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Third Screen Strategy - Dr. Alexander Elder

  • #941
  • Jun 2, 2013 1:20pm Jun 2, 2013 1:20pm
Quoting sio bel
{quote} Sorry to have caused you so much concern...!!!!!. if you would like to observe my previous posting of thanks for the dashboard, you will see that I have loaded many indis quite easily. The 10 screen answer that was given did not answer my question. but thanks to NIKOLA for trying to be helpful, I simply asked a question because I was having a problem, a simple request was made..you really shouldn't get too nasty..!! I have reported your disrespectful post to the administrator Thanks to NIKOLA for being very helpful.
You're welcome my friend.
  • #942
  • Edited 3:21pm Jun 2, 2013 2:15pm | Edited 3:21pm
100PipsADay, Khaled_ctg, and others...

First of all, MANY THANKS for your help and inputs...

I'm just trying to replicate 100PipsADay's demo set-up for the 12 pairs (as in his post below)
http://www.forexfactory.com/showthre...60#post6719360

I have a quick question since I hadn't have a chance to run the EA yet...

Regarding the U.S. First-In First-Out (FIFO) rule...in his demo, 100PipsADay set the TP at 320...if
1st long @ 100
2nd long @ 80
3rd long @ 60...now the price is at 380...TP (320) is hit for the 3rd long
Because of FIFO, does this mean that the 1st long will be closed (+280); but because the TP (320) is still in effect, thus causing the 2nd long and 3rd long to also close simultaneously (+300 & +320)?
  • #943
  • Jun 2, 2013 3:22pm Jun 2, 2013 3:22pm
Quoting Tok
{quote} Please read the past 5 pages... We use adjustable MACD. Not the MACD3SS. The EMA is not used.
TOK Thanks , Did read again , Yes dont need EMA , but put MACD3SS into indicator and leave it there to make E A work , Not put on chart , Yes leave adjustable MACD as it is . Just want to know what EMA is used for , For my future reference , Remember i cant use Youtube or video
  • #944
  • Jun 2, 2013 3:44pm Jun 2, 2013 3:44pm
Quoting kokopelli
100PipsADay, Khaled_ctg, and others... First of all, MANY THANKS for your help and inputs... I'm just trying to replicate 100PipsADay's demo set-up for the 12 pairs (as in his post below) http://www.forexfactory.com/showthre...60#post6719360 I have a quick question since I hadn't have a chance to run the EA yet... Regarding the U.S. First-In First-Out (FIFO) rule...in his demo, 100PipsADay set the TP at 320...if 1st long @ 100 2nd long @ 80 3rd long @ 60...now the price...

This strategy will definitely be affected if trading in the US, however, I'm sure you can figure out a way to make it work if you really want
  • #945
  • Jun 2, 2013 3:46pm Jun 2, 2013 3:46pm
Quoting terminator12
{quote} TOK Thanks , Did read again , Yes dont need EMA , but put MACD3SS into indicator and leave it there to make E A work , Not put on chart , Yes leave adjustable MACD as it is . Just want to know what EMA is used for , For my future reference , Remember i cant use Youtube or video

The 20 and 50 EMA are both used for personal reasons. I am also beta testing a new strategy which utilizes both the 20 and 50 EMA on the D1. If you're interested check out my other thread. D1 20 EMA & 50 EMA

Remember though that these two swing strategies are similar in some ways but don't get them confused because they are definitely different.
  • #946
  • Jun 2, 2013 3:52pm Jun 2, 2013 3:52pm
Quoting terminator12
{quote} TOK Thanks , Did read again , Yes dont need EMA , but put MACD3SS into indicator and leave it there to make E A work , Not put on chart , Yes leave adjustable MACD as it is . Just want to know what EMA is used for , For my future reference , Remember i cant use Youtube or video
If you are interested in EMA you can check another 100pipsaday thread http://www.forexfactory.com/showthread.php?t=425041 .
"

  1. http://assets.forexfactory.net/nfs/c...r253401_11.gif
  2. 100PipsADay ● Online Joined May 2012 | 2,798 Posts | Status: The Trend Is Your Friend


The Power of the 20 EMA and 50 EMA in Forex Trading

The 20 ema is used by most institutions, banks, funds and big boys as part of their trading. Some use it with the cross of another MA or MAs as a system. Many of the little guys (us) use the 20 ema in some form or other in our trading. Some professional traders use the price and 20 ema as their method by buying a close above the 20 ema and selling a close below the 20 ema (don’t try this at home, as they say, as the Professionals also use filters to avoid whipsaws and “false” moves).

To a certain extent, the use of the 20 ema becomes, like Fibonacci retracements, a self fulfilling prophecy.

Our use of the 20 ema is not as a trigger in any shape of form, but as one of the tools to help us in our decision making process. It should never be used in isolation and never be taken as “the last word”.

Think of the 20 ema as equilibrium, or the balance line which is the point at which buyers and sellers AGREE on price. Remember we are dealing with energy both of the market and its traders. Energy ALWAYS seeks balance through the path of least resistance. If you haven’t done already, you should study thousands of charts (daily and up) with the 20 ema and 50 ema moving averages on and note several things:

The slope of the averages The cross of the averages Price relative to the averages

You should also take note:

What the market is doing when the 20 ema is flat
What the market is doing when the slope is up AND how STEEP that slope is
What the market is doing when the slope is down AND how STEEP that slope is
What happens to price when the 20 ema acts as resistance
What happens to price when the 20 ema acts as support
How price reacts around the 20 ema
What happens when the 20 ema is broken
What happens to price when it crosses the 50 ema
What happens to price when, and after, it is trapped between the 20 ema and the 50 ema
What happens to price when it is stretched away from the 20 ema
Think of the 20 ema as a magnet which attracts price (equilibrium). Outside forces greater than the power of the magnet ( buyers or sellers) pull prices away from the magnet. As price pulls away from the magnet, it takes the 20 ema with it but at a slower and lagging rate. The price reaches a certain point beyond the 20 ema where the 20 ema invokes its elastic limit and pulls prices back in line.

If you take the time to study each pair going back as far as your data allows, you will find that there is, for each pair, a certain number of pips that price moves away from the 20 ema before the 20 ema pulls price back into line (equilibrium)

The slope of the 20 ema gives you a “rough” approximation of momentum – use this with my TLs and you have a very good Momentum system.

The slope of the 20 ema and the cross of the 20 ema above the 50 ema tells you which direction you should be trading in.

The 50 ema is not as powerful as the 20 ema but when price “uses” the 50 ema, take note.

As per our style of no spoon feeding, we have given you the pointers, now you do the work and prove the value of the 20 ema for yourself. Nothing works better than something you have proved for yourself AND therefore BELIEVE in.

Add the knowledge of the power of the 20 ema to our PASR and we have an edge over most traders. In case of any conflict, PASR rules over EVERYTHING. "

  • #947
  • Jun 2, 2013 3:53pm Jun 2, 2013 3:53pm
Quoting kokopelli
100PipsADay, Khaled_ctg, and others... First of all, MANY THANKS for your help and inputs... I'm just trying to replicate 100PipsADay's demo set-up for the 12 pairs (as in his post below) http://www.forexfactory.com/showthre...60#post6719360 I have a quick question since I hadn't have a chance to run the EA yet... Regarding the U.S. First-In First-Out (FIFO) rule...in his demo, 100PipsADay set the TP at 320...if 1st long @ 100 2nd long @ 80 3rd long @ 60...now the price...
You are reading TOO much into the EA capability, it is not that complicated.

When the EA opens a trades, it also sets a T/P = Take Profit

T/P is the Entry price plus whatever you set the EA to eg. 320

You can read this on your screen; that is where MT4 will exit your trade - on individual basis.

Run it on demo to be sure

You are saying it will exit on a CUMULATIVE profit of 320 pips = NO

There are trade managers that will do this if you want, I can post if you really need to do that

Or search for "Close By Profit" EA

Hope that helps, E.
Attached Image (click to enlarge)
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It takes a lot for me to IGNORE you, but you can try.
  • #948
  • Jun 2, 2013 3:56pm Jun 2, 2013 3:56pm
Quoting 100PipsADay
{quote} The 20 and 50 EMA are both used for personal reasons. I am also beta testing a new strategy which utilizes both the 20 and 50 EMA on the D1. If you're interested check out my other thread. D1 20 EMA & 50 EMA Remember though that these two swing strategies are similar in some ways but don't get them confused because they are definitely different.
Hi 100 Pips Yes i understand and i am only using Third Screen Strategy and today i put T S S D1 EA on one chart to start off , yet i read both , Lucky i found u as i have tried other 5 threads , Thanks Malcolm
  • #949
  • Jun 2, 2013 4:00pm Jun 2, 2013 4:00pm
NikolaFX , 20EMA is very useful , Thanks Malcolm .
  • #950
  • Jun 2, 2013 4:11pm Jun 2, 2013 4:11pm
Quoting terminator12
NikolaFX , 20EMA is very useful , Thanks Malcolm .
Yeap
  • #951
  • Edited 4:38pm Jun 2, 2013 4:14pm | Edited 4:38pm
Quoting Erebus
{quote} ...You are saying it will exit on a CUMULATIVE profit of 320 pips = NO...
No, you misunderstood me...
What I'm saying is that in a U.S. account (FIFO)
If the EA got you into 3 long entries with TP is set at 320pips profit for each position
first 1lot long entry @100, with TP@420 (for a profit of 320pips)
later second 1lot long entry @80, with TP @400 (for a profit of 320pips)
later third 1lot long entry @60, with TP@380 (for a profit of 320pips)
price is now @380

TP@380 is now hit for the third 1lot long entry @60
1lot will be sold, but because of US FIFO, this 1lot will be the first 1lot (sold for 380 - 100 = +280pips profit)
However, after the liquidation above, the TP@380 is still in effect
Another 1lot will be sold, but because of US FIFO, this 1lot will be the second 1lot (sold for 380 - 80 = +300pips profit)
However, after 2 liquidations above, the TP@380 is still in effect
Another 1lot will be sold, this time it will be the third 1lot (the one that actually triggered the liquidation, sold for 380 - 60 = +320pips profit)
So in this example, if my thinking is correct, then all 3 long positions will be sold at the same time when price reaches 380 (280 + 300 + 320 = total profit)

Whereas outside of the U.S. (NO FIFO rule)...when price is @380
Only the third 1lot long will be sold (380 - 60 = 320pips profit)
The first and second 1lot longs will still be on the book (the first long will only be liquidated if price = 420; the second long will only be liquidated if price = 400)
In this example, each long position will be executed individually only when each reaches the 320pips profit (total profit = 320 + 320 + 320)
  • #952
  • Jun 2, 2013 4:18pm Jun 2, 2013 4:18pm
Quoting 100PipsADay
{quote} This strategy will definitely be affected if trading in the US, however, I'm sure you can figure out a way to make it work if you really want
Your makes me think you have a way to get around FIFO (since you're also from the US, per your FF profile).
Sorry, I'm just not that sophisticated...so, do you mind going into details???
  • #953
  • Jun 2, 2013 4:36pm Jun 2, 2013 4:36pm
Quoting kokopelli
{quote} Your makes me think you have a way to get around FIFO (since you're also from the US, per your FF profile). Sorry, I'm just not that sophisticated...so, do you mind going into details???

I don't trade with a US broker...

Or, you could setup an International Business Corporation (IBC) / Trust / Foundation outside the USA and trade through your corporate entity. This would need to be done if you are looking for a particular brokerage firm that does not accept US clients.

Trading through a corporate entity has its benefits but is also costly to get established properly. If you are not trading large amounts of money then trade through your name.

There are a few reputable brokerage firms who still accept US clients...
  • #954
  • Jun 2, 2013 6:37pm Jun 2, 2013 6:37pm
Quoting kokopelli
{quote} No, you misunderstood me... What I'm saying is that in a U.S. account (FIFO) If the EA got you into 3 long entries with TP is set at 320pips profit for each position first 1lot long entry @100, with TP@420 (for a profit of 320pips) later second 1lot long entry @80, with TP @400 (for a profit of 320pips) later third 1lot long entry @60, with TP@380 (for a profit of 320pips) price is now @380 TP@380 is now hit for the third 1lot long entry @60 1lot will be sold, but because of US FIFO, this 1lot will be the first 1lot (sold for 380 - 100...
Well, I probably did since you put it that way; however, since you explained it so well, do you still have a question?

Run it on demo and see if that is what it actually does; can you do that for us and clear the matter up once and for all?

Thanks, E.

It takes a lot for me to IGNORE you, but you can try.
  • #955
  • Jun 2, 2013 6:38pm Jun 2, 2013 6:38pm
Hi 1000 pips

Firstly Thankyou for your generosity

Could someone explain to me why I would be getting an ATR 5 101 pips on all my charts from the TPL

Thanks James
  • #956
  • Jun 2, 2013 6:47pm Jun 2, 2013 6:47pm
Quoting khidir
Hi 1000 pips Firstly Thankyou for your generosity Could someone explain to me why I would be getting an ATR 5 101 pips on all my charts from the TPL Thanks James
It is probably a stray object saved in your template

Use "Ctrl+B" ... "Ctrl+A"

Click Delete

Does it disappear?

Change time frames a few time to refresh the chart data

OK?

Save as new template, apply to all chart

Use this SCRIPT below

E.
Attached File(s)
File Type: mq4 Change Template All.mq4   1 KB | 333 downloads
File Type: ex4 Change Template All.ex4   2 KB | 291 downloads
It takes a lot for me to IGNORE you, but you can try.
  • #957
  • Jun 2, 2013 7:12pm Jun 2, 2013 7:12pm
Quoting Erebus
{quote} It is probably a stray object saved in your template Use "Ctrl+B" ... "Ctrl+A" Click Delete Does it disappear? Change time frames a few time to refresh the chart data OK? Save as new template, apply to all chart Use this SCRIPT below E. {file} {file}
Erebus the deity of Darkness shedding light upon a newbie

Ctrl+B did the trick.... Thankyou James
  • #958
  • Jun 2, 2013 7:55pm Jun 2, 2013 7:55pm
Quoting Erebus
{quote} Well, I probably did since you put it that way; however, since you explained it so well, do you still have a question? Run it on demo and see if that is what it actually does; can you do that for us and clear the matter up once and for all? Thanks, E.
Aye aye el capitan...will provide feedback on this because my demo account is U.S. FIFO

Just started the EA demo a few hours ago (5PM EST)
Same set up as 100PipsADay's demo - http://www.forexfactory.com/showthre...60#post6719360
(SL160, TP320 - EUR/USD, EUR/JPY, USD/JPY, NZD/USD/ NZD/JPY, AUD/USD, AUD/JPY, EUR/AUD, GBP/AUD, CAD/JPY, AUD/NZD, and GBP/USD)
Only after a few hours, I already have 2 positions opened for long - EUR/AUD and GBP/AUD

On a different subject matter, there's one annoying thing about MT4 "profile"...maybe you can shed some lights on this for me....
I created a MT4 "profile" containing the 12 pairs listed above...with the right template and attached EA, etc...And I saved this profile (gave it a new name)
Later, I played around and made some changes to it (like adding another chart, etc.), this profile is then automatically updated...without me saving it...
So the next time when I open the same profile...it has this updated stuff in there (like when I added another chart, etc.)
I do not want this...I don't want automated profile update...I just want to save a profile...messing around without saving it...and when I open it again, I just want the older version of what I had saved before...not the new version that I had messed around with (but had not saved).
I hope you understand my explanation...can you help me?
  • #959
  • Jun 2, 2013 8:45pm Jun 2, 2013 8:45pm
Quoting kokopelli
{quote} Aye aye el capitan...will provide feedback on this because my demo account is U.S. FIFO Just started the EA demo a few hours ago (5PM EST) Same set up as 100PipsADay's demo - http://www.forexfactory.com/showthre...60#post6719360 (SL160, TP320 - EUR/USD, EUR/JPY, USD/JPY, NZD/USD/ NZD/JPY, AUD/USD, AUD/JPY, EUR/AUD, GBP/AUD, CAD/JPY, AUD/NZD, and GBP/USD) Only after a few hours, I already have 2 positions opened for long - EUR/AUD and GBP/AUD On a different subject matter, there's one annoying thing about MT4 "profile"...maybe...
I think I have a rough idea of what you mean. I think what happens is, when you shut down MT4 it will open with the charts the same as when it was shutdown, even your preferred profile with any changes you have made.

What I do is, get my Template right, apply to to all screens, save the Profile, shutdown, open it, check they are all OK.

If you want to play with Indicator or chart settings, open a pair that you are NOT trading, keep it down the end of the row, make changes, if you like the "new" screen, save it as your Template, apply to all open charts, save Profile again

That is where the above posted Script is so handy, a few clicks to apply same Template to all charts

Give your favorite Template a name start with !!!!_ - something like " !!!!_template_FAV_ " and it will appear at the top of Template list

When using the Script, it counts Template down the list from 0, 1, 2, 3, 4

So, no need to enter a number if your Template is top of list as default is " 0 "

Good luck, E.

It takes a lot for me to IGNORE you, but you can try.
  • #960
  • Jun 2, 2013 11:35pm Jun 2, 2013 11:35pm
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Click to Enlarge Name: gbpusdmdaily.png Size: 80 KB


Traders , Just asking Yellow cross means not ready and waiting for signal ?
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