Third Screen Strategy - Support

Hello fellow traders,

http://www.forexfactory.com/showthread.php?t=382032

Due to the extraordinary amount of FAQ, suggestions, recommendations, and other distracting posts to the Third Screen Strategy - Dr. Alexander Elder thread, I have opened this thread in order to assist one and all, and especially esteemed member 100_Pips_A_Day, to whom we will be forever indebted.

http://www.forexfactory.com/100pipsaday

So feel free to ask anything you need to know, there are no dumb questions, in fact, don't ask any hard questions, much easier for me & my friends!

But please, don't ask questions that have already been answered, read a bit of the thread, do a search, Google, Youtube, even read the manual.

I will add more basic information to this thread as it become clear what people really need to know or are getting stuck on.

To start with, see the picture below; this is where to put the EA (Expert Advisors) -> in the experts folder; the Indicators go in the indicator folder

Other often used folders are highlighted

Good trading to all, E.

1* In the interest of keeping my replies civilized, I have added a POLL, please vote if and when applicable, thanks

2* I notice the very first comment & compliment is from our highly esteemed member khaled_ctg and I thank him for that

http://www.forexfactory.com/khaled_ctg

He is held in high regard to due programming the very successful Expert Advisor for Third Screen Strategy, working closely with 100_Pips_A_Day

3* Adding some Indicators that I commonly use

Great Job Erebus !!!!!!!!!!!

Subscribed!

Thanks Erebus for your help. Feel free to add the Third Screen Strategy EA and any / all files you feel may help if you want.

Great job Erebus. This is really appreciated.
Thanks a lot

Hello,

This post will be relevant only in the current time, only the future will bear out any comments

You may have noticed in this Post http://www.forexfactory.com/showthre...54#post6741254

that 100_Pips mentions he has closed short trades on the AUD-USD, and is looking for long trades, you can read his reasons there.

I agree with the profit taking, the AUD-USD has had a quick trip down, and a retracement is certainly on the cards.

But I am experimenting with an additional filter to screen out bad trades

As this is a longer term strategy, and the Turtles were the most successful long term traders ever

Why not do what they did? Or at least incorporate it into our charting and thinking?

You can see on this chart, the MACD has gone blue, but I am seeing just a bit of red again

For me, going long now is bottom picking, I will not look for long signal until the Turtle Channel is broken

Your thoughts?

In addition to the last post where I mention screening trade signals, and more to the point - screening for TREND - this is how it can be used

Of course, patience is of the essence, but then so is persevering precious capital (PPC)

So, in this situation we have early warning for trade by observing the MACD crossing the center line as in 100_Pips original posting

For me, yes, it has had a great trend up, but not in the business of picking tops or bottoms, give me the middle of the trend any day

Today seems to be a reversal day but we had similar situation last week, remember?

We shall see how it pans out, if it reverses, we wait for long signals

Many thanks EREBUS for this support, I would love your opinion on the entry technique EA versus MANUAL.

I have read the ELDER info and have my own way...BUT I have not seen any (??) questions by newbies and wonder if I am doing it the Erebus/100 pips way)

I have noticed The EA trades are minus today as they have traded too early

Thanks for your help.....

Absolutely, manual entry is great, use it if you are more comfortable; especially if you need to control your risk by limiting your number of positions and are able to monitor the charts during Europe & going into USA opens.

One thing that was suggested was to have the EA running but in the settings, have it ask for confirmation; you can control whether or not the trade is taken or not.

Also, set the EA to smallest position size, 0.01 probably, in case 1 gets past you, or you may just open it like that as a "feeler" trade with minimum risk.

I think you can adjust the position size when the pop up appears for the confirmation, or you can enter a completely separate manual trade if looks good set up.

I plan to monitor my trades, manually enter, adjust the stops using more trailing style than target, and watch the Turtle Channel lines, will post how that works!

Regards, E.

Hope that helps, E.

This post references the manual entries of last few posts and a post on the main thread, where it was mentioned that the YEN pairs are reversing.

Now, if you are not in a YEN trade from higher up, looking for an entry, see the Daily & 1 Hour charts below

Price is approaching both the 50% of last week's range and the Average Daily High, USA opens in an hour or so

Now, I not saying to trade, but seems to me that if your analysis thus far says to sell, seems to me that a Limit Order might be fairly safe

The NZD-JPY is similar situation but not so much the GBP & EUR / JPY

As always, take caution, PPC at all times

E.

Thanks for your answers...

The charts and screenshots are a great help and very descriptive...I shall refer back to them a few times,

it is a bit difficult for me as I am away from the PC during trade hours, it does not help that New York opens at my bedtime,

I shall continue to use a trail entry on the HOUR chart, up dating every few hours, or when I can,

I have quoted from Post One """"" immediately place an order to sell short below the low of the latest price bar."""

Thanks vvvvvvvv much. Socc...

P.S. box ticked..!!

Erebus . Where brilliant risk indicator go to , Not custom indicator ? Script?

Yes, it is Script, and you need to put in an extra zero for the Points

100 points is 10 pips, 1000 points is 100 pips and so on

E.

Erebus , Did put in Script , But sorry i don't understand what does it do , Parameter does appear say $5 . Must i put it in every chart or leave it in Script and please explain , Thanks Sorry to worry u .

First things first, been away all day, I know this not TA or trade advise column, but refer to the chart a few posts back

I gave a price action set up with resistance for the AUD-JPY, I entered at round number 93.50 with a profit target of 300 pips

As you can see, that was hit today

E.

Yes, it does say $5 as a Default

It is an INPUT - you need to enter the dollar amount you wish to risk per trade

You have to do the math, if it is only 1 trade, and you wish to risk 1% of a $10,000 account, enter 100

Now, if you plan to let the EA take maximum of 4 trades on this chart, then you would enter 25 (100/4)

For the point risk, this is the stop loss you are using in pips plus an extra zero

Nominal stop for the method is 160, so you would enter 1600

Click OK, and you will get the trade size calculated for you, try entering different pips, you will soon see how it works

Now, depending on the base currency of your account, trade size will vary with various crosses

Say it is a USD or AUD account, you will find pairs with those included will be the same, but YEN pairs will be different

And as all the exchange rates vary as we know, the trade size will also vary

Hope that helps, don't forget to answer the poll

Thank you for this thread! As a new trader I have lots of question. I know it is tough on the seasoned to keep answering the same questions over and over. I've been slapped a couple of times for asking a dumb question. For me I thought it was good question. Don't know what I don't know. I am reading and learning as fast as I can but sometimes I am just missing something from what I am reading. It maybe answered later but some of these threads have thousands of posts.

I have no questions today but thank you again for giving us less seasoned traders a safer place to grow up.

Yiasou Erebus, where would i be able to find the "turtle trading channel" indicator?

How do you set the Ea up to get it to trail the stop by 100 pips? I looked in the properties and entered 3 in the TS method , is that all I have to do or is there other adjustments that must be made? Thanks

Hi Erebus, 'though this is TSS Thread Support I think with 20ema&50ema filter you can have quite the same filtering method of turtle channel breakout, don't you think ?

ABSOLUTELY

I have been watching this for sure, comparing all 3 methods

I may commission TCO to program an EA for me using the Turtle Channel as the trend filter on the Daily chart

And still use the W%R on the 1 Hour chart as trade entry trigger

You can easily apply both to your charts, as I have in the examples below

I highlighted the price area below the 20/50, then zoomed in on the 1 Hour to see the W%R

The 20/50 EMA method here gives a 100 to 150 pip better entry, depending on the settings, but Turtle is pretty safe entry

No problem, ask any question or comment on any trading method you like in this thread

But please, no scalping suggestions