Third Screen Strategy - Dr. Alexander Elder | Page 111 | Forex Factory

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Third Screen Strategy - Dr. Alexander Elder

  • #2,201
  • Jul 6, 2013 11:23am Jul 6, 2013 11:23am
Quoting Britpip7
Thought I'd break with tradition and show a chart on this thread - lots of downward pressure on cable with week MACD going negative - nice downward step pattern on H1 Waiting for a pullback for next entry short. {image}
Forget MACD cable should bounce back up a bit before then 4800 and maybe further. Check out the daily tf the clues are there.
  • #2,202
  • Jul 6, 2013 11:32am Jul 6, 2013 11:32am
Quoting claudia1
{quote} Forget MACD cable should bounce back up a bit before then 4800 and maybe further. Check out the daily tf the clues are there.
Agreed - so what chances of a bounce back up to 5000, and the a move back down to 4800 and then eventually a run at 4200?

Next few weeks should be fun
"To live with Passion, it takes Courage and Grace to survive"
  • #2,203
  • Jul 6, 2013 11:36am Jul 6, 2013 11:36am
Quoting Britpip7
{quote} Agreed - so what chances of a bounce back up to 5000, and the a move back down to 4800 and then eventually a run at 4200? Next few weeks should be fun
I think 5000 is realistic and for sure a good place for a sell. It's gone mad since this new guy taken over boe with massive moves. Who knows. I gonna keep looking for 20 pips here and there until it settles down. Although you could argue it's in a big down trend!
  • #2,204
  • Jul 6, 2013 4:27pm Jul 6, 2013 4:27pm
I found a couple of hours today to write this piece...hope that will be useful for any of you.It's quickly-made,but I think there are a couple of important things for everyone.If I wrote this in my mother's language then probably it would be much more written with better explanations.But I think it's not bad at all.
Attached File(s)
File Type: pdf Short Look At Third Screen Strategy.pdf   455 KB | 987 downloads
  • #2,205
  • Jul 6, 2013 7:19pm Jul 6, 2013 7:19pm
Quoting NikolaFX
I found a couple of hours today to write this piece...hope that will be useful for any of you.It's quickly-made,but I think there are a couple of important things for everyone.If I wrote this in my mother's language then probably it would be much more written with better explanations.But I think it's not bad at all. {image}

HI NikolaFX

Well done thanks for your efforts
I do Good I feel GoodI do Bad I feel Bad
  • #2,206
  • Jul 6, 2013 8:16pm Jul 6, 2013 8:16pm
Quoting NikolaFX
I found a couple of hours today to write this piece...hope that will be useful for any of you.It's quickly-made,but I think there are a couple of important things for everyone.If I wrote this in my mother's language then probably it would be much more written with better explanations.But I think it's not bad at all. {image}
Thanks, NIKOLAFX... I like the info on lot size and maximum positions opened, this is, for me, the most important part of MM..

it was good of you to write all of this,

Onwards and upwards...
  • #2,207
  • Jul 7, 2013 12:28am Jul 7, 2013 12:28am
Quoting claudia1
{quote} lol yes - I don't do backtesting its silly - demo accounts are silly only useful to learn the platform maybe. Get 50k in your account risk 2% max and if you can't making a living get a job! Simple really.
I agree, to demo test successful, create a demo acct from the broker that u intend to trade live with. Set the SAME $, leverage so that it is as CLOSE as live as possible. Rem that demo has no slippages, so its good to be conservative when u have a smaller capital or u are just conservative by nature. Always set your risk to a level that is acceptable to you. since each person has different risk profile, there is no good answer to whats conservative settings vs aggressive settings. But there is a good answer to whats acct close out level or margin call level. Most brokers may offer a 80% trade close out and >90% margin call. Some even restrict to 50% trade close out and 80% margin call. Trying to select a broker itself is tedious, and I personally spent almost 3 weeks comparing various brokers looking into their spreads, execution speeds, instruments available etc, just to decide on one

Even when decided, trade with micro lots (if broker does not support micro lots, try other brokers) on their DEMO, HAVE PATIENCE, draw up a rough trading plan, use myfxbook to help u analyse your trades. Revised your trading plan to fit what u feel most comfortable and your observations of how EA will behave.
Unless that EA was created by GOD himself, no EA EVER created by man is ever give u 100% profitability with EVERY trade.

if your observation told u that ea is not performing, first examine, your trading plan, if u are over-leveraging, do you consider basket close to keep more profits, (YA it may killed off some trades b4 they"matured"), etc b4 deciding whether EA shld be discarded.

Creating a demo with $100K and then using same settings on a $5k acct, is not that wise, unless the proportion is the same. That is, if u are using 1% of acct equity/acct balance/free margin etc to create trades, then applying that to a smaller acct (assuming u didnt assume a higher risk%) may be ok (provided other conditions such as number of pairs, spreads, slippages, etc are taken into acct). If u wanted to test how EA handles certain currency pairs, (as per 100pips post he had recommend a few pairs which worked best), u can have $100k in your demo. But if u want to translate it to live, its best to create another demo closed to your actual live acct size. Based on $100K and you had like 20 pairs and 8 max trades/pair to trade. U may set 1% per trade but u may not have margin call or closed out level. Used those same proportions on a $5k acct and u quickly realised that having 20pairs, 8 max trades per pair, and still using 1% may still hit closed out/margin call

Use myfxbook acct alert settings to set eg drawdown > 50%, (eg if broker has a 80% close out level), to further enforced those tight rules and then closely monitored your demo accts. YA, as they said, Batteries NOT included, and Caveat Emptor
  • #2,208
  • Jul 7, 2013 2:39am Jul 7, 2013 2:39am
Soccerfan!

Great job! I remember earlier last week your percentage in your siggy was around 5% and now its at 33%! Great work!

I also gained roughly 30% on my micro live account this week as well. Pip on!
I love forex. One day it will love me back.
  • #2,209
  • Jul 7, 2013 11:42am Jul 7, 2013 11:42am
Quoting Indrek
{quote} You are absolutely right, Toranaga. Trading is anyway a hard manual job and there is no direct way to become rich without contributing huge time and effort. Besides, I backtested the EA on some pairs (the pairs that 100pip mentioned as best). With the mainstream settings of this thread (max 8 positions per pair taken authomatically and permanently), I saw big drawdown during 2012. If trading 10 pairs, you would lost many accounts easily. Only during last 3-4 months the EA has performed well, due to special market conditions. Once again:...
I don't mean to come across rude but I really can't agree with what you're saying about this strategy only working in the past 3-4 months due to "special market conditions"... What exactly do you mean by that? And can you explain HOW I've experienced the following results since August 2011 - Present using this strategy? http://www.forexfactory.com/showthre...11#post6577111

Just look at the EUR/AUD, GBP/AUD, GBP/NZD, USD/JPY, AUD/JPY, CAD/JPY, NZD/JPY, AUD/NZD charts for example during the past 12-24 months...
Attached Image (click to enlarge)
Click to Enlarge Name: GA_Weekly.png Size: 137 KB
  • #2,210
  • Edited 12:34pm Jul 7, 2013 11:49am | Edited 12:34pm
Quoting 100PipsADay
{quote} I don't mean to come across rude but I really can't agree with what you're saying about this strategy only working in the past 3-4 months due to "special market conditions"... What exactly do you mean by that? And can you explain HOW I've experienced the following results since August 2011 - Present using this strategy? http://www.forexfactory.com/showthre...11#post6577111 Just look at the EUR/AUD, GBP/AUD, GBP/NZD, USD/JPY, AUD/JPY, CAD/JPY, NZD/JPY, AUD/NZD charts for example during the past 12-24 months... {image}...
I was not speaking about the strategy but the EA if it is left alone. In all of my posts I have said that I like the system but it needs attention and discretion just like any other system.
EA and strategy are two totally different things and trading hourly/daily charts does not need an EA at all if a trader takes trading seriously. But if using an EA then the trader has to add his own skill and understanding to what the robot is doing.
  • #2,211
  • Jul 7, 2013 11:56am Jul 7, 2013 11:56am
Quoting Indrek
{quote} I was not speaking about the strategy but the EA if it is left alone. I have in all my posts said that I like the system but it needs attention and discretion as any system. EA and strategy are two totally different things and trading hourly/daily charts does not need an EA at all if a trader takes trading seriously. But if using an EA then the trader has add his own skill and understanding to what the robot is doing.
I completely understand what you're saying Indrek, my apologies for the confusion.

**Most of you know that I am also a firm believer in "human intervention" every so often and do not rely solely on the EA.
  • #2,212
  • Jul 7, 2013 12:02pm Jul 7, 2013 12:02pm
Quoting 100PipsADay
{quote} I completely understand what you're saying Indrek, my apologies for the confusion. **Most of you know that I am also a firm believer in "human intervention" every so often and do not rely solely on the EA.
  • #2,213
  • Jul 7, 2013 12:12pm Jul 7, 2013 12:12pm
Hi 100 pips

When are going to show the latest results for the 5 k live account? doent seen they are updated on a regular basis.
Making money is easy,losing money is easier
  • #2,214
  • Jul 7, 2013 1:01pm Jul 7, 2013 1:01pm
Many thanks people,that is why we are here.
Quote
Offshore soccerfan
  • #2,215
  • Jul 7, 2013 7:58pm Jul 7, 2013 7:58pm
If we were to apply the TP,SL and max open positions for a pair at 8 (parameters taken from pips 20/50 strategy) the max drawdown equals to 30240 pips. I'd like to know if someone has substantial overtime data on how many positions I average you open, to create a risk profile
  • #2,216
  • Jul 8, 2013 12:26am Jul 8, 2013 12:26am
Quoting Singha83
Soccerfan! Great job! I remember earlier last week your percentage in your siggy was around 5% and now its at 33%! Great work! I also gained roughly 30% on my micro live account this week as well. Pip on!
Thanks for your kind words, SINGHA83...well done to you too..!! I need to stick to the rules as well as using a huge dose of sense and patience too,.!!

Got to remember to be grateful to the Guys on here for passing on their expertise, of course.

Thanks all
Onwards and upwards...
  • #2,217
  • Edited 9:32pm Jul 8, 2013 6:47am | Edited 9:32pm
Hi again, the GBP/USD is looking good for a sell now ( U.K. time midday ish on monday 8 th July..)


...S/L 200 TP 400...fingers crossed....
Attached Image (click to enlarge)
Click to Enlarge Name: july 8 1.png Size: 222 KB
Onwards and upwards...
  • #2,218
  • Jul 8, 2013 7:51am Jul 8, 2013 7:51am
Quoting soccerfan
Hi again, the GBP/USD is looking good for a sell now ( U.K. time midday ish on monday 8 th July..) {image} ...S/L 200 TP 400...fingers crossed....
If to follow the rules mechanically then yes. But using some discretion I would wait for bigger retracement to near 1.5 level at least. Break of EMA50 on hourly chart would be appreciated
  • #2,219
  • Jul 8, 2013 8:30am Jul 8, 2013 8:30am
Quoting soccerfan
Hi again, the GBP/USD is looking good for a sell now ( U.K. time midday ish on monday 8 th July..) {image} ...S/L 200 TP 400...fingers crossed....
When I see 1 hour charts with the MACD showing, I am reminded of this famous sport quote

Frank Layden, on a former player:

“I told him, Son, what is it with you: Is it ignorance or apathy?’

He said, ” ‘Coach, I don’t know and I don’t care.’”
It takes a lot for me to IGNORE you, but you can try.
  • #2,220
  • Jul 8, 2013 9:17am Jul 8, 2013 9:17am
Just wondering is anyone using the Demo#2 TP and SL parameters on there Live accounts? Just wondeing if I should use this instead of the general TP and SL. The SL are in most cases a lil tighter and TP has more room for profit. 100PipsADay have you thought about using these parameters on your live accounts? Or are you wanting to demo for a set number of months before trying on the live accounts?
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