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Third Screen Strategy - Dr. Alexander Elder

  • #1,001
  • Edited 9:53am Jun 3, 2013 9:23am | Edited 9:53am
Ok, I have corrected my parameters to reflect my 5-digit broker.

All positions are currently negative unfortunately. Hopefully it turns around.

Something is wrong here....My positions just instantly go into the negative and have gone deep in a short period of time. And this is following all the rules of the system 100%...
  • #1,002
  • Jun 3, 2013 10:08am Jun 3, 2013 10:08am
Quoting Tok
Ok, I have corrected my parameters to reflect my 5-digit broker. All positions are currently negative unfortunately. Hopefully it turns around. Something is wrong here....My positions just instantly go into the negative and have gone deep in a short period of time. And this is following all the rules of the system 100%...
TOK How do change parameter to 5 Digit , My broker also use 5 Digit , Malcolm .
  • #1,003
  • Jun 3, 2013 10:10am Jun 3, 2013 10:10am
From reading your posts I don't think this strategy fits your personality.


Have you tried any others in the "Trading Systems" section of this site?
  • #1,004
  • Jun 3, 2013 10:16am Jun 3, 2013 10:16am
Quoting terminator12
{quote} TOK How do change parameter to 5 Digit , My broker also use 5 Digit , Malcolm .
You have to set a "1600" point SL and a "3200" point TP. You need to add a 0 to your parameters.
  • #1,005
  • Jun 3, 2013 10:18am Jun 3, 2013 10:18am
Quoting normtold
From reading your posts I don't think this strategy fits your personality. Have you tried any others in the "Trading Systems" section of this site?
I love this strategy and am thankful for being introduced to it. I'm just confused as to why my trades are going so far in the wrong direction, whilst following all the rules of the system. Maybe its just a bad day in the markets today, who knows.
  • #1,006
  • Jun 3, 2013 10:27am Jun 3, 2013 10:27am
Quoting Tok
Ok, I have corrected my parameters to reflect my 5-digit broker. All positions are currently negative unfortunately. Hopefully it turns around. Something is wrong here....My positions just instantly go into the negative and have gone deep in a short period of time. And this is following all the rules of the system 100%...
All of my trades just took a big hit also. There is nothing "wrong here" its just the way the market is. My guess is some heavy hitters jumped in the market this morning. At least on my chart feed, there are some really big candle bodies during the 10:00am 1H candle. Hang in there man. Stick to the plan. I still have 3 trades in the positive.

The nzd/usd just took a huge swing up and left me -200 pips currently. I decided to close the trade manually. I am starting to think I should have waited to trade this pair because the MACD shows the bears losing some strength and now the MACD has a small blue bar. According to the first post, at least the way i interpreted it, as price makes lower lows and the MACD bars get smaller, then the bears are losing strength and that suggests a potential reversal in trend. Same rules apply for the bulls as well. The nsd/usd did exactly just that. I also just noticed it bounced off a support from back in August 2012. I am still very much learning the forex market so that may also have something to do with it. I should have noticed that support before hand might have saved me a few pips. Oh well, I am still learning and winning more than losing
  • #1,007
  • Jun 3, 2013 10:28am Jun 3, 2013 10:28am
Quoting Tok
{quote} You have to set a "1600" point SL and a "3200" point TP. You need to add a 0 to your parameters.
Really and what about trailing stop 100.0 or put 1000.0
  • #1,008
  • Jun 3, 2013 10:30am Jun 3, 2013 10:30am
Quoting terminator12
{quote} Really and what about trailing stop 100.0 or put 1000.0
I'm not sure. I haven't tried TS. I'm assuming it's 1000, same as TP and SL.
  • #1,009
  • Jun 3, 2013 10:33am Jun 3, 2013 10:33am
Quoting crottsinabox
{quote} All of my trades just took a big hit also. There is nothing "wrong here" its just the way the market is. My guess is some heavy hitters jumped in the market this morning. At least on my chart feed, there are some really big candle bodies during the 10:00am 1H candle. Hang in there man. Stick to the plan. I still have 3 trades in the positive. The nzd/usd just took a huge swing up and left me -200 pips currently. I decided to close the trade manually. I am starting to think I should have waited to trade this pair because the MACD shows...
Ok How many digit u got .
  • #1,010
  • Jun 3, 2013 10:41am Jun 3, 2013 10:41am
Quoting crottsinabox
{quote} All of my trades just took a big hit also. There is nothing "wrong here" its just the way the market is. My guess is some heavy hitters jumped in the market this morning. At least on my chart feed, there are some really big candle bodies during the 10:00am 1H candle. Hang in there man. Stick to the plan. I still have 3 trades in the positive. The nzd/usd just took a huge swing up and left me -200 pips currently. I decided to close the trade manually. I am starting to think I should have waited to trade this pair because the MACD shows...
Thanks for the post. I've got 1 question.


Are we supposed to exit trades once MACD changes direction mid-trade, or let it continue?
  • #1,011
  • Jun 3, 2013 11:22am Jun 3, 2013 11:22am
I didn't realize how frequent the trade conditions are met...I just started at 5PM EST yesterday...already gotten into 15 positions (all are still opened) in less than a day. Based on this, looks like I'm going to be over-leveraged.

I also hooked up this demo account (U.S. FIFO, 50:1 leverage) to Trade Explorers on my FF profile - for your examination and viewing pleasures!

The 13 pairs - AUD/JPY, AUD/NZD, AUD/USD, CAD/JPY, EUR/AUD, EUR/CAD, EUR/JPY, EUR/USD, GBP/AUD, GBP/USD, NZD/JPY, NZD/USD, USD/JPY
Here are the EA inputs (no trailing stop)
Attached Image (click to enlarge)
Click to Enlarge Name: Capture1.PNG Size: 44 KB
  • #1,012
  • Jun 3, 2013 11:29am Jun 3, 2013 11:29am
According to 100pipsaday he said he just lets the trade ride and hit either SL or TP. However, he said he pays attention to Price Action around key support and resistance levels. I looked back at the nzd/usd chart and saw a support during August 2012 and that is where the price bounced off of today. The MACD changing direction isnt always a sign to exit a trade. it may change direction for one candle and then come right back. Personally though if changes direction and I am in a trade, I may look at other factors that could effect the trade like zooming out to a higher time frame and check S/R.

Just my 2 cents. I am still very much learning the market but starting to get a feel for the system here
  • #1,013
  • Jun 3, 2013 11:38am Jun 3, 2013 11:38am
Check this out. Look at the Daily chart for the GBP/AUD. The last 10-15 days you can see price making higher highs while the MACD blue bars slowly getting smaller. The first post suggest the bulls are losing strength here. The current daily candle shows a red bar on the MACD. For me, over the next day or two, I would pay attention to the MACD to see if the red bars continue to form and get bigger. At that point, I would start looking for overbought conditions on the 1H chart looking to go short. You can also zoom out to the weekly chart and see that price is hovering around a resistance lever from back around September and October 2012. This may a real good opportunity to go short and land some serious pips.
  • #1,014
  • Jun 3, 2013 1:03pm Jun 3, 2013 1:03pm
Quoting crottsinabox
Check this out. Look at the Daily chart for the GBP/AUD. The last 10-15 days you can see price making higher highs while the MACD blue bars slowly getting smaller. The first post suggest the bulls are losing strength here. The current daily candle shows a red bar on the MACD. For me, over the next day or two, I would pay attention to the MACD to see if the red bars continue to form and get bigger. At that point, I would start looking for overbought conditions on the 1H chart looking to go short. You can also zoom out to the weekly chart and see...
100pips has said recently that he does not use PA or SR. He just uses the D1 and H1 analysis.
  • #1,015
  • Jun 3, 2013 2:19pm Jun 3, 2013 2:19pm
Quoting NikolaFX
I wonder what you think about "Nonfarm Payroll" (It's on Friday).Specifically,will you hold positions open during this news event?It's the most volatile news - market chaos.Question for all... (particularly 100pipsaday,erebus,khaled etz...).

I will keep all positions open until SL or TP target is reached.
  • #1,016
  • Jun 3, 2013 2:45pm Jun 3, 2013 2:45pm
100PIPS I have 5 digit so must i leave 160 and 320 or 1600 and 3200 , And started last night till now have not self start trade , Why not start trade Malcolm
  • #1,017
  • Jun 3, 2013 3:21pm Jun 3, 2013 3:21pm
Quoting terminator12
100PIPS I have 5 digit so must i leave 160 and 320 or 1600 and 3200 , And started last night till now have not self start trade , Why not start trade Malcolm
I'm not sure which parameters you should put in, however, it really is not that hard to figure out once a trade opens up and you see SL and TP lines on your MT4 platform...

Take a screen shot of your MT4 platform with an open trade using a 160 SL and 320 TP for one pair and I'll tell you if it is 16 pips or 160 pips. However, you should be able to figure this out yourself by looking at the platform!!!!!
  • #1,018
  • Jun 3, 2013 3:41pm Jun 3, 2013 3:41pm
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdmdaily night.png Size: 80 KB


100pips That sl and tp was from before and dont know how to take screenshot of parameter , But i put in 1600 and 3200 as per TOK instruction of 5 digit ,
Did not take trade Will be appreciate that u help me to solve the problem
  • #1,019
  • Jun 3, 2013 3:45pm Jun 3, 2013 3:45pm
Quoting terminator12
{image} 100pips That sl and tp was from before and dont know how to take screenshot of parameter , But i put in 1600 and 3200 as per TOK instruction of 5 digit , Did not take trade Will be appreciate that u help me to solve the problem
The problem is I am also using a 5 digit broker but I only use a 160 SL and a 320 TP.

Give me an actual example of an open trade right now using a 1600 Sl and a 3200 TP target. What is your entry price? What is your SL set at? What is your TP set at?

You need to learn how to figure out Pips when trading FOREX! This is very elementary...

**The SL looks like it is 160 SL but I do not see a TP target on your chart. So whatever setting you are using for SL looks correct! Where is your TP?
  • #1,020
  • Jun 3, 2013 3:50pm Jun 3, 2013 3:50pm
Quoting 100PipsADay
{quote} The problem is I am also using a 5 digit broker but I only use a 160 SL and a 320 TP. Give me an actual example of an open trade right now using a 1600 Sl and a 3200 TP target. What is your entry price? What is your SL set at? What is your TP set at? You need to learn how to figure out Pips when trading FOREX! This is very elementary... **The SL looks like it is 160 SL but I do not see a TP target on your chart. So whatever setting you are using for SL looks correct! Where is your TP?
D1 did not enter the trade , That sl was from last week on 2013.05.28 I started D1MACD last night and till now nothing ,
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