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Third Screen Strategy - Dr. Alexander Elder

  • #581
  • Apr 15, 2013 9:44am Apr 15, 2013 9:44am
Quoting whatfx
exactly geppy. you need to learn how to trust the system. play around with small amounts if you want. my eur/aud long was losing around -200 pips last week. opened a second position at 4hr resistance. got +75 out of the second position whilst the first was still losing. now the first is in profit ! around +30 last time i checked. profit target 280 pips. but i know there is another dip on the way. may need to hold on to the position and go into negative territory again. but thats what the system entails, you must hold onto your position and trust...
You're absolutely right. I need to test this out with smaller lot sizes until I feel comfortable with it.

Regarding EUR/USD... I took a long last night based on the system. I'm long at 1.3072, however, if you're already long I don't think this is a good place to be adding. We're still in consolidation and I wouldn't want to be adding longs until we break out of it.
check out my blog: forexmademillionaire dot com
  • #582
  • Apr 15, 2013 9:53am Apr 15, 2013 9:53am
Quoting Geppy
You're absolutely right. I need to test this out with smaller lot sizes until I feel comfortable with it. Regarding EUR/USD... I took a long last night based on the system. I'm long at 1.3072, however, if you're already long I don't think this is a good place to be adding. We're still in consolidation and I wouldn't want to be adding longs until we break out of it.
Good work Geppy. Wish your trade going better.

Any plan for JPY pairs?
KISS - Keep It Simple Smart !!!!
  • #583
  • Apr 15, 2013 9:59am Apr 15, 2013 9:59am
Quoting khaled_ctg
Good work Geppy. Wish your trade going better. Any plan for JPY pairs?
My trading is going excellent, no need to wish about that. It's just this new method I'm exploring as something of interest.
check out my blog: forexmademillionaire dot com
  • #584
  • Apr 15, 2013 12:58pm Apr 15, 2013 12:58pm
Quoting Geppy
You're absolutely right. I need to test this out with smaller lot sizes until I feel comfortable with it. Regarding EUR/USD... I took a long last night based on the system. I'm long at 1.3072, however, if you're already long I don't think this is a good place to be adding. We're still in consolidation and I wouldn't want to be adding longs until we break out of it.

nothing on eurusd yet. holding back, was gonna take long but good thing i didnt, price has fallen, daily going bearish....

could scalp on m15 on the long, but waiting..

as regards to third screen strategy eur/aud long doing good. can't see any other trades for now on any other pairs.

your gbp/.jpy should be bearish. even for just a few pips.
  • #585
  • Apr 15, 2013 1:41pm Apr 15, 2013 1:41pm
Most of my JPY pairs touched SL. Now what's next?
KISS - Keep It Simple Smart !!!!
  • #586
  • Edited 5:23pm Apr 15, 2013 4:57pm | Edited 5:23pm
Quoting khaled_ctg
Most of my JPY pairs touched SL. Now what's next?



check my post from earlier on, i stated the x/jpy pairs were due for a correction, to the downside.

i stated also in one of my past posts that ultimately price action is king. if it is sooo obvious from price action that market will reverse on you, i would have closed half or all of my positions depending on how strong the price action sign was.

i looked at the daily xjpy charts. almost all these pairs had a pinbar follwed by a red down candle, engulfing candle at that, i may add. it was almost a certainty price would fall. and from the strength of it, your stop likely to hit.
this was obvious that a bearish trend change was occuring, a 95% certain case.

and if i had long xjpy trades open i would have at least closed half of each position to protect myself. remember if the price did not hit your stop you could enter the other half at a better position or just keep what you had running.

unless it was pretty obvious there will be a trend change and you will get stopped out, then i would not deviate from the third screen rules. i would stick to the rules. in this case though, it was pretty obvious.


i made 50 pips on ej short earlier today ... and i dont normally intra-day trade gbpjpy, but after my above post to GEPPY , i took a short on gbpjpy and got out with 30 pips !
  • #587
  • Apr 15, 2013 5:21pm Apr 15, 2013 5:21pm
the above is just the way i trade. it doesnt mean you should do the same and deviate from the rules of the third screen strategy.....

remember, the third screen strategy works well on its own. people have thier own styles and i have mine. some people may use the third screen strategy but use it in conjunction with thier own trading style.

my opinion is for all to stick to the rules of third screen as they are. whereas me, iam a bit of a scrooge, i dont like losing, hence i try to reduce my risks when i see it is obvious i may get stopped out.

my eur/aud long is currently around +110, i see a pinbar developing on the daily and 4hr and 1hr coming to a resistance. will observe and probably take some profit off the table.
  • #588
  • Apr 15, 2013 5:47pm Apr 15, 2013 5:47pm
Yep, have taken half off eur/aud. Can always enter the other at a better position if not stopped out.
  • #589
  • Apr 15, 2013 7:27pm Apr 15, 2013 7:27pm
Ok.looks like iam the only one posting at the moment.

I see the following trades:

All x/jpy pairs are showing 'buy'

nzdusd - 'buy'

usdcad - 'buy' wait for 1hr williams

eurnzd - 'buy' wait for 1hr williams

eurusd and gbpusd - 'buy'


does anyone agree / disagree ?
  • #590
  • Apr 15, 2013 9:09pm Apr 15, 2013 9:09pm
Quoting whatfx
Ok.looks like iam the only one posting at the moment. I see the following trades: All x/jpy pairs are showing 'buy' nzdusd - 'buy' usdcad - 'buy' wait for 1hr williams eurnzd - 'buy' wait for 1hr williams eurusd and gbpusd - 'buy' does anyone agree / disagree ?
Will JPY pairs resume or continue to move down? Any fundamental?
KISS - Keep It Simple Smart !!!!
  • #591
  • Apr 16, 2013 4:01am Apr 16, 2013 4:01am
Hello Everybody,
Good Day.
I hope this tread is going to be very popular. But why are you guys stopped posting.

I found no forecast for this week. Please keep the post alive by posting your thinking, analysis, forecast etc.

I think 100PipsADay didnot come back from his weekend. Hope he will come soon and will give us some forecast for upcoming trades.

Best of luck and have a pipsfull day.

Regards.
KISS - Keep It Simple Smart !!!!
  • #592
  • Apr 16, 2013 4:12am Apr 16, 2013 4:12am
I have not been able to be online much to trade thus far this week. There was beautiful divergence signal on Daily chart of AUD-USD from last Friday.

Now best entry on 1 hour chart was 2 hours ago with price at the daily pivot but only able to enter now with "feeler" trade, wait and see, if goes down can enter more positions

Of course, when I enter it goes immediately UP
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  • #593
  • Apr 16, 2013 4:20am Apr 16, 2013 4:20am
Hi Erebus,
Nice to hear from you. Wish your trade going better.
I will enter long for AUD/USD when D1 MACD show up trend and 1H %R in over sold area. This is the rules of "Third Screen Strategy".

I already took long for some JPY pairs except EUR/JPY and GBP/JPY. And long NZDUSD.

Regards.
KISS - Keep It Simple Smart !!!!
  • #594
  • Apr 16, 2013 4:28am Apr 16, 2013 4:28am
I am watching AUDNZD. waiting for 1H %R to be over bought. Then I will take short. Any opinion?
KISS - Keep It Simple Smart !!!!
  • #595
  • Apr 16, 2013 4:31am Apr 16, 2013 4:31am
I guess it is open for debate whether the MACD must be BELOW the line for down and ABOVE for up or can we watch the SLOPE of the histogram?

Check these charts of GBP-JPY, I reckon Daily is MACD is sloping down ( I am using a quicker setting of 6,13,5)

Price on 1 hour chart has retraced 50% of yesterday, somewhere around the daily pivot, Williams %R says might turn around here, comments
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It takes a lot for me to IGNORE you, but you can try.
  • #596
  • Apr 16, 2013 4:57am Apr 16, 2013 4:57am
Quoting Erebus
I guess it is open for debate whether the MACD must be BELOW the line for down and ABOVE for up or can we watch the SLOPE of the histogram? Check these charts of GBP-JPY, I reckon Daily is MACD is sloping down ( I am using a quicker setting of 6,13,5) Price on 1 hour chart has retraced 50% of yesterday, somewhere around the daily pivot, Williams %R says might turn around here, comments {image} {image}

nothing to debate. if macd is green then its buy, if its red its sell. just look at the colour of the macd bars. nothing else, no slope.

i have 3 pairs open at the moment.

eur/aud long -= profit

usd/jpy long = opened last night. currently in profit around +80.

eur/chf long = this one has been in a range since i opened it. price has hardly moved. nearly two weeks now. so iam thinking of closing it out for a small loss.
  • #597
  • Apr 16, 2013 1:35pm Apr 16, 2013 1:35pm
Quoting whatfx
Ok.looks like iam the only one posting at the moment. I see the following trades: All x/jpy pairs are showing 'buy' nzdusd - 'buy' usdcad - 'buy' wait for 1hr williams eurnzd - 'buy' wait for 1hr williams eurusd and gbpusd - 'buy' does anyone agree / disagree ?

looks like all of the signals i posted earlier, all the pairs have gone into good profit (except for usd cad).

unfortunately for me i only took one trade - long usdjpy. just thinking what i could have made in all the pairs, well over 400 pips within a few hours ! too bad.


but thats how it goes.

did anyone take the above trades ?



presently all my third screen pairs except eurchf are in profit. so cant complain.

intraday - got +20 pips on gu and +60 on eu.

  • #598
  • Apr 17, 2013 7:35am Apr 17, 2013 7:35am
Quoting whatfx
check my post from earlier on, i stated the x/jpy pairs were due for a correction, to the downside. i stated also in one of my past posts that ultimately price action is king. if it is sooo obvious from price action that market will reverse on you, i would have closed half or all of my positions depending on how strong the price action sign was. i looked at the daily xjpy charts. almost all these pairs had a pinbar follwed by a red down candle, engulfing candle at that, i may add. it was almost a certainty price would fall. and from the strength...
Hi whatfx,
You said Price Action is king. I am a bit confused about it. Is it price action or Candle Pattern. I think you were talking about Candel Pattern.
I feel interest about it. Would you please tell me more about it and how can we recognize it.

Regards.
KISS - Keep It Simple Smart !!!!
  • #599
  • Apr 17, 2013 8:05am Apr 17, 2013 8:05am
Quoting khaled_ctg
Hi whatfx, You said Price Action is king. I am a bit confused about it. Is it price action or Candle Pattern. I think you were talking about Candel Pattern. I feel interest about it. Would you please tell me more about it and how can we recognize it. Regards.

yes, indeed. price action is candle stick patterns. along with support/resistance , trendlines, pivot points, they can be really powerful.

you can search forexfactory and you will find lots of threads on candle stick patterns or ''price action''.


there are lots of stuff on youtube as well.



where is 100pips gone ?
  • #600
  • Apr 17, 2013 8:11am Apr 17, 2013 8:11am
Quoting whatfx
yes, indeed. price action is candle stick patterns. along with support/resistance , trendlines, pivot points, they can be really powerful. you can search forexfactory and you will find lots of threads on candle stick patterns or ''price action''. there are lots of stuff on youtube as well. where is 100pips gone ?
Thanks whatfx. I searched FF for Price Action. But not almost clear to me. If you have any resource to disclose me, it will be very helpful to me.

I am also thinking about 100PipsADay.

Last week he made huge pips in profit. May be he is now enjoying a long vacation or a long tour. . .. . . ....
KISS - Keep It Simple Smart !!!!
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