Third Screen Strategy - Dr. Alexander Elder | Page 68 | Forex Factory

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Third Screen Strategy - Dr. Alexander Elder

  • #1,341
  • Jun 10, 2013 1:10pm Jun 10, 2013 1:10pm
I know this may seem offensive to some of you, and I really am not trying to come across that way, so I apologise if I do, but What do you guys think of trying this strategy on a lower TF?

Trading off, say, the 4H and 1H TF, would eliminate a lot of losses that we would have been getting from using the daily TF (which is too delayed).

Opinions?
  • #1,342
  • Jun 10, 2013 1:26pm Jun 10, 2013 1:26pm
Quoting Tok
I know this may seem offensive to some of you, and I really am not trying to come across that way, so I apologise if I do, but What do you guys think of trying this strategy on a lower TF? Trading off, say, the 4H and 1H TF, would eliminate a lot of losses that we would have been getting from using the daily TF (which is too delayed). Opinions?
My opinion is stick to D1 as it is very safe , 100pips did it for two years with hughly success , Why kill the Goose that lay its Golden Eggs ,
  • #1,343
  • Jun 10, 2013 1:35pm Jun 10, 2013 1:35pm
Quoting Tok
I know this may seem offensive to some of you, and I really am not trying to come across that way, so I apologise if I do, but What do you guys think of trying this strategy on a lower TF? Trading off, say, the 4H and 1H TF, would eliminate a lot of losses that we would have been getting from using the daily TF (which is too delayed). Opinions?
I think you need to:

#1. Use better MM.
#2. Determine what kind of trader you are, base on your personality.
#3. Read the first post again.

You can't be coming on here complaining about high DD, when this trading style is called SWING trading. You dance around when you're up big, and you're negative as hell when you're in draw down. C'mon TOK. You need to figure out what kind of trader you want to be. Scalper, swing, trend, position, ect... Once you figure this out only then can you search for a system that will perform at your comfort zone. Right now, you're acting like a teenage girl at a cheerleader camp. When you first came on here, you didn't want to read the thread but just wanted to be spoonfed. Then you went and tried to trade two systems together only two days after finding the threads. Then you don't remember which thread you are posting on. Then you're asking questions on both threads that had you taken the time to read and just try to understand ONE of the strategy, it would've been more beneficial to you. You're jumping up and down when the system is doing really well, sad and negative when you're not. It doesn't help when you come on here being all negative to all of us about being in draw down, not having a good trading day, ect..., when WE ALL ARE IN DRAW DOWN. It's part of the system bro. This system is tried and tested for over 2 years. You've been at it for 2 weeks if that and you are now you've come to the conclusion that trading the daily TF doesn't work. Too late entry, yada, yada, ya.... C'mon dude. Chillout.

If you're looking for the holy grail of system, I suggest you go find it and let us know when you do. I'm not trying to offend you or berate you but c'mon dude. We're all here to learn, help each other, not hear for the drama of up and down emotions. Cheers.
  • #1,344
  • Jun 10, 2013 1:37pm Jun 10, 2013 1:37pm
Quoting MKFXTrader
{quote} I was actually suggesting to lordorly to read the thread, not you. I would suggest G/NZD or EUR/NZD(They both have high ATR's), instead of CAD/CHF unless you don't mind watching paint dry. Also, what do you know about N/SGD? What is N? My advice is stick as close to the majors as possible, instead of trying to trade exotic pairs. Maybe you're familiar with SGD.
Yes , You right , CAD/CHF got low ATR , I will put in E/N . NZD/SGD, Look at its W%R and its stable .Now its disable . Got 8 currency and hope its not too much ,
  • #1,345
  • Jun 10, 2013 1:40pm Jun 10, 2013 1:40pm
Quoting MKFXTrader
{quote} I think you need to: #1. Use better MM. #2. Determine what kind of trader you are, base on your personality. #3. Read the first post again. You can't be coming on here complaining about high DD, when this trading style is called SWING trading. You dance around when you're up big, and you're negative as hell when you're in draw down. C'mon TOK. You need to figure out what kind of trader you want to be. Scalper, swing, trend, position, ect... Once you figure this out only then can you search for a system that will perform at your comfort zone....
I'm just suggesting ways we could reduce our draw downs.

There is ALWAYS a trend on some TF. If there is a reversal showing on a higher TF, yet the D1 MACD has not confirmed it, it has already been confirmed on a lower TF.

We could switch to a lower TF during these periods and trade the trend that is present.

It was just a suggestion.
  • #1,346
  • Jun 10, 2013 1:44pm Jun 10, 2013 1:44pm
Quoting Tok
{quote} I'm just suggesting ways we could reduce our draw downs. There is ALWAYS a trend on some TF. If there is a reversal showing on a higher TF, yet the D1 MACD has not confirmed it, it has already been confirmed on a lower TF. We could switch to a lower TF during these periods and trade the trend that is present. It was just a suggestion.
Did you read the first post? Did you really read the first post where it's Dr Alexander Elder is writing? If you did, then you wouldn't be asking this question dude. Also, if you want to trade this system another way, then my suggestion is you start a new thread with whatever TF you want to trade. This thread is using the Daily/Hourly. Cheers.
  • #1,347
  • Jun 10, 2013 1:44pm Jun 10, 2013 1:44pm
Quoting Tok
I know this may seem offensive to some of you, and I really am not trying to come across that way, so I apologise if I do, but What do you guys think of trying this strategy on a lower TF? Trading off, say, the 4H and 1H TF, would eliminate a lot of losses that we would have been getting from using the daily TF (which is too delayed). Opinions?
The first post does mention using these on lower and higher time frames than 100pips uses. My opinion: I personally am loving the Daily and 1H frames since I still work. I do occasionally check the weekly to help determine trend if need be.

I also have not experienced "a lot of losses." As MKFXtrader mentioned, a lot of us are in the same trades so a lot of times we are in the same boat you are. This morning my trades were all over the place but all I did was close my charts and brokerage software so get my mind off it and let the market it do its thing. Now I am +300 pips unsecured. I couldn't be happier with my results. I actually just added money to my account so I can increase positions if need be to land more pips.

Hang in there
  • #1,348
  • Jun 10, 2013 1:48pm Jun 10, 2013 1:48pm
Quoting crottsinabox
{quote} The first post does mention using these on lower and higher time frames than 100pips uses. My opinion: I personally am loving the Daily and 1H frames since I still work. I do occasionally check the weekly to help determine trend if need be. I also have not experienced "a lot of losses." As MKFXtrader mentioned, a lot of us are in the same trades so a lot of times we are in the same boat you are. This morning my trades were all over the place but all I did was close my charts and brokerage software so get my mind off it and let the market...
That's what I'm referring to.

What I suggested (moving to a lower TF for a short period of time), is EXACTLY in line with the rules of this method. I don't understand what the fuss is, unless OTHER people haven't actually read the first post?

Also, what positions do you currently have open?
What is your opinion on the JPY pairs in their current state?
  • #1,349
  • Jun 10, 2013 2:02pm Jun 10, 2013 2:02pm
my positions open are usd/chf and eur/usd. MKFX mentioned this are closely correlated though and learning about why pairs are correlated is still new to me.Learning everyday. I am starting to notice how certain pairs perform though. Some pairs charts look almost identical to another pairs charts.

I closed my eur/cad trade because it looked like the trend was reversing. But now it appears it is still going up. So I will admit that was a mistake of impatience on my part. However, over 90% of the trades I have made went to SL or TP.

My own opinion on YEN pairs right now is that I am going to sit out for today at least. the CAD/JPY got real crazy the other day. 100pips has taken some trades on them and MKFX has some short bias on them as well. But still being a novice trader, I am being a bit cautious about trades. If it doesn't feel right, I won't take it. I did and still do study price action and went through the whole STRATS website that 100pips linked to. I also look at support and resistance.
  • #1,350
  • Jun 10, 2013 2:16pm Jun 10, 2013 2:16pm
Quoting crottsinabox
my positions open are usd/chf and eur/usd. MKFX mentioned this are closely correlated though and learning about why pairs are correlated is still new to me.Learning everyday. I am starting to notice how certain pairs perform though. Some pairs charts look almost identical to another pairs charts. I closed my eur/cad trade because it looked like the trend was reversing. But now it appears it is still going up. So I will admit that was a mistake of impatience on my part. However, over 90% of the trades I have made went to SL or TP. My own opinion...
This is the kind of post I like reading. A novice trader taking the time to read, learn, study chart/PA behaviour, and constantly searching and educating themselves. Hats off to you crotts.
  • #1,351
  • Jun 10, 2013 2:41pm Jun 10, 2013 2:41pm
Quoting Tok
{quote} I'm just suggesting ways we could reduce our draw downs. There is ALWAYS a trend on some TF. If there is a reversal showing on a higher TF, yet the D1 MACD has not confirmed it, it has already been confirmed on a lower TF. We could switch to a lower TF during these periods and trade the trend that is present. It was just a suggestion.
I do not follow this strategy but just pop in once in a while.

If one wants to do what you propose you would need to:

- 1. know how this particular strategy performs on other TF: are you willing to take the time to backtest/forward test ect....
- 2. you wrote: > There is ALWAYS a trend on some TF. <
even if it was true: it does not mean one could trade it with this strategy: e.g. if you use lower SL/TP you might get into other problems like Spread costs, News issues ect.
- 3. What are you going to do if there are opposite trends on different TF ect ect

My personal suggestion to you Tok would be:
Open a new thread where you test this things and post your findings - in that way you would contribute maybe valuable information to FF users and also keep this thread to the authors strategy which is clearly defined as D1 trend.

much success

Cheers

Ati
Money is important, Love is essential.
  • #1,352
  • Jun 10, 2013 3:04pm Jun 10, 2013 3:04pm
Quoting MKFXTrader
{quote} This is the kind of post I like reading. A novice trader taking the time to read, learn, study chart/PA behaviour, and constantly searching and educating themselves. Hats off to you crotts.
Thanks man. But the hats should be off to you, 100pips, and the other major contributors in here. I am well on track to make another 1000 pips this week and that is music to my ears!
  • #1,353
  • Jun 10, 2013 4:06pm Jun 10, 2013 4:06pm
would you guys recommend to hold positions open over the weekend or not? certainly if i'd closed my positions friday afternoon, both my D1 20/50 and third screen strategy demos would be doing an awful lot better right now
  • #1,354
  • Jun 10, 2013 4:08pm Jun 10, 2013 4:08pm
yes. I held mine through the weekend and they are doing just fine
  • #1,355
  • Jun 10, 2013 4:35pm Jun 10, 2013 4:35pm
ah ok thanks, maybe its just the monday dip like last week then. have loaded a sup/res indi on all my charts now, hopefully will help with my reviewing decisions on the weekly
  • #1,356
  • Jun 10, 2013 6:07pm Jun 10, 2013 6:07pm
AUD/NZD, Can anyone take a look to this pair and tell me why the EA took a sell. MACD cross is up!!! Thanks


Also the 1H william is not oversold nor overbought.. !!!
  • #1,357
  • Jun 10, 2013 6:11pm Jun 10, 2013 6:11pm
Quoting Forexaccount
AUD/NZD, Can anyone take a look to this pair and tell me why the EA took a sell. MACD cross is up!!! Thanks Also the 1H william is not oversold either overbought.. !!!
The EA is bugged.
  • #1,358
  • Jun 10, 2013 6:12pm Jun 10, 2013 6:12pm
So are you using the first one right???
  • #1,359
  • Jun 10, 2013 6:13pm Jun 10, 2013 6:13pm
Quoting Forexaccount
So are you using the first one right???
I get false signals all the time. This is why I use manual confirmation.
  • #1,360
  • Jun 10, 2013 6:18pm Jun 10, 2013 6:18pm
So, what is 100pips using?
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