Third Screen Strategy - Dr. Alexander Elder | Page 102 | Forex Factory

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Third Screen Strategy - Dr. Alexander Elder

  • #2,021
  • Jun 28, 2013 7:53am Jun 28, 2013 7:53am
Hello,

I have a question that has not been asked before that is geared towards 100PipsADay. Would be thankful if you could answer. How do you come up with your stoploss and take profit? In other words if I am testing a new currrency using this strategy, what is the best way to esitmate a good SL and TP? It seems like use use trail and error on demo accounts, and keep trying till you find a good match. I guess the question is where do you start with, at using a TP and SL? Do you use a calculation from ATR? Do you find the daily volatility for the last couple days as a SL? Just curious. Thank you.
  • #2,022
  • Jun 28, 2013 8:42am Jun 28, 2013 8:42am
Forgive me if this question already asked. What tineframe is MACD signal used?
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  • #2,023
  • Jun 28, 2013 8:43am Jun 28, 2013 8:43am
Quoting xlitang
Forgive me if this question already asked. What tineframe is MACD signal used?
Daily
KISS - Keep It Simple Smart !!!!
  • #2,024
  • Jun 28, 2013 8:48am Jun 28, 2013 8:48am

Khaled, I have a question for you. If you put 0 hours in delay, how often will an order be placed? What is the minimum time? Every pip a new order will be placed, or every 10 seconds, etc?

  • #2,025
  • Jun 28, 2013 8:56am Jun 28, 2013 8:56am
Quoting DrNoStopLoss
Khaled, I have a question for you. If you put 0 hours in delay, how often will an order be placed? What is the minimum time? Every pip a new order will be placed, or every 10 seconds, etc?
0 indicates that no delay. Theoretically if you set delay hour 0 then it should open positions for each pips subject to meet the required conditions.
You can try it practically. All these indicate that minimum delay hour is 1.
KISS - Keep It Simple Smart !!!!
  • #2,026
  • Jun 28, 2013 9:31am Jun 28, 2013 9:31am
Quoting DrNoStopLoss
First off I want to say how thankful I am for finding this forum. I have read the thread, and do not question its performance. I am thankfull to 100PipsADay for sharing his method and his Free EA. I have a question, on how this EA is working. I am wondering if there are still bugs or am I reading the indicators wrong? The reason I ask is because when NFP came out AUD got weak. We all know this much. But there was a clear signal for a buy since MACD daily was above 0 and Williams%R was oversold. With this in mind I should have had a buy when I loaded...

Khaled, this is my last question for you since you designed the EA. This is the most important one. I have tried asking on the supporting thread, but no one knows. This was post #1953. I know you designed the awesome EA, but I am just wondering if there is something in the code, or am I missing something. Can you please explain the above post? Many, many thanks again for all your hard work.

  • #2,027
  • Jun 28, 2013 10:27am Jun 28, 2013 10:27am
Hi Khalid

I have done what you said i closed mt4 down i changed the macd3ss file with no number attached i also changed the ea file name with no number attached.

I am still not getting the red or green arrow in the top left.
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Making money is easy,losing money is easier
  • #2,028
  • Jun 28, 2013 10:30am Jun 28, 2013 10:30am
Quoting Stompe
Hi Khalid I have done what you said i closed mt4 down i changed the macd3ss file with no number attached i also changed the ea file name with no number attached. I am still not getting the red or green arrow in the top left. {image}
Then definitely you are using wrong version of EA. Check your Journal or Expert tab of MT4 terminal to see possible errors.
KISS - Keep It Simple Smart !!!!
  • #2,029
  • Jun 28, 2013 10:34am Jun 28, 2013 10:34am
Quoting khaled_ctg
{quote} Then definitely you are using wrong version of EA. Check your Journal or Expert tab of MT4 terminal to see possible errors.
Okay will do. So maybe the EA I am using is wrong version, but the concept I am thinking is right. Buy above 0 on MACD and when H1 Williams %R is OS. That is it.
  • #2,030
  • Jun 28, 2013 10:46am Jun 28, 2013 10:46am
Quoting DrNoStopLoss
{quote} Khaled, this is my last question for you since you designed the EA. This is the most important one. I have tried asking on the supporting thread, but no one knows. This was post #1953. I know you designed the awesome EA, but I am just wondering if there is something in the code, or am I missing something. Can you please explain the above post? Many, many thanks again for all your hard work.
Most probably at that time your chart was not properly updated with current data. Hope now you are not experiencing same problem.
The logic behind the EA is : Long position when D1 MACD shows blue histogram and WPR H1 hit Over Sold area (<-20) and Short for opposite.
Thats all.
KISS - Keep It Simple Smart !!!!
  • #2,031
  • Jun 28, 2013 11:00am Jun 28, 2013 11:00am
Hi Khalid and 100 pips

I am using the correct ea its the one 100pips game me.

I have found the problem i downloaded the ea and macd3ss using google chrome. i cleared them from my files and downloaded the ea and macd3ss using explorer, i loaded them in the same way and guess what it works fine. I know it should not make any difference but it has , 3 days of frustration all because i have been downloading from g chrome.

Thank you very much for your help, I Carnot thank you both enough.

Cheers
Making money is easy,losing money is easier
  • #2,032
  • Jun 28, 2013 11:06am Jun 28, 2013 11:06am
Quoting Stompe
Hi Khalid and 100 pips I am using the correct ea its the one 100pips game me. I have found the problem i downloaded the ea and macd3ss using google chrome. i cleared them from my files and downloaded the ea and macd3ss using explorer, i loaded them in the same way and guess what it works fine. I know it should not make any difference but it has , 3 days of frustration all because i have been downloading from g chrome. Thank you very much for your help, I Carnot thank you both enough. Cheers
I use Chrome so I doubt if that was the problem, just saying first I ever heard of that on this forum

Good luck
It takes a lot for me to IGNORE you, but you can try.
  • #2,033
  • Jun 28, 2013 11:44am Jun 28, 2013 11:44am
Quoting DrNoStopLoss
Hello, I have a question that has not been asked before that is geared towards 100PipsADay. Would be thankful if you could answer. How do you come up with your stoploss and take profit? In other words if I am testing a new currrency using this strategy, what is the best way to esitmate a good SL and TP? It seems like use use trail and error on demo accounts, and keep trying till you find a good match. I guess the question is where do you start with, at using a TP and SL? Do you use a calculation from ATR? Do you find the daily volatility for the...
I have done a lot of trial and error during the past 2 years but there is no exact formula. If your'e testing a new currency then feel free to try and use ATR for figuring out what SL & TP to use.

You mind me asking which currency you are testing?
  • #2,034
  • Jun 28, 2013 12:23pm Jun 28, 2013 12:23pm
Hi erebus,

I know it sounds crazy, no logical explanation for it but as soon as i downloaded using explorer works like it supposed too.

One of life's mystery . i downloaded the ea 7 times using chrome very frustrating.

Anyway thanks for you input.

Making money is easy,losing money is easier
  • #2,035
  • Jun 28, 2013 12:31pm Jun 28, 2013 12:31pm
Quoting khaled_ctg
{quote} Most probably at that time your chart was not properly updated with current data. Hope now you are not experiencing same problem. The logic behind the EA is : Long position when D1 MACD shows blue histogram and WPR H1 hit Over Sold area (<-20) and Short for opposite. Thats all.

In post 10 100Pips using MACD crossover, is EA not using the same method?
Follow me to the Promised Land
  • #2,036
  • Jun 28, 2013 12:36pm Jun 28, 2013 12:36pm
Quoting xlitang
{quote} In post 10 100Pips using MACD crossover, is EA not using the same method?
It really doesn't matter as there won't be any more than a day or so difference in time if using cross over or histogram. Don't worry about it
  • #2,037
  • Jun 28, 2013 12:37pm Jun 28, 2013 12:37pm
Quoting 100PipsADay
{quote} I have done a lot of trial and error during the past 2 years but there is no exact formula. If your'e testing a new currency then feel free to try and use ATR for figuring out what SL & TP to use. You mind me asking which currency you are testing?

What ATR do you use? 14 setting? I am not sure what currencies I will use, but most likely ones with tight spreads, and pairs that ranges very well. Have you thought about trying different pairs? I'll let you know what I experience good and bad after I demo for awhile. Maybe I'll throw a bunch of pairs on a demo account for a few months, and then study them individually to see how it performs.
  • #2,038
  • Jun 28, 2013 12:40pm Jun 28, 2013 12:40pm
Quoting DrNoStopLoss
{quote} What ATR do you use? 14 setting? I am not sure what currencies I will use, but most likely ones with tight spreads, and pairs that ranges very well. Have you thought about trying different pairs? I'll let you know what I experience good and bad after I demo for awhile. Maybe I'll throw a bunch of pairs on a demo account for a few months, and then study them individually to see how it performs.
Take ATR for the past year, 6 months, 3 months, 1 month, and 2 weeks and find your average.

I've tried lots of other pairs with different settings and have already come to my own conclusion that EUR/AUD, GBP/AUD, AUD/JPY, NZD/JPY, and CAD/JPY tend to work best with this system. Also, EUR/CAD, AUD/USD, and NZD/USD work nicely. I guess it all boils down to personal preference but there is definitely no need to try and reinvent the wheel...

Let me know how your testing goes Doc
  • #2,039
  • Jun 28, 2013 1:53pm Jun 28, 2013 1:53pm
Quoting 100PipsADay
{quote} Take ATR for the past year, 6 months, 3 months, 1 month, and 2 weeks and find your average. I've tried lots of other pairs with different settings and have already come to my own conclusion that EUR/AUD, GBP/AUD, AUD/JPY, NZD/JPY, and CAD/JPY tend to work best with this system. Also, EUR/CAD, AUD/USD, and NZD/USD work nicely. I guess it all boils down to personal preference but there is definitely no need to try and reinvent the wheel... Let me know how your testing goes Doc
Will do brother.
  • #2,040
  • Jun 28, 2013 2:02pm Jun 28, 2013 2:02pm
I closed my gbpjpy and usdJpy longs for over +200pips, I don't like to keep positions open at weekend's. Overall around + 340 pips for this week Spending less than 20 mins screentime. Not bad, eh?
Too busy with my car hire business so not really daytrading at the moment. Another profitable week for me. Have a good weekend!
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