Third Screen Strategy - Dr. Alexander Elder | Page 42 | 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

  • #821
  • May 29, 2013 11:52pm May 29, 2013 11:52pm
Quoting Tok
100pips, I am pretty much breaking even with this method. I'll have 8-9 positions at any time. Some will hit TP, and others will hit SL, and I'll be pretty much breaking even each time. And I've made a lot of trades over the past 2 days. Any suggestions for me on how to perhaps, increase the accuracy? Good time to apply PASR? Thanks.

On what pairs have you hit a 160 SL and/or 280 TP target with? I haven't seen enough movement for this to happen so far this week.

Please clarify what pairs you have traded, when you opened them up, and your SL and TP parameters. Thanks.
  • #822
  • May 30, 2013 12:19am May 30, 2013 12:19am
Quoting 100PipsADay
{quote} On what pairs have you hit a 160 SL and/or 280 TP target with? I haven't seen enough movement for this to happen so far this week. Please clarify what pairs you have traded, when you opened them up, and your SL and TP parameters. Thanks.
Will do. Also, one other thing. I noticed that the pairs that fail are usually within consolidation zones. I think it would be a good idea to avoid those, as this is a trend strategy, hmm?

Also, just by reading your post, I noticed I have been setting the incorrect SL/TP parameters (they were far greater than 160SL and 280 TP!!! Again, foolishness and stupidity on my part. I'm very happy you awared me of this.

I guess it would be worthless posting any of these now, since It was probably my fault for not following the correct SL/TP paramters, but some of these were hit with far greater TP/SL, so I'll post them up anyway for people to view my results.

Short gold: TP hit.

Long EURAUD: TP hit.

Long EURNZD: TP hit.

Long EURNZD #2: TP hit.

Short NZDUSD: TP hit.

Short AUDNZD: SL hit.

Short GBPJPY: SL hit.

Short CADJPY: SL hit.

Short EURJPY: SL hit.

Long EURAUD: TP hit.

Long AUDCAD: SL hit.

Short AUDJPY: TP hit.

short AUDNZD: SL hit.

short AUDNZD #2: SL hit.

Long EURAUD: SL hit.

Short GBPUSD: SL hit.

long USDCAD: SL hit.

Short GBPUSD: SL hit.

long EURAUD: SL hit.


Currently have another 8 positions open, which are mostly doing quite well.


I will make sure to lessen my SL/TP parameters to the 160 SL/280 TP you suggested. Thank you once again 100 pips. I am thankful for you posting this method and your help. I am finally making good progress on forex, and I have an insatiable thirst to keep learning more and perfect this method!

EDIT:

Short USDJPY
Short EURJPY


Both just hit TP!!!
  • #823
  • May 30, 2013 12:27am May 30, 2013 12:27am
Hi guys and thanks to 100pips for all of this excellent info.

Well done to TOK for asking questions, you have been busy,

This type of set and go method suits me as I have trouble with the timezone that I am in..

May I ask how you determine a bullish trend, is it simply as the MACD turns up or do you visually wait for the price to LOOK like it is BULLISH..??

Please observe my chart, the 60 ema is trending down and yet the MACD has been pointing up for quite a few days, Thanks and good luck..

Attached Image (click to enlarge)
Click to Enlarge Name: 30 may 2.png Size: 259 KB
  • #824
  • May 30, 2013 12:35am May 30, 2013 12:35am
Quoting sio bel
Hi guys and thanks to 100pips for all of this excellent info. Well done to TOK for asking questions, you have been busy, This type of set and go method suits me as I have trouble with the timezone that I am in.. May I ask how you determine a bullish trend, is it simply as the MACD turns up or do you visually wait for the price to LOOK like it is BULLISH..?? Please observe my chart, the 60 ema is trending down and yet the MACD has been pointing up for quite a few days, Thanks and good luck.. {image}
I remember 100pips answered this question on a previous page.

The trend is determined fully on the D1 TF, using the MACD. Either the bars should be red/blue, or the blue line should be up/down. Either one is fine. This is the trend.

EMA are not used at all.

Then switch to the 1H TF, and check the W%, for either an oversold/overbought indication.

If everything lines up, you enter the trade!
  • #825
  • May 30, 2013 12:36am May 30, 2013 12:36am
A ton of my positions just started hitting their TP.

Most likely because we're getting close to the London session!

With these new SL/TP parameters, combined with avoiding currencies in consolidation, I am confident I can improve my results greatly!

  • #826
  • May 30, 2013 12:44am May 30, 2013 12:44am
Quoting Tok
{quote} Will do. Also, one other thing. I noticed that the pairs that fail are usually within consolidation zones. I think it would be a good idea to avoid those, as this is a trend strategy, hmm? Also, just by reading your post, I noticed I have been setting the incorrect SL/TP parameters (they were far greater than 160SL and 280 TP!!! Again, foolishness and stupidity on my part. I'm very happy you awared me of this. I guess it would be worthless posting any of these now, since It was probably my fault for not following the correct SL/TP...

You're right, none of this is relevant due to the fact that it was not following our system. This thread is a gold mine for those willing to spend the time to read it.

Also, I would recommend only trading a few pairs until you get the hang of it. My most favorite pairs to trade using this strategy are GBP/AUD, EUR/AUD, AUD/JPY, CAD/JPY, NZD/JPY, NZD/USD, AUD/USD, GBP/USD, and EUR/CAD. If I were you I would trade the first 4 pairs that I mentioned above.

I prefer a 260 SL and 320 TP targets for GBP/AUD and EUR/AUD. For AUD/JPY and CAD/JPY a 160 SL and 280 TP works great!

As for the areas of consolidation I could care less, I'm not making any changes whatsoever. Almost 2 years trading this strategy and I have made a LOT of money spreading out my risk across a select group of currency pairs.

Keep reading and keep putting this method into practice and you will also learn to be a profitable trader in the long run.
  • #827
  • May 30, 2013 12:49am May 30, 2013 12:49am
Quoting 100PipsADay
{quote} You're right, none of this is relevant due to the fact that it was not following our system. This thread is a gold mine for those willing to spend the time to read it. Also, I would recommend only trading a few pairs until you get the hang of it. My most favorite pairs to trade using this strategy are GBP/AUD, EUR/AUD, AUD/JPY, CAD/JPY, NZD/JPY, NZD/USD, AUD/USD, GBP/USD, and EUR/CAD. If I were you I would trade the first 4 pairs that I mentioned above. I prefer a 260 SL and 320 TP targets for GBP/AUD and EUR/AUD. For AUD/JPY...
Thank you!
  • #828
  • May 30, 2013 12:51am May 30, 2013 12:51am
Quoting sio bel
Hi guys and thanks to 100pips for all of this excellent info. Well done to TOK for asking questions, you have been busy, This type of set and go method suits me as I have trouble with the timezone that I am in.. May I ask how you determine a bullish trend, is it simply as the MACD turns up or do you visually wait for the price to LOOK like it is BULLISH..?? Please observe my chart, the 60 ema is trending down and yet the MACD has been pointing up for quite a few days, Thanks and good luck.. {image}

I made a ton of money since early April shorting AUD/CAD as we had strong momentum to the downside. Although D1 MACD is showing BUY at the moment I am actually sitting these trades out for the time being. There are other pairs with better opportunity at the moment so I'm just going to sit this particular pair out for the time being.

**D1 MACD is saying BUY though so we would look to enter when Williams % says "over sold" on the H1 time frame.
  • #829
  • May 30, 2013 12:52am May 30, 2013 12:52am
Quoting Tok
{quote} I remember 100pips answered this question on a previous page. The trend is determined fully on the D1 TF, using the MACD. Either the bars should be red/blue, or the blue line should be up/down. Either one is fine. This is the trend. EMA are not used at all. Then switch to the 1H TF, and check the W%, for either an oversold/overbought indication. If everything lines up, you enter the trade!
Perfect! I see somebody is starting to get the hang of it.

Keep up the good work Tok.
  • #830
  • May 30, 2013 1:21am May 30, 2013 1:21am
Thanks for the answers guys, I shall follow the 4 pairs as mentioned above,

Cheers. S
  • #831
  • May 30, 2013 2:39am May 30, 2013 2:39am
Quoting 100PipsADay
{quote} Hi WhatFx, Williams Percent Range is the one, just stick with the standard settings. I believe period should say 14 MACD - I don't pay attention to MACD bars moving up or down. I only pay attention to the Fast EMA being above or below the Slow EMA. Above = Bullish (bars are blue) Below = Bearish (bars are red) Almost forgot, settings for MACD should be (from top to bottom) 12, 24, 9, 3 EUR/GBP - Just pulled up the Daily chart and noticed that the fast ema has now crossed over the slow ema albeit very slightly. Notice the little red bar forming...
Thanks for the info, I have found a post re trend/macd,
  • #832
  • May 30, 2013 8:28am May 30, 2013 8:28am
sell position in usdchf:
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usdchfdaily.JPG Size: 102 KB
Click to Enlarge Name: usdchfh1.JPG Size: 96 KB
  • #833
  • May 30, 2013 9:43am May 30, 2013 9:43am
CAD/JPY short .. also AUD/JPY (waiting for overbought and H1 candle to close).
  • #834
  • May 30, 2013 10:18am May 30, 2013 10:18am
Quoting NikolaFX
CAD/JPY short .. also AUD/JPY (waiting for overbought and H1 candle to close).
Are we supposed to wait for H1 to close? I don't recall reading this.
  • #835
  • May 30, 2013 10:58am May 30, 2013 10:58am
looking promising

And now we wait for oversold - patience grasshopper
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusddaily.png Size: 67 KB
Click to Enlarge Name: eurusdh1 5-30-2013.png Size: 58 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #836
  • May 30, 2013 11:00am May 30, 2013 11:00am
I always wait for candle to close.Because 15 min before closing candle,volatility increases.It safe a little pips for me but it's the same,anyway.I took AUD/JPY short,weekly chart is much better than CAD/JPY.MACD shows clearly downtrend on AUD/JPY.But essentially i will take eventually CAD/JPY(only a matter of time)-it's again on overbought.And I must say I'm new in this strategy,so,listen 100pipsaday or some with more experience .I just put this for everybody to take attention on their charts .
  • #837
  • May 30, 2013 11:08am May 30, 2013 11:08am
nothing much on the H1 chart as yet.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpnzddaily 5-30-2013.png Size: 60 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #838
  • May 30, 2013 11:44am May 30, 2013 11:44am
Quoting NikolaFX
I always wait for candle to close.Because 15 min before closing candle,volatility increases.It safe a little pips for me but it's the same,anyway.I took AUD/JPY short,weekly chart is much better than CAD/JPY.MACD shows clearly downtrend on AUD/JPY.But essentially i will take eventually CAD/JPY(only a matter of time)-it's again on overbought.And I must say I'm new in this strategy,so,listen 100pipsaday or some with more experience .I just put this for everybody to take attention on their charts .

I'm also short AUD/JPY, CAD/JPY and NZD/JPY. Got a new CAD/JPY short position not too long ago.

I personally don't wait for H1 candle to close as I would miss out on a LOT of opportunities but if you choose to do so that is up to you.
  • #839
  • May 30, 2013 12:27pm May 30, 2013 12:27pm
in my opinion waiting for candle close will most of the time better conform with any backtest results or the things we see when looking at charts.
of course 100PipsADay forward results are something different cause I ssume they were taken according to his preference.
Money is important, Love is essential.
  • #840
  • May 30, 2013 1:40pm May 30, 2013 1:40pm
First time, long time! Thank you 100Pips and all contributors for great thread. Has anyone used the "trailing buy/stop technique" for entry? Seems like it would filter a few bad ones here and there.
1 trader viewing now