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Third Screen Strategy - Dr. Alexander Elder

  • #681
  • May 22, 2013 12:10pm May 22, 2013 12:10pm
Quoting khaled_ctg
{quote} Hi Terminator12,For your kind information,When it is UP trend in the DAY chart you have to wait H1 William%R (1 Hour Chart) touch Over Sold area i.e. crosses below -80, then you can consider to open LONG position. When it is DOWN trend in the DAY chart you have to wait H1 William%R (1 Hour Chart) touch Over Bought area i.e. crosses above -20, then you can consider to open SHORT position. Hope it will help you to minimize your confusion. If you have any more question please ask us. Regards.
U have made it so clear , So will wait till it get to overbought for sell , Thanks , Malcolm .
  • #682
  • May 22, 2013 11:14pm May 22, 2013 11:14pm
I am trading this strategy manually as I prefer it to the 20 50 EMA strategy.

Trouble is I am missing some entries because the H1 williams is going into OB/OS when I am sleeping.

It would be great to have an EA for this Strategy.
  • #683
  • Edited 4:14pm May 23, 2013 4:04pm | Edited 4:14pm
Quoting normtold
I am trading this strategy manually as I prefer it to the 20 50 EMA strategy. Trouble is I am missing some entries because the H1 williams is going into OB/OS when I am sleeping. It would be great to have an EA for this Strategy.
goto : D1 20 ema and 50 ema, also from 100PipsADay. There you may find an EA, but based on the emas.
http://www.forexfactory.com/showthre...425041&page=27
  • #684
  • Edited May 24, 2013 4:30am May 23, 2013 4:13pm | Edited May 24, 2013 4:30am
Hallo 100PipsADay,

Q1:
Is it possible, to follow your trades somewhere ? I just found this your thread and
I thought, it would be good (in the beginning at least) to doublecheck my own entries with
an authorized source.

Thank you for sharing your system. The results are amazing.

Q2:
I have another question about the Macd.
I am Looking at your indicator : "macd_adjustable". It looks different from the macd in the beginning of this thread. There we had 2 emas that crossed in the chart. Here we have a histogram. I suppose that now the criterium is : "Blue histogram above zero line or below ". So, a crossing of the zero line indicates a change in trend direction. Is that correct ?

According to program "macd_adjustable", the histogram represents the difference not between the 2 emas, but between the macd value and its signal value. (The signal value is a 9ema of the macd value). So, as soon as the macd crosses its 9ema upwards, we get the blue histogram. As soon as it crosses its 9ema downwards, we get the salmon histogram.

But this is a different interpretation than the one where we only look to the difference between the 12ema and the 24ema.
That would mean : macd > 0 or macd < 0 .

In the beginnning of this thread (post #10) it is stated : we look at a crossover of the macd.
However , program macd_adjustable, delivered later on in the thread, looks to something else : a crossover of the macd with its ema.

In practice this means : The macd can be positive quite a long time, but in the meantime, it meanders around its signalvalue, thus giving buy and sell signals all the time. Look for example at the usdjpy daily chart at this moment.
So, I don't know at the moment, what to do ? Go long and short all the time, or just sit with the long move of the macd.


Which interpretation do we use in the thirdscreen strategy ?? Life of a macd trader is not easy. What do we do ??

To make things clear, I give here an alternative version of macd_adjustable: version v2. This one shows the difference of the 2 emas (12ema and 24ema) as a histogram. You can then compare both macd_adjustable programs in your chart. That helps to make clear what I stated above.

Once again, look at usdjpy today. We see that macd_adjustable makes a negative macd today. That would indicate we have to prepare for a sell.
On the other hand, macd_adjustable_v2 remains positive and besides , the Williams%R went today into oversold area, indicating that we should buy.

Sooo, what do we do ? Buy or Sell ? That's the question.

Q3:
Is there a kind of Dashboard program, that shows the current situation of all currencies in a glance ?
Attached File(s)
File Type: mq4 macd_adjustable_v2.mq4   4 KB | 364 downloads
  • #685
  • May 23, 2013 11:20pm May 23, 2013 11:20pm
Quoting rexio
{quote} goto : D1 20 ema and 50 ema, also from 100PipsADay. There you may find an EA, but based on the emas.http://www.forexfactory.com/showthre...425041&page=27
Yes I have been trading the method from that thread for a couple of weeks on demo but prefer using the D1 MACD for direction.
  • #686
  • May 24, 2013 6:16am May 24, 2013 6:16am
100Pips,

Just finished reading the thread yesterday. I am also now about 1/2 way through your other thread.

This is very close to a setup that I have traded for years (I won't get into specifics out of respect for this great thread). Philosophically & attitudinally, you and I have a lot in common in terms of the way that we think about trading....especially in terms of your belief in set it and forget it SL/TP and in trusting the historical stats of the system come hell or high water (with some common sense exceptions such as closing positions before monumental CB announcements where it is simply prudent to do so and in applying common sense discretion re: PASR).

We do think very differently (I think) in terms of MM and I would say that with these types of systems where there is a historical edge based primarily on the trading of moving averages crosses or MACD on higher TFs with entry on lower TFs, MM is actually much more important than the system itself (your biggest DD is always in the future). I am not a believer of 100R+ annual returns and I aim for something much more modest (and I am blessed that that is all I need to aim for). As I am sure that you know, there is a very fine line between trading and gambling (and I will go on record here to say that 95% of FF members are looking for a profitable "gambling" method vs. "trading" method, though they don't see it that way).

Thanks so much for your contribution - I sincerely hope that more traders on FF find this (and your other) thread and learn to trade this way. I'll contribute from time to time if I feel like I can make a positive contribution.
Trading Foreign Exchange....But Only By The Grace of God!
  • #687
  • May 24, 2013 10:00am May 24, 2013 10:00am
Loving the approach so far 100 pips.

I am running trades from my live account, so currently only placing one or two trades on selective pairs, just my way of testing a methodology after what was a very impressive run of back testing - proof is the approach is always with forward testing and for me that means with either 0.1 or 0.2 lots per trade, so minimal downside - not close to installing the EA as yet. So far the only EA I have run with any success is Cave Manager - probably a control issue

I now have the daily on 12 pairs set for review to see if there are nay fresh crosses - once that has occurred, I can drop down to the H1 for that pair.

Glad to see the usual muppet questions are now arriving (always the downside of running a thread) - When you start offering your free live trading / signal service - do let us know
Attached Image (click to enlarge)
Click to Enlarge Name: 100 pip multi day.gif Size: 163 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #688
  • May 24, 2013 10:13am May 24, 2013 10:13am
Quoting Britpip7
Loving the approach so far 100 pips. I am running trades from my live account, so currently only placing one or two trades on selective pairs, just my way of testing a methodology after what was a very impressive run of back testing - proof is the approach is always with forward testing and for me that means with either 0.1 or 0.2 lots per trade, so minimal downside - not close to installing the EA as yet. So far the only EA I have run with any success is Cave Manager - probably a control issue I now have the daily on 12 pairs set for review...

BritPip,

Keep in mind, those results seen were NOT back tested results. Each trade happened in real time for all currency pairs listed. I have been trading this strategy for my live accounts for close to 2 years now! $10k -$20k per month profits in real money using this strategy, sometimes more...

If you're going to trade live, this is the strategy to use
  • #689
  • May 24, 2013 10:43am May 24, 2013 10:43am
Quoting 100PipsADay
{quote} BritPip, Keep in mind, those results seen were NOT back tested results. Each trade happened in real time for all currency pairs listed. I have been trading this strategy for my live accounts for close to 2 years now! $10k -$20k per month profits in real money using this strategy, sometimes more... If you're going to trade live, this is the strategy to use
Understood - the back testing that I referred to was what I have done on selective pairs while reading your threads. I always like to verify an approach with my own testing before putting $$$ on the line

Still manually entering - I expect that I will at some point try out the current EA, so again, many thanks for continuing to share.
"To live with Passion, it takes Courage and Grace to survive"
  • #690
  • May 24, 2013 10:54am May 24, 2013 10:54am
Quoting Britpip7
{quote} Understood - the back testing that I referred to was what I have done on selective pairs while reading your threads. I always like to verify an approach with my own testing before putting $$$ on the line Still manually entering - I expect that I will at some point try out the current EA, so again, many thanks for continuing to share.

Oh ok, I understand. Thanks for clarifying.

Right now Khaled and I are testing out a new EA for this strategy which will work for MT4. We will release to the public soon for free of course. It will probably take a few more weeks of testing in order to work out the bugs and to make sure that everything is up to my standards.

Happy Trading!
  • #691
  • May 24, 2013 10:58am May 24, 2013 10:58am
Quoting 100PipsADay
{quote} Oh ok, I understand. Thanks for clarifying. Right now Khaled and I are testing out a new EA for this strategy which will work for MT4. We will release to the public soon for free of course. It will probably take a few more weeks of testing in order to work out the bugs and to make sure that everything is up to my standards. Happy Trading!
Hi Pippy. Hope all is well. Great trading bro.
  • #692
  • May 24, 2013 11:00am May 24, 2013 11:00am
Quoting MKFXTrader
{quote} Hi Pippy. Hope all is well. Great trading bro.
All is well on my end, thanks for checking in MKFX!

Hope you had a profitable week and also make sure to enjoy the weekend!
  • #693
  • May 24, 2013 12:22pm May 24, 2013 12:22pm
Quoting Britpip7
Glad to see the usual muppet questions are now arriving (always the downside of running a thread) - When you start offering your free live trading / signal service - do let us know {image}
Were you referring to my questions ?

Rexio

Why not answering them when you 're so experienced ?
  • #694
  • May 24, 2013 12:40pm May 24, 2013 12:40pm
Quoting 100PipsADay
{quote} All is well on my end, thanks for checking in MKFX! Hope you had a profitable week and also make sure to enjoy the weekend!
Thanks Pippy. Have a great weekend too.
  • #695
  • May 24, 2013 4:11pm May 24, 2013 4:11pm
Quoting rexio
{quote} Were you referring to my questions ? Rexio Why not answering them when you 're so experienced ?
How do I provide you with an answer to such a question without being completely blunt? I cannot answer for 100 pips, but I see this type of question on many threads. Show me your account, post your live trades, post your templates, post your trading plans, etc. etc.

I show my trades as they are in progress or when I have time to post a summary. I am not interested in posting every time I set up a trade - I simply do not have the time and I suspect others that are trading live accounts are in the same situation. We would rather spend our time developing our trading knowledge and managing our accounts.

You have a free discussion forum with a trading methodology provided for free, with examples posted for free and you will even have access to a free EA.

Enough said.

Practice and test it out on demo and find out for yourself what does and does not work and put some time into it - spoon feeding is not the answer.

Hope that wasn't too blunt!
"To live with Passion, it takes Courage and Grace to survive"
  • #696
  • Edited 6:43pm May 24, 2013 4:37pm | Edited 6:43pm
I made a Dashboard Program for the ThirdScreen Strategy. This enables you to check all currencies at a glance .
It gives in realtime an actual overview of all pairs and the state in which they are.

There are a few columns : 3 for the macd : today, yesterday and the day before. This is on a daily base.
The macd is in principle based on the way, it is in macd_adjustable : macd value compared to signal value.
Then there is the last column for the Williams%R on an hourly base. In this last column a blue Arrow up means 'buy'
and a red down Arrow means 'sell'.

Buy corresponds with : Williams%R below -80. Sell corresponds with : Williams%R above -20.
Of course, you will only buy when the macd is in an uptrend and only sell when the macd is in a downtrend.
The status of the W%R column is independent of the status of the macd. Therefore, you have to combine the information of both columns for the final decision what to do.

When you look at it, you can judge in a moment, if the pair is in an uptrend or downtrend and if you have to buy or sell.
No need anymore to sift through your charts.

There is a small "but" at the moment : The macd is calculated in the traditional way (MT4). Khaled pointed this
out already once in this thread. This means, that sometimes there can be differences between the macd of program macd_adjustable and the macd of this dashboard. The reason is : I calculated the macd in the traditional way for the time being. However, in general the differences should be very small.

The information is refreshed once per candle on your screen. So, this indicator must at least be put on a hourly chart or a faster one. On the daily chart it would refresh the W%R information only once a day. There is an option to change this : set EveryTickMode =true. But that means more processing load for your MT4 platform.


I want to ask you all, to test the program and give your feedback.
I hope you will like it.
Attached File(s)
File Type: mq4 Dashboard_Thrdscr_v1.mq4   16 KB | 441 downloads
  • #697
  • Edited 3:31am May 25, 2013 2:19am | Edited 3:31am
Quoting rexio
I made a Dashboard Program for the ThirdScreen Strategy. This enables you to check all currencies at a glance .It gives in realtime an actual overview of all pairs and the state in which they are. There are a few columns : 3 for the macd : today, yesterday and the day before. This is on a daily base.The macd is in principle based on the way, it is in macd_adjustable : macd value compared to signal value.Then there is the last column for the Williams%R on an hourly base. In this last column a blue Arrow up means 'buy'and a red down Arrow means 'sell'....
Rexio,
Thank you for your contribution. I was wondering if you have also tested this dashboard and evaluated it's accuracy and success? Do you know if it's cpu friendly to allow it run on multiple charts? Also, have you've been programming for awhile? Would be great if you would respond. Thank you rexio?
  • #698
  • May 25, 2013 3:28am May 25, 2013 3:28am
Quoting Britpip7
Loving the approach so far 100 pips.

I now have the daily on 12 pairs set for review to see if there are nay fresh crosses
This is a test, right? To check our chart reading skills?

I only "see" 11 pairs

It takes a lot for me to IGNORE you, but you can try.
  • #699
  • May 25, 2013 4:30am May 25, 2013 4:30am
Quoting Britpip7
Loving the approach so far 100 pips. I am running trades from my live account, so currently only placing one or two trades on selective pairs, just my way of testing a methodology after what was a very impressive run of back testing - proof is the approach is always with forward testing and for me that means with either 0.1 or 0.2 lots per trade, so minimal downside - not close to installing the EA as yet. So far the only EA I have run with any success is Cave Manager - probably a control issue I now have the daily on 12 pairs set for review...
Hey Brit. Is this an eye test? You have U/J on there twice bro.
  • #700
  • May 25, 2013 5:59am May 25, 2013 5:59am
Thanks for spotting the "deliberate error" - you all passed the test

here's the amended profile - I only check this at the start of a new day candle to see if there are any new set ups and then I have a similar profile for the H1 with the Williams % indicator.

Easy way to scan 12 pairs in 30 seconds - I like easy!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Day profile revised.gif Size: 164 KB
Click to Enlarge Name: H1 Multi profile.gif Size: 175 KB
"To live with Passion, it takes Courage and Grace to survive"
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