Third Screen Strategy - Dr. Alexander Elder

So you don't have even one open trade for any pair at this time?

That's right not even open from last night till now

I suggest you set your SL to 160 and TP to 320. Wait for trade to open and take a screen shot.

Then change your SL to 1600 and TP to 3200. Wait for trade to open and take a screen shot.

Then you will know for sure which settings to use...

Ok was set at 320 and 160 Now set for 3200 and 1600 , Will see what happen tomorrow morning , Gud Nyt

Oh maybe because mine need suffix , Do i put suffix in of where / But was working on D1 20EMA &50EMA . but Not use it now

Erebus I see you lurking down there tell him the answer.

Oh yes Need VPS to open E A , Must be because my broker say i must have enough money to qualify to use VPS ?????

There is so much conflicting information !

Where to start ?

Basics:

Do you have " Smiley Face " ?

Yes ?

Does your settings look like this below ?

Yes

I don't know, read some help files .......

Just run the EA on a DEMO account, let it take as many trades as it wants; run your DEMO on a VPS if you are serious.

Many times it will take a trade as the W%R is broken but it happens to quick for you to see any alert or perhaps you are sleeping

Most brokers will give you non-expiring demo if you have a live account

Protect your real $$$$ - run it on DEMO

Interesting strategy opened Ea on Demo yesterday before Asian open with 12 pairs have ranged in that period from +150 pips to -1000 pips now -80 pips as we speak and this is with 25 opened trades ...... watching with interest .

100 pips what happened to to your explorer ??????

James

I was having problems syncing my MT4 with trade explorer yesterday. I just linked it and it seems to be working OK now, not sure what was going on before...

100 pips, Erebus and traders , D1 MACD did open trade right now on buy of GBPUSD , Need to be patience , Thanks Malcolm .

What happens is : The macd gives the signal : "clear to go". The next step is that W%R just for a small moment crosses the -20 line and you are done : You have an order. After that the W%R line retreats downwards.

Here is all the charting you need to trade this system

MACD on Daily chart

Williams % Range on 1 Hour chart

Add on the EA of your choice, save as Template, apply to all traded pairs

I also have a price indicator and bar clock

I will post these and a Template if anyone likes a black chart

Go to the dark side

As you all know there were some issues with the Dashboard program in comparing its macd value with the value of macd_adjustable.

Before starting this discussion, I want to give a few definitions. This ensures we all talk about the same subject.
The macd (moving average convergence/divergence) is a trendfollowing momentum indicator, that shows the relationship between two moving averages of prices. In our case , those are the ema12 and the ema24 ( exponential moving averages with respectively 12 periods and 24 periods).

The MACD is the difference between the ema 12 and the ema24.
A 9 day exponential moving average, called the "signalvalue" or "triggerline", is plotted on top of the MACD.
Finally, in macd_adjustable, the histogram shows the difference between the signalvalue and the MACD. (Signalvalue minus MACD). This difference is blue when positive and salmon when negative.


I examined the behaviour of the MACD and my conclusion is that there is a 'glitch' in macd_adjustable.
Because of this there are sometimes negative values in the Dashboard, while the macd_adjustable still shows positive values or vice versa. Especially, when the values of the macd are very small. The dashboard works in what I call "the MT4 way". The MT4 way is exactly the way, the macd is supposed to be calculated according to the above given definitions.
When the macd is above its signalvalue, the dashboard gives an Up Arrow, otherwhise a Down Arrow.
Macd_adjustable is supposed to work in the same way (in principle). However, it gives differences from time to time.

Now, there has been introduced a new indicator program : "MACD3SS". Its purpose is to work as an intermediator between macd_adjustable and the thirdscreen EA. The remarkable thing however is: MACD3SS seems to work in accordance with the "MT4 way" instead of the way of macd_adjustable. Thereby it surpasses its own purpose and ends up being like I wished already a long time : compliant with the dashboard and with MT4.

Let us look to the chart of GBPAUD from this moment : ( See the attached chart)

We see 3 representations of the macd versus signal value :
From above going downwards we have

a) Macd_adjustable

b) MACD3SS

c) My own macd program, calculating here in the official MT4 way.


Counting from the right , the first candle on the right is Day 0 (zero) That is today , now.
The best visible deviation is, counting backwards from the right, in Day 8. Macd_adjustable is positive and MACD3SS is negative. How is this possible ? It is because of the same 'glitch' in macd_adjustable.
As we can see, the value of MACD3SS is the same as the value of my macd in mode MT4.

If you want to check these things for yourself, set up the macd3ss and macd_adjustable together in one chart. Like now
for example in GBPAUD with the daily timeframe.

The consequenses are the same as with the dashboard previously : Sometimes there is a discrepancy between the EA and macd_adjustable. This causes us to doubt the EA, where we should doubt the value of macd_adjustable.
However, as we can see in the charts, most of the time, their outcomes are on the same side of the fence.
It is only in a small number of cases that there are differences.

Anyone else still taking a beating today? I have 10 open positions with only one in the positive. 100pips have you had any positions ever get real close to SL only to make a major comeback?

More than I can count... It happens A LOT! This is why I normally like to wait for positions to reach SL or TP targets. After which I will reassess that particular pair.

Remember how I said yesterday that my positions were all getting hammered badly?

They've ALL recovered and most are in a profit. I'm in a strong overall profit for all my positions currently.

I really need to stop being an idiot newbie and listen to you. You are a fantastic mentor and I am glad I listened to your advice in the other thread.

Gotcha. I only see two pairs where I might have picked the wrong direction to trade. I really hope a few of these recover. -400 pips makes me cringe haha. I suppose this is the tougher part of tis system/trading right here. Just having some faith

Indeed. Stick to your trading plan. It worked for me.