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Third Screen Strategy - Dr. Alexander Elder

  • #1,041
  • Jun 4, 2013 2:45am Jun 4, 2013 2:45am
Quoting 100PipsADay
{quote} 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.
Traded 7 pairs manually overnight and woke up today to a total of 600+ pips. Hope you're doing well pippy.
  • #1,042
  • Jun 4, 2013 2:51am Jun 4, 2013 2:51am
[attach]1206533[/attach

Erubus . How to take out on bottom right of description , There's no script , Im using E J candle time see on top left , Thanks , Malcolm ,
Attached Image (click to enlarge)
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  • #1,043
  • Jun 4, 2013 3:52am Jun 4, 2013 3:52am
Quoting Erebus
{quote} A prime example of an appalling post; the lack of information is amazing and the lack of understanding very apparent. You post a chart yet fail to mention which pair it is, the price data is not shown so we cannot even have a guess. You tell us the time frame is 1 Hour and the MACD is moving up - where did you go astray there? Read on...simple 2 stage process, possibly requiring 2 brain cells... From Post #10 http://www.forexfactory.com/showthre...75#post6006475 Below is how I would normally take a trade using my strategy....
Sorry to get you so excited. The simple fact is that the EA took a short sale before the Williams was over sold. I thought that was one of the rules of the trade. It does not matter what the pair is or anything else. It was a chart that showed what I was talking about. I guess I should have left it out altogether since it confused you.

Why is the EA taking buys and sells when Williams is not OB or OS on any chart?
Gary
  • #1,044
  • Jun 4, 2013 4:04am Jun 4, 2013 4:04am
Quoting alpine4133
{quote} Sorry to get you so excited. The simple fact is that the EA took a short sale before the Williams was over sold. I thought that was one of the rules of the trade. It does not matter what the pair is or anything else. It was a chart that showed what I was talking about. I guess I should have left it out altogether since it confused you. Why is the EA taking buys and sells when Williams is not OB or OS on any chart?

" The simple fact is that the EA took a short sale before the Williams was over sold"

THIS SIMPLY IS NOT TRUE !!!!
The EA works according specifications. Only, the priceline in the W%R retreats sometimes. When you look a few seconds later, it is not anymore in the overbought/oversold area. But the fact that is HAS BEEN THERE, was enough to trigger a trade.

How many times do I have to repeat this ? This is already the third or fourth time in this thread that I have to explain this. And people keep coming back with the same remark "Crying, ooooooh, my EA does not work".
Well, it works perfectly !
  • #1,045
  • Jun 4, 2013 4:08am Jun 4, 2013 4:08am
Quoting terminator12
[attach]1206533[/attach Erubus . How to take out on bottom right of description , There's no script , Im using E J candle time see on top left , Thanks , Malcolm , {image}
Why don't you just do a chart shift?
  • #1,046
  • Jun 4, 2013 4:08am Jun 4, 2013 4:08am
Quoting rexio
{quote} " The simple fact is that the EA took a short sale before the Williams was over sold" THIS SIMPLY IS NOT TRUE !!!! The EA works according specifications. Only, the priceline in the W%R retreats sometimes. When you look a few seconds later, it is not anymore in the overbought/oversold area. But the fact that is HAS BEEN THERE, was enough to trigger a trade. How many times do I have to repeat this ?
Hey Rexio. Hope you are doing well my friend.
  • #1,047
  • Jun 4, 2013 4:09am Jun 4, 2013 4:09am
Ok my trades are starting to come back. Still in the negative but I'm going to let them ride to SL or TP. I have a question though regarding the daily chart with the MACD. I can use a picture as reference if need be.

Example. Lets say daily trend is up but blue bars are getting smaller. The first post suggest that if the slope of MACD starts to slope down to look for shorting opportunities. My question is, should I look for shorting opportunities as the slope changes and headed down or should I wait for the MACD to come down further and change to a red bar first? I think that might have been my mistake on a few of my current trades. I may have pulled the trigger too early. Thanks guys
  • #1,048
  • Jun 4, 2013 4:10am Jun 4, 2013 4:10am
Quoting terminator12
[attach]1206533[/attach Erubus . How to take out on bottom right of description , There's no script , Im using E J candle time see on top left , Thanks , Malcolm , {image}

Go to indicator "Magnified Market Price..." in your chart . Click on it and click on Edit.
Make Whatcorner = 2 to change the location to the left corner.
  • #1,049
  • Jun 4, 2013 4:11am Jun 4, 2013 4:11am
Pippy. Did you just happen to set up a new trade explorer account for this thread? I noticed the figure are different.
  • #1,050
  • Jun 4, 2013 4:16am Jun 4, 2013 4:16am
Quoting MKFXTrader
{quote} Hey Rexio. Hope you are doing well my friend.
Hi MKF,

I am doing fine.
Thanks to Mr. Pip, thanks to you and all contributors here.
  • #1,051
  • Jun 4, 2013 4:20am Jun 4, 2013 4:20am
Quoting rexio
{quote} Hi MKF, I am doing fine. Thanks to Mr. Pip, thanks to you and all contributors here.
Are you running the EA? If so, how has your results been? How has the draw down been? I'm still trading manually, but quite effective. I prefer to have more control.
  • #1,052
  • Jun 4, 2013 4:23am Jun 4, 2013 4:23am
Quoting Erebus
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 {image} {image} {image} {file} {file} {file} {file} {file}

Hi Erebus,

Thank you for your nice chart template and programs. At first ( after applying the template), i could not find "macd_adjustable".
Then I discovered, I had to go from the Hourly to the Daily Timeframe.
  • #1,053
  • Jun 4, 2013 4:28am Jun 4, 2013 4:28am
Quoting MKFXTrader
{quote} Are you running the EA? If so, how has your results been? How has the draw down been? I'm still trading manually, but quite effective. I prefer to have more control.

I do the same as you do. I apply the EA in demo on about 10 pairs. I look to the results and I take trades myself manually according to the strategy.
Interesting point : I can't resist to take profits too early sometimes. Later on , I am amazed, how far the real profits could have gone. I wonder, if I will ever reach the TP = 320 pips.

I did not pay special attention to the drawdown. We had some during the late evening yesterday and the night, but it all improved. I think it was the first big DD since the EA is running. But well, it was demo anyways and in real trading I had less trades, so there was no severe hurting because of it.
  • #1,054
  • Jun 4, 2013 4:57am Jun 4, 2013 4:57am
Quoting rexio
{quote} I do the same as you do. I apply the EA in demo on about 10 pairs. I look to the results and I take trades myself manually according to the strategy. Interesting point : I can't resist to take profits too early sometimes. Later on , I am amazed, how far the real profits could have gone. I wonder, if I will ever reach the TP = 320 pips. I did not pay special attention to the drawdown. We had some during the late evening yesterday and the night, but it all improved. I think it was the first big DD since the EA is running. But...
I know what you mean. I hate giving back pips. What I like to do is move trade to BE once it's up 50 pips or so and let it ride til TP is hit. What I will do as well is take half profit at some point, move rest to BE and let the rest ride to TP target. If it happens to go back and hit your SL, you lose nothing and have already at least taken half profit. It's different from what 100pip does but, I much rather take at least half off the table. You can always re enter.
  • #1,055
  • Jun 4, 2013 5:55am Jun 4, 2013 5:55am
Quoting rexio
{quote} Go to indicator "Magnified Market Price..." in your chart . Click on it and click on Edit. Make Whatcorner = 2 to change the location to the left corner.
Rexio Did it Thanks
  • #1,056
  • Jun 4, 2013 7:20am Jun 4, 2013 7:20am
Quoting MKFXTrader
Pippy. Did you just happen to set up a new trade explorer account for this thread? I noticed the figure are different.

Same account and same trades, however, it wasn't syncing to the trade explorer this weekend or on Sunday so I disconnected it. I just got it working again a few hours ago so some of the numbers may be different. However, it is the same account that I started with.

Congrats on your open positions
  • #1,057
  • Edited 10:40am Jun 4, 2013 7:36am | Edited 10:40am
Is there a description of the workings of the colored triangles on the chart of the thirdscreen EA ?
What is the logic behind it ?

The answer to this question can be found in the FAQ Third Screen EA.pdf in the first post of this thread.
  • #1,058
  • Jun 4, 2013 8:09am Jun 4, 2013 8:09am
Quoting rexio
{quote} Hi Erebus, Thank you for your nice chart template and programs. At first ( after applying the template), i could not find "macd_adjustable". Then I discovered, I had to go from the Hourly to the Daily Timeframe.
It is there, it is all in the settings.

I don't know why people don't just set up the charts correctly first, then they might see where the signals come from.

When they have W%R on Daily and MACD on 1 Hour, they get confused for sure.

Just a few simple clicks, save a Template, apply to all charts, voila, easy as

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It takes a lot for me to IGNORE you, but you can try.
  • #1,059
  • Jun 4, 2013 8:34am Jun 4, 2013 8:34am
Attached Image (click to enlarge)
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Erebus , Must i take out All time frame and click on Daily on MACD Adjustable on this Charts , Seems suppose be like that Malcolm
  • #1,060
  • Jun 4, 2013 9:28am Jun 4, 2013 9:28am
Quoting terminator12
{image} Erebus , Must i take out All time frame and click on Daily on MACD Adjustable on this Charts , Seems suppose be like that Malcolm
Must?

No, it is not a must, but for the sake of nice clear chart space, and to understand the Indicators & Trading Signals, yes, that is how I do it.

Think about, it is a simple 2 step process:

Check the Daily chart, we are looking for the MACD Indicator to cross the center line - NO need for the W%R Indicator on the Daily chart, agree?

Then, change to 1 Hour chart, looking for Oversold or Overbought condition on the W%R Indicator - NO need for the MACD on the 1 Hour chart, agree?

Signal or no signal; trade or no trade?

Go to next chart, quick & simple

It takes a lot for me to IGNORE you, but you can try.
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