Third Screen Strategy - Dr. Alexander Elder | Page 73 | Forex Factory

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Third Screen Strategy - Dr. Alexander Elder

  • #1,441
  • Jun 11, 2013 7:44pm Jun 11, 2013 7:44pm
Taking loss (If) is a part of the game. Simple.
And you have to have nerves to play this game.
How to opt out annoying user signatures ??
  • #1,442
  • Jun 11, 2013 8:08pm Jun 11, 2013 8:08pm
Quoting Toranaga
Taking loss (If) is a part of the game. Simple. And you have to have nerves to play this game.
I like this. I will try to remember it.
  • #1,443
  • Jun 11, 2013 8:50pm Jun 11, 2013 8:50pm
Quoting 100PipsADay
1st Attachment - Recently Closed Positions 2nd Attachment - Current Open Positions 3rd Attachment - Current Balance & Equity Current Balance is up about $200 and Equity is up a little over $900 in the past couple of days. Not bad... {image} {image} {image}
Hi 100pips or someone, Just wanted to ask and understand why the position of CADJPY was opened at 9399 when W% was in OS on the 5k account. Am I missing some thing or is there any extra analysis needed? Thanks
  • #1,444
  • Jun 11, 2013 9:46pm Jun 11, 2013 9:46pm
Quoting Jalby
{quote} Hi 100pips or someone, Just wanted to ask and understand why the position of CADJPY was opened at 9399 when W% was in OS on the 5k account. Am I missing some thing or is there any extra analysis needed? Thanks
The problem with his trade display - it does not show time & day of entry, only the price

Also, he said there may be confusion due to the FIFO rules of USA brokers

Please search for FIFO in case you do not already know what it is

I believe this trade was entered on June 7

He first mentioned this account on June 10

This trade was already showing, go back and read the post, I did

The next time price of 93.993 was on June 11 which is what you see

Please tell me if this could be wrong, study the chart first

Thanks E.

Attached Image (click to enlarge)
Click to Enlarge Name: 0082.png Size: 40 KB
It takes a lot for me to IGNORE you, but you can try.
  • #1,445
  • Jun 11, 2013 10:44pm Jun 11, 2013 10:44pm
Quoting Tok
Do you guys suggest I get out of AUDUSD and other AUD/NZD pairs? I'm positive on them all (except for AUDUSD), so leaving now would give me profit. Or perhaps JUST get out of AUDUSD? EDIT: Forget it. Closed all my positions out. I see the hammers/Inverted hammers all over the AUD/NZD pairs, and I'd rather end up in a slight profit than in a deficit. Closed all AUD/NZD crosses. Let's see what happens. Hopefully we can catch a reversal. What a week
Take it easy mate...! There will be other set ups,....

You have asked some great questions on this thread and many newbies have learned from your input...well done,

You are in great company, with some great guys here.

I notice on your profile that you are in Oz...where abouts are you and how are you going with the time zone problems..??
Onwards and upwards...
  • #1,446
  • Jun 11, 2013 10:54pm Jun 11, 2013 10:54pm
Quoting soccerfan
{quote} Take it easy mate...! There will be other set ups,.... You have asked some great questions on this thread and many newbies have learned from your input...well done, You are in great company, with some great guys here. I notice on your profile that you are in Oz...where abouts are you and how are you going with the time zone problems..??
I'm in Melbourne and due to my schedule, I'm in front of the computer and have access to all time zones.

I stay up and work hard as It is my vision to live off trading.
  • #1,447
  • Jun 11, 2013 10:57pm Jun 11, 2013 10:57pm
Quoting Erebus
{quote} The problem with his trade display - it does not show time & day of entry, only the price Also, he said there may be confusion due to the FIFO rules of USA brokers Please search for FIFO in case you do not already know what it is I believe this trade was entered on June 7 He first mentioned this account on June 10 This trade was already showing, go back and read the post, I did The next time price of 93.993 was on June 11 which is what you see Please tell me if this could be wrong, study the chart first Thanks E. {image}
Thanks E, I did go back and study when last time the price ventured to that level, but what you mentioned does make sense, time delay. Many thanks for time in explaining. I do read the threads over and over before I ask over answered questions. I can see how frustrating it is for learned reads, contributors and traders.

Many thanks again for yours and teachers time, of the strategy and thread participants. I am happy and thrilled about the 2 strategies from 100pips.
  • #1,448
  • Jun 11, 2013 11:02pm Jun 11, 2013 11:02pm
Quoting Tok
{quote} I'm in Melbourne and due to my schedule, I'm in front of the computer and have access to all time zones. I stay up and work hard as It is my vision to live off trading.
How long do you sit in front of the charts during the day?
  • #1,449
  • Jun 11, 2013 11:07pm Jun 11, 2013 11:07pm
Quoting crottsinabox
{quote} How long do you sit in front of the charts during the day?
Estimated figure would be 16 hours a day.

Unnecessary? Perhaps. But I feel like the more I stare at these charts, the more I learn about how the markets work, and the more experience I gain. In the end, I get closer to achieving my vision.
  • #1,450
  • Jun 11, 2013 11:11pm Jun 11, 2013 11:11pm
Quoting Tok
{quote} I am so confused. I thought this is what you guys were hinting at? I thought this was the correct course of action, considering everything you said, combined with what PA was showing. Are you saying I should have stayed in and taken a likely loss ?
Hey man - no problem with having trouble with this method/patience and becoming a scalper. That is my mode of operation on a daily basis. However, just as I did to find success in scalping, I am attempting to do here to run a longer term strategy on the side - follow the structure (plan) of someone who has found success and who has graciously given their time, effort, and strategy to mentor us.

That means taking the trades without fear or your own bias. Your trade plan right now should not include excuses for why you let your fear overcome your plan - "hammers all over the place", "slight profit instead of a [definite] loss" "taken the likely loss". These are excuses, not reasons, for not following a structured plan of action.

And its natural, I completely understand - I still do it on occasion, but its a dangerous road, and will lead to nowhere. We all start trading because its the infinite freedom - no boss, no schedule, wear your pajamas and eat cereal all day at your desk (and other reasons, but I'm sure many include freedom high up on the list). But the first and most crucial realization in this profession (in my opinion) is the following: what otherwise would have been structured for you had you chosen to be employeed by someone else, now needs to be BOTH created and enforced by yourself. Your plan is all you have in between you and gambling.

What does this have to do with 100Pips, this thread, this strategy, this EA? Well, again, someone has been gracious enough to provide a structure for you - you simply need to follow it. Perhaps over time you can develop rules for "hammers at previous support" as an exit strategy and build this into your personalized, structured view of the market. But in the meantime, you need to resist the urge to create the structure, and merely enforce the following of that structure. Perhaps you ultimately find that the structure provided here isn't working for you, but nothing will ever work for you (or anyone) if you can't follow the plan as created. This does not mean either that plans don't change, but they don't change out of fear when positions are open. They change out of moments of rational behaviour, when nothing is on the line.

For me, I haven't looked at chart with a time frame over 5 minutes in about 2 years, so I can guarantee that 100 pips (and others here) have a better conceptual and actionable understanding of trading hourly and certainly daily charts than I! So just give it a shot. Closing for "small profits" feels good at the moment, but the problem is, "small profits" will never afford 160 pip stop losses, because I highly doubt that you would be willing to close positions for a "small loss" with such ease as you closed the trade for a "small profit".

AS FOR THE CHARTS, I have to say this couldn't have been a more beautiful entry (AUTOtrader) on the Euro. [just realized I forgot to turn the trail stop off on the Euro EA].
http://charts.mql5.com/1/775/eurusd-...rectdealer.png
Small disciplines repeated with consistency lead to great achievements.
  • #1,451
  • Jun 11, 2013 11:16pm Jun 11, 2013 11:16pm
WOW! haha

Don't get me wrong. I am all about hard work to achieve your goals. Respect the hustle. But in my opinion, that is way too much time spent in front of the charts. If I had to add up the time I spent all last week actually checking the charts for trades, it would be around 4-5 hours for the week. And then I spend a few hours here and there reading on price action, various threads on here and babypips, and seeing what others are trading.

I know how you feel about the trades moving against you. I check to see how my trades are doing on my phone while I am on break at work. Earlier I watched it fall like 300 pips. But all I did was close the broker's app and go back to work and let the market do it's thing. And it, all those pips came back and then some.For me, the whole point of swing trading is to spend less time in front of the comp.

I have a feeling you watching the charts might be psyching you out. Watching the candle move up and down can be exciting and nerve racking. I know the feeling. Guilty as charged. It's good for the body and mind to get away for a few minutes.
  • #1,452
  • Jun 11, 2013 11:23pm Jun 11, 2013 11:23pm
Quoting jmflukeiii
{quote} Hey man - no problem with having trouble with this method/patience and becoming a scalper. That is my mode of operation on a daily basis. However, just as I did to find success in scalping, I am attempting to do here to run a longer term strategy on the side - follow the structure (plan) of someone who has found success and who has graciously given their time, effort, and strategy to mentor us. That means taking the trades without fear or your own bias. Your trade plan right now should not include excuses for why you let your fear overcome...

Very insightful post for newbies such as I. I appreciate it.
  • #1,453
  • Jun 11, 2013 11:32pm Jun 11, 2013 11:32pm
Quoting crottsinabox
WOW! haha Don't get me wrong. I am all about hard work to achieve your goals. Respect the hustle. But in my opinion, that is way too much time spent in front of the charts. If I had to add up the time I spent all last week actually checking the charts for trades, it would be around 4-5 hours for the week. And then I spend a few hours here and there reading on price action, various threads on here and babypips, and seeing what others are trading. I know how you feel about the trades moving against you. I check to see how my trades are doing on my...
I think you may be correct.

I just feel that In order to succeed where others have failed, I need to work harder. And that includes watching the charts.

But then again, as you said, It could be working against me, couldn't it?
  • #1,454
  • Jun 11, 2013 11:49pm Jun 11, 2013 11:49pm
Quoting Tok
{quote} I think you may be correct. I just feel that In order to succeed where others have failed, I need to work harder. And that includes watching the charts. But then again, as you said, It could be working against me, couldn't it?
It is possible. happens to me too. I have to make myself walk away and let the trade ride. it gets a little easier every time

Take what 100pips said and try it on demo. Make a few trades according to the rules and just let them ride. Don't close them or move any stops/profits. And watch the pips add up.

Try this. (my novice take on a trade setup)

I just opened up a position on usd/jpy. daily trend appears to be strong downward still. yes a hammer did form, but right after it is a big bearish candle and MACD is still strong. 1st criteria met. Just touched overbought a few moments ago. 2nd criteria met. Trade opened short. Zoomed out to daily, weekly, and monthly charts to look for any major support/resistance. To me, everything still looks good to go short. All the work is done and it only took me less than 10 minutes to analyze it.

NOW if the trade ultimately hits SL then I will asses what happened and IF I MADE MISTAKE, just make a note of it and move on.

Any of the more experienced traders in here feel free to critique my mini analysis above. This is the way I learn best
  • #1,455
  • Jun 12, 2013 12:01am Jun 12, 2013 12:01am
Work Smart Not Hard!! Find an edge and stick with it Tok. If its this strategy or another, Simple is best
  • #1,456
  • Jun 12, 2013 1:00am Jun 12, 2013 1:00am
Though everybody is discussing about reversing of AUD pairs, I have decided to run the system as is and stick with the strategy until SL or TP hit. Lets see what happen. For this I just have started a new Trade Explorer. No intervention or no manage at all !!!

Happy trading to all.

Regards.
KISS - Keep It Simple Smart !!!!
  • #1,457
  • Jun 12, 2013 1:21am Jun 12, 2013 1:21am
Quoting khaled_ctg
Though everybody is discussing about reversing of AUD pairs, I have decided to run the system as is and stick with the strategy until SL or TP hit. Lets see what happen. For this I just have started a new Trade Explorer. No intervention or no manage at all !!! Happy trading to all. Regards.
Khaled I am same as you , Leave it till it hit , Just leave it alone , Let it work by itself .
  • #1,458
  • Jun 12, 2013 1:28am Jun 12, 2013 1:28am
Quoting Tok
{quote} I'm in Melbourne and due to my schedule, I'm in front of the computer and have access to all time zones. I stay up and work hard as It is my vision to live off trading.
Melbourne eh..??? I lived in West Footscray, now in NSW, but heading back soon, may see you around..!!
Onwards and upwards...
  • #1,459
  • Jun 12, 2013 3:09am Jun 12, 2013 3:09am
Quoting soccerfan
{quote} Melbourne eh..??? I lived in West Footscray, now in NSW, but heading back soon, may see you around..!!
Indeed
  • #1,460
  • Jun 12, 2013 3:10am Jun 12, 2013 3:10am
Quoting jmflukeiii
{quote} Hey man - no problem with having trouble with this method/patience and becoming a scalper. That is my mode of operation on a daily basis. However, just as I did to find success in scalping, I am attempting to do here to run a longer term strategy on the side - follow the structure (plan) of someone who has found success and who has graciously given their time, effort, and strategy to mentor us. That means taking the trades without fear or your own bias. Your trade plan right now should not include excuses for why you let your fear overcome...
Excellent post!
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