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Third Screen Strategy - Dr. Alexander Elder

  • #1,681
  • Edited 9:21pm Jun 17, 2013 9:00pm | Edited 9:21pm
I'm seeing a ton of PA that is supposed to indicate a reversal, yet it seems that we've been wrong about every trade so far, and that the main trends are still in play.

EDIT:

EURAUD and GBPAUD SL are about to be taken out....
  • #1,682
  • Jun 17, 2013 9:35pm Jun 17, 2013 9:35pm
Quoting Tok
I'm seeing a ton of PA that is supposed to indicate a reversal, yet it seems that we've been wrong about every trade so far, and that the main trends are still in play. EDIT: EURAUD and GBPAUD SL are about to be taken out....
I feel ya there. I went long on NZD/USD and AUD/USD a few days ago. the MACD turned up and the candles looked good. But they still aren't doing so hot right now. And I also went short on GBP/AUD and same story. I did admit earlier that I might have made a mistake on the GBP/USD entry but I was really confident on the NZD/USD and AUD/USD pairs. I think what gives me a mini heart attack is my broker software. For example, If I have 4 positions open and it a pair moves say 40 pips. 40 pips is not a huge move to swing trading but in my broker software i see a 160 pip move. But then I look up at each position and realize the pair didn't move so much after all. I will admit patience is the hardest part for me but I hangin in there. The good thing is, if the trend DOES in fact continue we can hop back on and land some more pips. I'll take EITHER trend any day over a ranging market

BUT alas, I shall leave them alone. The past two mondays when I went to bed I was way in draw down and when I woke up was looking awesome so I am hoping for the best.

Since we are swing trading I look at what my account did for the month rather than day to day. That said, my account is still looking good and we have lots more time till the end of the month.
  • #1,683
  • Jun 17, 2013 11:29pm Jun 17, 2013 11:29pm
CAD/JPY - Interesting candle pattern with MACD heading down and PA looking to bounce away from the 200EMA (not part of this approach) - Not sure I would look to take anything short on this on the Williams H1 - possible candidate for disabling the EA and waiting for PASR to follow through and confirm.
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"To live with Passion, it takes Courage and Grace to survive"
  • #1,684
  • Jun 17, 2013 11:53pm Jun 17, 2013 11:53pm
Looking for AU to continue with PA using 20EMA as a dynamic resistance
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"To live with Passion, it takes Courage and Grace to survive"
  • #1,685
  • Jun 18, 2013 12:08am Jun 18, 2013 12:08am
Quoting Purec
Well ... I took another short at 1.66147 . And now I need to go . I hope tomorrow morning I have only green pips :X Have a good day .
That's enough of the language please! That will get you suspended if it's repeated. There s really no need for it.
"To live with Passion, it takes Courage and Grace to survive"
  • #1,686
  • Jun 18, 2013 12:25am Jun 18, 2013 12:25am
The reason the AUD pairs are going against us, is because of the RBA and their stance on interest rates.

Even though I told people this is exactly what would happen last week.
  • #1,687
  • Jun 18, 2013 12:30am Jun 18, 2013 12:30am
Quoting Tok
The reason the AUD pairs are going against us, is because of the RBA and their stance on interest rates. Even though I told people this is exactly what would happen last week.
I actually LOVE when pairs go against me as it gives me better entry points for more positions! As long as it doesn't move against me too much...

This is the ONLY way that our system gives buy/sell signals as we need price to move against us sooner or later in order to scale in new positions.
  • #1,688
  • Jun 18, 2013 12:33am Jun 18, 2013 12:33am
Quoting 100PipsADay
{quote} I actually LOVE when pairs go against me as it gives me better entry points for more positions! As long as it doesn't move against me too much... This is the ONLY way that our system gives buy/sell signals as we need price to move against us sooner or later in order to scale in new positions.
This is very true.

but on the other hand, what happens if you get stuck with multiple open positions on a single pair, only for it to reverse, rather than a temporary retracement? That's a whole lot of $$ gone in one go.
  • #1,689
  • Jun 18, 2013 12:36am Jun 18, 2013 12:36am
Quoting Tok
{quote} This is very true. but on the other hand, what happens if you get stuck with multiple open positions on a single pair, only for it to reverse, rather than a temporary retracement? That's a whole lot of $$ gone in one go.
Who cares? The risk is always less than the reward and my Win % is always anywhere from 50% - 80% for ALL pairs traded. So even if I have a 50% win rate with a 1:2 risk reward ratio I will always remain profitable.
  • #1,690
  • Jun 18, 2013 12:37am Jun 18, 2013 12:37am
Quoting 100PipsADay
{quote} Who cares? The risk is always less than the reward and my Win % is always anywhere from 50% - 80% for ALL pairs traded. So even if I have a 50% win rate with a 1:2 risk reward ratio I will always remain profitable.
Ahh, you're right.

So would you suggest I keep opening new positions every time price retraces back to OS/OB ? Or just keep it to 1 position per pair?
  • #1,691
  • Jun 18, 2013 12:40am Jun 18, 2013 12:40am
Quoting Tok
{quote} Ahh, you're right. So would you suggest I keep opening new positions every time price retraces back to OS/OB ? Or just keep it to 1 position per pair?
I would NEVER trade this strategy with only one position per pair, the whole point of this trend strategy is to take advantage of the trend. However, you can choose to add on new positions when you are currently in profit or you can add new positions if price goes against you. Either way I would try to get at least 4 positions per pair if possible in order to maximize profits.
  • #1,692
  • Jun 18, 2013 12:41am Jun 18, 2013 12:41am
Quoting 100PipsADay
{quote} I would NEVER trade this strategy with only one position per pair, the whole point of this trend strategy is to take advantage of the trend. However, you can choose to add on new positions when you are currently in profit or you can add new positions if price goes against you. Either way I would try to get at least 4 positions per pair if possible in order to maximize profits.
And this is ANY pair that is trending? Not just the specific 4 or so that you'd recommend the most?
  • #1,693
  • Jun 18, 2013 12:43am Jun 18, 2013 12:43am
Quoting Tok
{quote} And this is ANY pair that is trending? Not just the specific 4 or so that you'd recommend the most?
Yes, it's best to trade pairs that trend well and I have listed my top 4. However, feel free to try it out on other pairs as most pairs do end up having a few big moves every year that we can really take advantage of when opportunity presents itself.
  • #1,694
  • Jun 18, 2013 12:54am Jun 18, 2013 12:54am
Good morning everyone
100pip i see EURAUD you are sell
this is manually because you saw the PSAR and S/R ?

in my chart gives long

thanks
  • #1,695
  • Jun 18, 2013 1:00am Jun 18, 2013 1:00am
Quoting dimdel
Good morning everyone 100pip i see EURAUD you are sell this is manually because you saw the PSAR and S/R ? in my chart gives long thanks
Yes, PASR.
  • #1,696
  • Jun 18, 2013 1:06am Jun 18, 2013 1:06am
thanks
  • #1,697
  • Jun 18, 2013 1:16am Jun 18, 2013 1:16am
Quoting 100PipsADay
{quote} Yes, it's best to trade pairs that trend well and I have listed my top 4. However, feel free to try it out on other pairs as most pairs do end up having a few big moves every year that we can really take advantage of when opportunity presents itself.
It really makes me think about how much trust you must have in the system to be able to do this in big drawdowns.

If I see a large drawdown on only 1 position per pair, I'm scared to even open a new position, lol.

I will try opening multiple positions from now on.
  • #1,698
  • Jun 18, 2013 1:26am Jun 18, 2013 1:26am
TOK
do you know when a order is wrong?
  • #1,699
  • Jun 18, 2013 1:28am Jun 18, 2013 1:28am
Quoting dimdel
TOK do you know when a order is wrong?
What do you mean?
  • #1,700
  • Jun 18, 2013 1:28am Jun 18, 2013 1:28am
When you can not leave the screen even to pee
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