it. {file}
Of course its OK! Thanks for sharing with everybody MKFXTrader!
  • #543
  • Apr 10, 2013 12:52pm Apr 10, 2013 12:52pm
Quoting 100PipsADay
I'm actually trying out this strategy that you mentioned though, one of the other members here has helped to program this strategy and we are in beta mode right now... Thanks GeppY!
Yeah, it seems like an EA for this could be easily coded. I'd love to test it out... don't have the time to hop on oDesk and find someone to do it
check out my blog: forexmademillionaire dot com
  • #544
  • Apr 10, 2013 5:05pm Apr 10, 2013 5:05pm
Quoting 100PipsADay
Hmmm..... Not sure I really agree with this post all that much, however, if you would like a vouch from me here is what I suggest. For your next 50 positions I suggest you post charts like FishCoo and I have been doing in order to track your actual trades, current open positions and total closed profit & loss while using this system. Below is an example of what I want to see from the other members and is useful to this thread: D1 MACD - Up (1st chart) H1 Williams % - Over Sold (2nd chart) Current Open Positions (3rd chart: note that...

no worries. i was only kidding about the vouch. i aint gonna force you into it. it was a bit of banter.

i have 2 vouches so far, and those were given by two people whom at the time i werent very familiar with. but they obviously saw some of my posts and gathered i was a good trader, and more than not iam correct in my trade predictions/analysis. i have never asked to be vouched except in your case (just wanted to see your reaction).

as regards to posting charts. i would love to do that. only issue is, i trade on ig index, not mt4. so it is a bit difficult to post charts. iam also rather inept when it comes to computers. i guess what i can do is duplicate the trades from ig index onto a demo mt4 account and then post the charts from there ? i shall see. but of course i have commented on my trades on here on this forum, so you guys already know the trades i take and why.

you mention about EA , i think any discussions on EA should be avoided as this thread is clean and popular as it is, and iam aware of how discussions on EA's can ruin a thread and divert it away from its original intent. your choice.



eurusd - yes, i wanted to go long too , but the daily seems to have formed an inverted hammer. so iam holding out for the time being. i have a level in mind and if price moves up and above this level, i will go long. but the inverted hammer suggests a downmove for tomorrow. who knows, wait and see. but conditions for third screen strategy met. daily ''buy'' macd blue, williams 1hr was oversold.

eurchf - anyone long on this ? i have taken long. daily just about turned blue - buy. williams 1hr oversold. hence conditions met so ''buy''.

eur/aud - presently losing. i had moved stop to 260 pips as you had suggested for this pair. so stop never hit. i have also opened another buy position at level 12380. -- i obviously have suicidal tendencies !

you were right about nzdusd. i had closed it for a small loss. no more no brainer trades without proper chart analysis. however i do still feel price will be coming down. will keep an eye on it.

  • #545
  • Apr 10, 2013 6:59pm Apr 10, 2013 6:59pm
Hi all , I just follow this Third Screen Strategy and do what the charts tell me.

1st Chart: Closed Positions yesterday
2nd Chart: Current Open Positions
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 2.jpg Size: 17 KB
Click to Enlarge Name: 1.jpg Size: 81 KB
  • #546
  • Apr 10, 2013 7:26pm Apr 10, 2013 7:26pm
Quoting whatfx
no worries. i was only kidding about the vouch. i aint gonna force you into it. it was a bit of banter. i have 2 vouches so far, i have never asked to be vouched except in your case (just wanted to see your reaction).
hmmmm... not sure what to think about WFX. The "villain" he says
One things for sure, "V's" aren't all they're cracked up to be and one
shouldn't worry about them (IMHO)




Quoting whatfx
as regards to posting charts. i would love to do that. only issue is, i trade on ig index, not mt4. so it is a bit difficult to post charts. iam also rather inept when it comes to computers. i guess what i can do is duplicate the trades from ig index onto a demo mt4 account and then post the charts from there ?
Inept at computers but can duplicate trades from IG to MT4
......interesting

Best to all
When the Joker is in the deck.. fear not and play it well
  • #547
  • Apr 10, 2013 7:56pm Apr 10, 2013 7:56pm
btw....


that 1.3041 pivot might be important
Attached Image (click to enlarge)
Click to Enlarge Name: Synchronicity A.gif Size: 24 KB
When the Joker is in the deck.. fear not and play it well
  • #548
  • Apr 11, 2013 2:36am Apr 11, 2013 2:36am
Hey guys,

I can't lie... I'm intrigued by this system. So I've decided to test it with my first trade on a pair I've never traded before: GBP/AUD

I've just taken a long position, but I'm making one modification to entry: I'm using the 4H TF for entry rather than the 1H.

I don't agree with the fundamental picture here at all in terms of the trade (I believe sterling will be weaker than the aussie), but that's part of the reason I chose this trade. It'll be interesting to trade against my own bias with a rules based system. Anyway, here's the chart... SL and TP aren't yet in; I'll have to look back for recommended levels on those.

Cheers!
Attached Image (click to enlarge)
Click to Enlarge Name: gbpaudh4.png Size: 81 KB
check out my blog: forexmademillionaire dot com
  • #549
  • Apr 11, 2013 3:05am Apr 11, 2013 3:05am
Quoting Geppy
Hey guys, I can't lie... I'm intrigued by this system. So I've decided to test it with my first trade on a pair I've never traded before: GBP/AUD I've just taken a long position, but I'm making one modification to entry: I'm using the 4H TF for entry rather than the 1H. I don't agree with the fundamental picture here at all in terms of the trade (I believe sterling will be weaker than the aussie), but that's part of the reason I chose this trade. It'll be interesting to trade against my own bias with a rules based system. Anyway, here's the chart......
Hi Geppy,
Would you please help me to identify weekly trend? Which method do you apply to get weekly trend? I think week trend has a big role to this "Third Screen Strategy".
Whats your thinking?

Regards.
KISS - Keep It Simple Smart !!!!
  • #550
  • Apr 11, 2013 6:11am Apr 11, 2013 6:11am
Anyone able to get any JPY pairs in on pullback? I missed it since it happened overnight while we were all asleep here in Europe. Hope you guys were able to add long positions against the yen.
  • #551
  • Apr 11, 2013 6:15am Apr 11, 2013 6:15am
Quoting Geppy
Hey guys, I can't lie... I'm intrigued by this system. So I've decided to test it with my first trade on a pair I've never traded before: GBP/AUD I've just taken a long position, but I'm making one modification to entry: I'm using the 4H TF for entry rather than the 1H. I don't agree with the fundamental picture here at all in terms of the trade (I believe sterling will be weaker than the aussie), but that's part of the reason I chose this trade. It'll be interesting to trade against my own bias with a rules based system. Anyway, here's the chart......
Geppy,
The weekly and daily chart shows downtrend per the third screen strategy, if I'm not mistaken. I'm waiting for OB conditions to add to my short. Your long is countertrend I believe. GL though. Push price up so I can short it.
  • #552
  • Apr 11, 2013 6:26am Apr 11, 2013 6:26am
Quoting MKFXTrader
Geppy, The weekly and daily chart shows downtrend per the third screen strategy, if I'm not mistaken. I'm waiting for OB conditions to add to my short. Your long is countertrend I believe. GL though. Push price up so I can short it.
Hi MKFXTrader,
Are you talking about GBP/AUD? I see on my chart that the D1 MACD is uptrend. As per "Third Screen Strategy" how do you find in the daily chart downtrend? Please help me to know if I see wrong or I am doing wrong with my chart.

Hope you are doing better. GL.

Regards.
KISS - Keep It Simple Smart !!!!
  • #553
  • Apr 11, 2013 6:27am Apr 11, 2013 6:27am
Quoting MKFXTrader
Anyone able to get any JPY pairs in on pullback? I missed it since it happened overnight while we were all asleep here in Europe. Hope you guys were able to add long positions against the yen.
Hi MKFXTrader
I added some positions when H1 show "Over Sold" using Third Screen Strategy.It seems the trend is still very strong.

BR
Fishcoo
Attached Image (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 31 KB
  • #554
  • Apr 11, 2013 6:39am Apr 11, 2013 6:39am
Quoting Fishcoo
Hi MKFXTrader I added some positions when H1 show "Over Sold" using Third Screen Strategy.It seems the trend is still very strong. BR Fishcoo {image}
Congrats bro. Yeah, trend is very strong. I was waiting for pullback but it happened overnight here in Europe. Oh well. Still have open positions though. GL
  • #555
  • Apr 11, 2013 6:44am Apr 11, 2013 6:44am
Quoting khaled_ctg
Hi MKFXTrader, Are you talking about GBP/AUD? I see on my chart that the D1 MACD is uptrend. As per "Third Screen Strategy" how do you find in the daily chart downtrend? Please help me to know if I see wrong or I am doing wrong with my chart. Hope you are doing better. GL. Regards.
Hi khaled_ctg
Although the D1 MACD is uptrend,i think it is better to wait until it turn to the downtrend.I also have two positons hited the SL yesterday on GBPAUD.

Best Regards.
Fishcoo
Attached Image (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 109 KB
  • #556
  • Edited 7:24am Apr 11, 2013 6:44am | Edited 7:24am
Quoting khaled_ctg
Hi MKFXTrader, Are you talking about GBP/AUD? I see on my chart that the D1 MACD is uptrend. As per "Third Screen Strategy" how do you find in the daily chart downtrend? Please help me to know if I see wrong or I am doing wrong with my chart. Hope you are doing better. GL. Regards.
I use PA histogram only and based on the slope of my histogram of last couple of days, the daily TF is sloping back down while weekly looks like downtrend to me. That's what I see. I use the slope of histogram without the signal line as Dr Elder describes in his book.
  • #557
  • Apr 11, 2013 9:22am Apr 11, 2013 9:22am
Quoting Geppy
Hey guys, I can't lie... I'm intrigued by this system. So I've decided to test it with my first trade on a pair I've never traded before: GBP/AUD I've just taken a long position, but I'm making one modification to entry: I'm using the 4H TF for entry rather than the 1H. I don't agree with the fundamental picture here at all in terms of the trade (I believe sterling will be weaker than the aussie), but that's part of the reason I chose this trade. It'll be interesting to trade against my own bias with a rules based system. Anyway, here's the chart......
I hope you guys don't yell at me for this, but I chickened out on my long and closed last night about 30min after I posted this for -10 and then went to bed. Something about it just didn't sit right with me... bad reason, but it is what it is.
check out my blog: forexmademillionaire dot com
  • #558
  • Apr 11, 2013 10:04am Apr 11, 2013 10:04am
Quoting Geppy
Hey guys, I can't lie... I'm intrigued by this system. So I've decided to test it with my first trade on a pair I've never traded before: GBP/AUD I've just taken a long position, but I'm making one modification to entry: I'm using the 4H TF for entry rather than the 1H. I don't agree with the fundamental picture here at all in terms of the trade (I believe sterling will be weaker than the aussie), but that's part of the reason I chose this trade. It'll be interesting to trade against my own bias with a rules based system. Anyway, here's the chart......
GBP/AUD:

This is definitely a counter trend trade so is risky. I normally use a 260 SL and 320 TP for this pair.
  • #559
  • Apr 11, 2013 10:12am Apr 11, 2013 10:12am
Quoting 100PipsADay
GBP/AUD: This is definitely a counter trend trade so is risky. I normally use a 260 SL and 320 TP for this pair.
That's what I thought, but I thought the system was showing an entry. I need to do more reading if I'm going to stick my toe in I think!
check out my blog: forexmademillionaire dot com
  • #560
  • Apr 11, 2013 10:20am Apr 11, 2013 10:20am
Quoting Geppy
That's what I thought, but I thought the system was showing an entry. I need to do more reading if I'm going to stick my toe in I think!
No you're right, signal is saying "BUY" but due to weekly trend this is a counter trend trade....
10 traders viewing now