Third Screen Strategy - Dr. Alexander Elder | Page 81 | Forex Factory

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Third Screen Strategy - Dr. Alexander Elder

  • #1,601
  • Jun 15, 2013 11:20am Jun 15, 2013 11:20am
Hello people, I have question for 100pips. Apologies if this has been answered before. What happens in the case you are long and on daily MACD turns down? Do you exit the long and enter short? I am asking this because since 100pips uses a foreign broker allowing him to hedge we don't have that option here in USA. Can someone explain?
  • #1,602
  • Jun 15, 2013 11:29am Jun 15, 2013 11:29am
Quoting Forexaccount
Hello people, I have question for 100pips. Apologies if this has been answered before. What happens in the case you are long and on daily MACD turns down? Do you exit the long and enter short? I am asking this because since 100pips uses a foreign broker allowing him to hedge we don't have that option here in USA. Can someone explain?
If you are trading FIFO then you exit open trades, and wait for signal on hourly TF in new direction. Why wait til your SL is hit? Unless you are not looking to trade that pair any longer.
  • #1,603
  • Jun 15, 2013 12:38pm Jun 15, 2013 12:38pm
Thank you MKFXTrader, what would you do if a few days after the turn down the MACD turn up again? Do you keep with the short position already set or you you close the short and go long?

Thanks
  • #1,604
  • Jun 15, 2013 1:12pm Jun 15, 2013 1:12pm
Quoting Forexaccount
Thank you MKFXTrader, what would you do if a few days after the turn down the MACD turn up again? Do you keep with the short position already set or you you close the short and go long? Thanks
Only speak for myself when I am left in this predicament, it doesn't make sense to continue to hold a position just to see if it will hit my SL. Some times it is better to cut your losses instead of letting it continue to bleed. Hence the saying "Cut your losses short and let your profits run". Doesn't matter if you are a 1min TF scalper or a position trader, it still holds true. Hope this answers your question.

Cheers
  • #1,605
  • Jun 15, 2013 5:08pm Jun 15, 2013 5:08pm
Quoting MKFXTrader
{quote} Only speak for myself when I am left in this predicament, it doesn't make sense to continue to hold a position just to see if it will hit my SL. Some times it is better to cut your losses instead of letting it continue to bleed. Hence the saying "Cut your losses short and let your profits run". Doesn't matter if you are a 1min TF scalper or a position trader, it still holds true. Hope this answers your question. Cheers
I agree with this.

If the MACD daily trend changes, the rules of the strategy have been violated, and I am getting out of the position.
  • #1,606
  • Edited 9:22pm Jun 15, 2013 9:12pm | Edited 9:22pm
Quoting terminator12
{quote} Hi Soccerfan , Where u get #24 from .
Hi Term..if you click on "Trades" at the top of this page you will see a table of demo accounts and the weeks's performance, this is linked to the trade explorer, this trade explorer can be linked to your name and account to display the results of your trades for all to see, cheers
Onwards and upwards...
  • #1,607
  • Jun 15, 2013 9:18pm Jun 15, 2013 9:18pm
Quoting soccerfan
{quote} Hi Term..if you click on "Trades" at the top of this page you will see a table of demo accounts and the weeks's performance, this is linked to the trade explorer, this trade explorer can be linked to your name and account to display the results of your trades for all to see, Cheers
See picture, do that & then we will see your signature % each time we read a post of yours

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It takes a lot for me to IGNORE you, but you can try.
  • #1,608
  • Jun 15, 2013 9:50pm Jun 15, 2013 9:50pm
Quoting soccerfan
It doesn't make sense to me, either, I think we should ignore that post for a while...I shall keep a check next week, maybe the PC was still functioning.....next time i shall unplug it and ensure it is well and truly OFF..!! Please don't be too hard on me Guys....
Hi Soccer fan, sorry just one question, was the EA you attach to Daily chart and let it trade automatically?

Thanks for your great reply!
  • #1,609
  • Jun 16, 2013 12:24am Jun 16, 2013 12:24am
Hi arlaxlee, thanks for your question, in the quote that you have in the previous post,

I think we can all agree that the EA will NOT take trades when there is no connection ( switched off )

I believe Erebus has explained a VIRTUAL set up that may be helpful,....don't forget that there is a support thread

http://www.forexfactory.com/showthread.php?t=431719

My great Trade explorer results from last week were EA and MANUAL, thanks to all,

Regards, S
Onwards and upwards...
  • #1,610
  • Jun 16, 2013 11:07am Jun 16, 2013 11:07am
Here are my current trades/analysis for the week

USD/JPY- I am short on this. This looked like it had the potential for reverse but the Friday candle still closed heading down so I am staying short. It was in a draw down for a bit but seems to be doing ok for now. 2 positions. +290 pips

CAD/JPY- Same thing as USD/JPY. 1 position. +59 pips

AUD/USD- I am long here. The MACD crossed up the other day and the candles looked real good. I have 3 positions open on this pair now so looking for big pips! Drew down some at Friday close. +47 pips

NZD/USD- Just about the same as AUD/USD. 2 positions +88 pips

GBP/AUD- I am short on this pair. I made a mistake though. The candles did show a reversal but MACD has not crossed over yet. My trade was up on Friday but by the end of the day it had drawn down some. If it goes in my favor, then good. But if not, chalk it up as a mistake and learn from it. 1 position. -53 pips.

EUR/USD- Looking for longs here

GBP/USD- Just broke through some resistance so looking for longs here as well. Might wait a few days to see how the pair moves

Was floating around 600 pips, now down to around 430. I am confident that it will go back up. Still way in profit.

I noticed a few more pairs are fairly correlated as well so I may drop some of them later on. I like 100pips 5k account with only 4 pairs trading so I may knock my watched pairs down some more as well.
  • #1,611
  • Jun 16, 2013 1:42pm Jun 16, 2013 1:42pm
Quoting crottsinabox
Here are my current trades/analysis for the week USD/JPY- I am short on this. This looked like it had the potential for reverse but the Friday candle still closed heading down so I am staying short. It was in a draw down for a bit but seems to be doing ok for now. 2 positions. +290 pips CAD/JPY- Same thing as USD/JPY. 1 position. +59 pips AUD/USD- I am long here. The MACD crossed up the other day and the candles looked real good. I have 3 positions open on this pair now so looking for big pips! Drew down some at Friday close. +47 pips NZD/USD- Just...
Good trading Crotts. Account size is the only thing that determines how many pairs to trade at any one time.

Cheers
  • #1,612
  • Jun 16, 2013 1:51pm Jun 16, 2013 1:51pm
Quoting crottsinabox
Here are my current trades/analysis for the week

More posts like this!

less posts about how to load an ea.
  • #1,613
  • Jun 16, 2013 2:05pm Jun 16, 2013 2:05pm
Quoting crottsinabox
Here are my current trades/analysis for the week USD/JPY- I am short on this. This looked like it had the potential for reverse but the Friday candle still closed heading down so I am staying short. It was in a draw down for a bit but seems to be doing ok for now. 2 positions. +290 pips CAD/JPY- Same thing as USD/JPY. 1 position. +59 pips AUD/USD- I am long here. The MACD crossed up the other day and the candles looked real good. I have 3 positions open on this pair now so looking for big pips! Drew down some at Friday close. +47 pips NZD/USD- Just...
Nice overview and summary - nothing much to add from my chart review.

AUD and NZD pairs looking to reverse across the board.

JPY are looking to continue.

GU and EU also looking to continue.
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"To live with Passion, it takes Courage and Grace to survive"
  • #1,614
  • Jun 16, 2013 2:36pm Jun 16, 2013 2:36pm
I totally agree on focusing on about 4 of the major pairs that 100pipinator mentioned in previous posts. I imagine this would help settle some nerves for most knowing that there is plenty of profit to made made in a few pairs then over extending yourself in 9 pairs per say. Just something to think about.
  • #1,615
  • Jun 16, 2013 2:37pm Jun 16, 2013 2:37pm
My opinion :

EUR/AUD
EUR/NZD
GBP/AUD
GBP/NZD

Still want up . I think what we saw last couple of days was a retracement , not a trend reversal ( just look at weekly or monthly chart , still space to go long )

All pairs / JPY

Still short .

EUR/USD
GBP/USD

Still long

EDIT :

More detailed :

EUR/AUD - H&S at monthly chart . See by yourself . Head was on July 2012 and shoulders Ianuary 2012 and March 2013 .
EUR/NZD - Couldn't make a lower low at monthly chart . 1.49685 on August 2012 , 1.50810 on April 2013 .
GBP/AUD - Couldn't make a lower low at monthly chart in April 2013 .
GBP/NZD - I got nothing for GBP/NZD . Sorry
Make choices and don't look back !
  • #1,616
  • Jun 16, 2013 4:17pm Jun 16, 2013 4:17pm
GL this week guys. Happy trading.
  • #1,617
  • Jun 16, 2013 5:22pm Jun 16, 2013 5:22pm
Quoting MKFXTrader
GL this week guys. Happy trading.
Hi MKF,

I got already 2 buys for AUDUSD. That was the regular EA that did this.
I suppose by now, your stochastic approach should also be ready to go long.

Basically, what you try to achieve with the stochastic approach, is a better entry. A better entry results in lower drawdown.
However, the final end results will probably be similar to those who buy directly with the EA. Because all you do is : get into a position and then ride the wave for +320 pips. Whether you get in the trade 50 pips better or not, does not influence that final result.
But it is in the beginning of the trade that a smaller drawdown gives more space and is easier to live with.
  • #1,618
  • Edited 11:10pm Jun 16, 2013 9:05pm | Edited 11:10pm
Just a question, looking at the trade the EA has triggerd so far, lets look real quick at the aud/usd.

D1 was up
W% was oversold
everything looks good


Question I have though is on the daily it looks like there is some resistance at .97700 area. Please tell me if im wrong.
Now thinking about the trade rules and setting a hard TP and SL, wouldnt one look at the resistance and probable bounce and adjust the TP? Doesnt look like the full 290ish pips wont be reached. I know its a set and forget but was just curious, still learning PASR.
  • #1,619
  • Jun 17, 2013 2:01am Jun 17, 2013 2:01am
Quoting Erebus
{quote} See picture, do that & then we will see your signature % each time we read a post of yours {image}
Hi Erebus , Yes did it , I got V P S , But could not do it , will try again this week end , but it will be done ,
  • #1,620
  • Jun 17, 2013 2:53am Jun 17, 2013 2:53am
Quoting Soundz
Just a question, looking at the trade the EA has triggerd so far, lets look real quick at the aud/usd. D1 was up W% was oversold everything looks good Question I have though is on the daily it looks like there is some resistance at .97700 area. Please tell me if im wrong. Now thinking about the trade rules and setting a hard TP and SL, wouldnt one look at the resistance and probable bounce and adjust the TP? Doesnt look like the full 290ish pips wont be reached. I know its a set and forget but was just curious, still learning PASR.
You are correct.

I will probably set my TP level at that resistance.
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