Third Screen Strategy - Dr. Alexander Elder | Page 126 | Forex Factory

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Third Screen Strategy - Dr. Alexander Elder

  • #2,501
  • Jul 22, 2013 6:32pm Jul 22, 2013 6:32pm
Quoting exiao
100pipsaday, I've backtested this strategy for while, but I'm still trying to figure the TP and SL for a given pair. I knew that you put out a list of TP and SL for each pair. They've given me a very good result, but I like to learn how you figured out the TP and SL. Could you show me? Thank you very much.
There isn't really any exact formula that I've used but the average daily range for each pair has the biggest influence for recommended SL & TP parameters. Feel free to try other parameters if you wish.
  • #2,502
  • Jul 22, 2013 6:33pm Jul 22, 2013 6:33pm
Quoting Fishcoo
Hi 100PipsADay What do you think about the GBPAUD and EURAUD?Most time they are similar.On the W1 chart the trend looks like still bullish.But the D1 macd show down,so i see you got some short positions on these two pairs. BR Fishcoo {image}
Hi Fishcoo,

Sorry for not getting back to you sooner, had a busy weekend.

Anyways, I'm personally still SHORT biased for both of these pairs but there is always the possibility that we are consolidating before another leg up. Hard to tell at the moment but will hold current SHORT positions for the time being.
  • #2,503
  • Jul 22, 2013 6:37pm Jul 22, 2013 6:37pm
Quoting Amirsaid
Hi 100 pips i have last questation about human intervention when shall I stop the EA 1- at rang market (no clear trend ) 2- in case of opened all 8 positions per pair ex ( EUR/JPY) has opened 8 positions I have to stop EA for E/j 3- ??? Any case else ??? Please tell me when ? Thanks in advance Amir
Hmmm....

These questions are VERY difficult to answer as this is probably the hardest part about trading - Finding Reversal in Trend

To be completely honest I just use my own judgement as best as possible using Price Action @ Support / Resistance (PASR) on the Monthly & Weekly charts as well as the 20 EMA & 50 EMA on the Daily chart.

However, the D1 MACD is main determining factor when looking to either Buy or Sell any particular pair. Sometimes it is best to just wait for SL and or TP targets to get hit and then reassess that pair to figure out what you want to do.

I wish I had a simple answer for you but there is no simple answer for the question you've asked.
  • #2,504
  • Jul 22, 2013 6:42pm Jul 22, 2013 6:42pm
Quoting DrNoStopLoss
Hi 100Pips, Here are a few non one million dollar questions. 1. Why do you use ATR (5) vs the normal (14)? 2. For Auto Pivot Indicator do you set Sundays on False? 3. Do you use daily pivots or just weekly and monthly? 4. Do you use mid ponits? I obviosly know these are just S&R lines that are nice to have on the chart, but just trying to see how you think.
Hi Dr. NoStopLoss,

1) ATR is only really used when I'm trying to figure out potential SL & TP parameters. At this point in time I could care less about ATR though as I have my own SL & TP parameters that are working quite nicely for the time being.

2) I don't use the Auto Pivot Indicator with this strategy.

3) I don't keep track of Daily, Weekly, or Monthly Pivots. Unless you are referring to Price Action @ Support / Resistance (PASR) then I do keep track of a few types of candle formations at significant levels of Support/Resistance on Monthly, Weekly, & Daily time frames.

4) Oops, looks like you were referring to Support / Resistance... Take a look at the following site to see what types of candle patterns I keep an eye on using the Monthly, Weekly, and Daily time frame: http://www.stratsforextrading.com/do...u.php?id=start (you might want to read through the entire site a few times for better understanding)

I hope this helps! Let me know if you have any other questions and I'll do my best to answer them.
  • #2,505
  • Jul 22, 2013 6:46pm Jul 22, 2013 6:46pm
Weekly, Daily, Open Position, & Overall Bias For Our Most Frequently Traded Pairs

AUD/JPY:
Weekly - Up
Daily - Up
Open Positions - Up
Overall - Up

CAD/JPY:
Weekly - Up
Daily - Up
Open Positions - Up
Overall - Up

NZD/JPY:
Weekly - Up
Daily - Up
Open Positions - Up
Overall - Up

GBP/AUD:
Weekly - Up
Daily - Down
Open Positions - Down
Overall - Down

EUR/AUD:
Weekly - Up
Daily - Down
Open Positions - Down
Overall - Down

EUR/CAD:
Weekly - Up
Daily - Down
Open Positions - Down
Overall - Down

EUR/USD:
Weekly - Up
Daily - Up
Open Positions - Up
Overall - Up

AUD/NZD:
Weekly - Down
Daily - Up
Open Positions - Up
Overall - Up

GBP/USD:
Weekly - Up
Daily - Up
Open Positions - Up
Overall - Up

GBP/NZD:
Weekly - Down
Daily - Down
Open Positions - Down
Overall - Down

NZD/USD:
Weekly - Down
Daily - Up
Open Positions - Up
Overall - Up

AUD/USD:
Weekly - Down
Daily - Up
Open Positions - Up
Overall - Up
  • #2,506
  • Jul 22, 2013 6:52pm Jul 22, 2013 6:52pm
**Current Market Conditions**

Not much to say in the way of current market direction in regards to our strategy. As you can see from current open positions price has been slowly moving in our favor these past couple of trading days and equity has hit a new all time high.

Patience is key to the success of this system. Try not to let fear or greed affect your decision making process, just stick to the rules and things should work out OK.

We are coming up on 90 days of account activity using this strategy for Demo Account #2 and results have proven to be very profitable. As stated before, I was a little aggressive at times but even if trading half of current lot sizing a 60% return in equity in 3 months is still extremely good. Nobody can complain about 20% per month...

Also, I wanted to let you folks know that I have increased Max Positions to 10-12 for ALL pairs in Demo Test #2 but am going to keep current lot sizes at 0.4 for each position until account balance reaches $300,000. This may take a little longer but I will do my best to trade this account as closely to a live account for those of you looking for proper money management when trading a live account with a "moderate / slightly aggressive" approach.

If trading live accounts please stick with 4-8 and make sure you are not over leveraging yourselves. Have had a few people contact me after blowing up their accounts due to extremely aggressive trading!
  • #2,507
  • Jul 22, 2013 6:54pm Jul 22, 2013 6:54pm
Almost forgot, I'm getting another desktop computer to compliment my current setup later next week when I head into town so I will put my Demo Test #1 back online probably sometime next week for those of you who are interested.
  • #2,508
  • Jul 22, 2013 7:08pm Jul 22, 2013 7:08pm
Quoting 100PipsADay
Weekly, Daily, Open Position, & Overall Bias For Our Most Frequently Traded Pairs AUD/JPY: Weekly - Up Daily - Up Open Positions - Up Overall - Up CAD/JPY: Weekly - Up Daily - Up Open Positions - Up Overall - Up NZD/JPY: Weekly - Up Daily - Up Open Positions - Up Overall - Up GBP/AUD: Weekly - Up Daily - Down Open Positions - Down Overall - Down EUR/AUD: Weekly - Up Daily - Down Open Positions - Down Overall - Down EUR/CAD: Weekly - Up Daily - Down Open Positions - Down Overall - Down EUR/USD: Weekly - Up Daily - Up Open Positions - Up Overall -...
Thanks for your great work.100Pips
  • #2,509
  • Jul 22, 2013 7:29pm Jul 22, 2013 7:29pm
Quoting 100PipsADay
**Current Market Conditions** Not much to say in the way of current market direction in regards to our strategy. As you can see from current open positions price has been slowly moving in our favor these past couple of trading days and equity has hit a new all time high. Patience is key to the success of this system. Try not to let fear or greed affect your decision making process, just stick to the rules and things should work out OK. We are coming up on 90 days of account activity using this strategy for Demo Account #2 and results have proven...

thanks for your post
you are the king of pips not only 100 pips
20% is v good results now a days

what about high leverage 400:1 or more like alpari give 1:500
what do you recommend for a micro 1000$ 0.02 it will be aggressive

king of pips = 100 pips
  • #2,510
  • Jul 22, 2013 7:35pm Jul 22, 2013 7:35pm
Quoting 100PipsADay
**Current Market Conditions** Not much to say in the way of current market direction in regards to our strategy. As you can see from current open positions price has been slowly moving in our favor these past couple of trading days and equity has hit a new all time high. Patience is key to the success of this system. Try not to let fear or greed affect your decision making process, just stick to the rules and things should work out OK. We are coming up on 90 days of account activity using this strategy for Demo Account #2 and results have proven...
20% per month Sounds good to me I started this system right at a big draw down but that's life

I am trading conservatively and manually and am going to stick with it only 2 lots per six hours

thanks
I do Good I feel GoodI do Bad I feel Bad
  • #2,511
  • Jul 22, 2013 8:03pm Jul 22, 2013 8:03pm
Quoting Fishcoo
{quote} Thanks for your great work.100Pips
You're welcome Fishcoo! Hope you're doing well and are making money
  • #2,512
  • Jul 22, 2013 8:09pm Jul 22, 2013 8:09pm
Quoting Amirsaid
{quote} thanks for your post you are the king of pips not only 100 pips 20% is v good results now a days what about high leverage 400:1 or more like alpari give 1:500 what do you recommend for a micro 1000$ 0.02 it will be aggressive king of pips = 100 pips
I've traded this strategy with a US broker and only 1:50 leverage, however, results were not quite as good as my Non-U.S. brokerage accounts with a little bit higher leverage and no FIFO.

1:100 is fine but if you are looking to trade more aggressively then feel free to go with 1:300 - 1:500.

Also, how many pairs do you plan on trading with the $1,000 micro account with 0.02 lot sizing?

**You may be able to trade 4 pairs at 0.01 lot sizing and with a maximum of 4-6 positions per pair. However, this may be a little risky...
  • #2,513
  • Jul 22, 2013 8:12pm Jul 22, 2013 8:12pm
Quoting Offshore
{quote} 20% per month Sounds good to me I started this system right at a big draw down but that's life I am trading conservatively and manually and am going to stick with it only 2 lots per six hours thanks
There will always be ups and downs, but with a nice 1:2 risk/reward ratio and a 50%+ win rate we stand to make more than we lose in the long run.
  • #2,514
  • Jul 22, 2013 10:06pm Jul 22, 2013 10:06pm
Quoting 100PipsADay
{quote} I've traded this strategy with a US broker and only 1:50 leverage, however, results were not quite as good as my Non-U.S. brokerage accounts with a little bit higher leverage and no FIFO. 1:100 is fine but if you are looking to trade more aggressively then feel free to go with 1:300 - 1:500. Also, how many pairs do you plan on trading with the $1,000 micro account with 0.02 lot sizing? **You may be able to trade 4 pairs at 0.01 lot sizing and with a maximum of 4-6 positions per pair. However, this may be a little risky...
Yes the FIFO rule has proved to be quite frustrating. There are a few "recovery" techniques that help with trade losses and the FIFO rule hinders that.

100pips do have a suggestion for US residents for using non-US brokers?
  • #2,515
  • Jul 22, 2013 11:40pm Jul 22, 2013 11:40pm
Quoting crottsinabox
{quote} Yes the FIFO rule has proved to be quite frustrating. There are a few "recovery" techniques that help with trade losses and the FIFO rule hinders that. 100pips do have a suggestion for US residents for using non-US brokers?
Here are 3 non-U.S. brokers that still accept U.S. clients: http://passivecashflowgridtrading.bl...ed-broker.html
  • #2,516
  • Jul 23, 2013 7:35am Jul 23, 2013 7:35am
Quoting 100PipsADay
{quote} Hi Dr. NoStopLoss, 1) ATR is only really used when I'm trying to figure out potential SL & TP parameters. At this point in time I could care less about ATR though as I have my own SL & TP parameters that are working quite nicely for the time being. 2) I don't use the Auto Pivot Indicator with this strategy. 3) I don't keep track of Daily, Weekly, or Monthly Pivots. Unless you are referring to Price Action @ Support / Resistance (PASR) then I do keep track of a few types of candle formations at significant levels of Support/Resistance on...
Hi 100 Pips, thanks for the answers. I have gone thru Strats website when you first recommended it, and even printed out a few patterns on my wall. It may take me a few months (years) to get where you’re at, but hopefully you will still be here and can recommend some good investment vehicles when I have some free cash.

  • #2,517
  • Jul 23, 2013 7:40am Jul 23, 2013 7:40am
100PipsADay, I have one question about the opening of new trades regarding the max. positions.

For example, if you have limit yourself to 10 positions and you have already 10 positions open:
Would you you open a new position (according to rules) after one of the 10 positions hit TP?
Or do you wait until either all 10 positions hit TP or SL and then reassess the situation?
What works best in your experience?
  • #2,518
  • Jul 23, 2013 7:56am Jul 23, 2013 7:56am
Quoting Olarion1975
100PipsADay, I have one question about the opening of new trades regarding the max. positions. For example, if you have limit yourself to 10 positions and you have already 10 positions open: Would you you open a new position (according to rules) after one of the 10 positions hit TP? Or do you wait until either all 10 positions hit TP or SL and then reassess the situation? What works best in your experience?
I have seen the answer to this, as it has been asked 2 or 3 times already; if you check posts by 100_pips you will find the answer

It takes a lot for me to IGNORE you, but you can try.
  • #2,519
  • Jul 23, 2013 9:59am Jul 23, 2013 9:59am
Quoting DrNoStopLoss
{quote} Hi 100 Pips, thanks for the answers. I have gone thru Strats website when you first recommended it, and even printed out a few patterns on my wall. It may take me a few months (years) to get where you’re at, but hopefully you will still be here and can recommend some good investment vehicles when I have some free cash.
I'll still be here!
  • #2,520
  • Jul 23, 2013 10:01am Jul 23, 2013 10:01am
Quoting Olarion1975
100PipsADay, I have one question about the opening of new trades regarding the max. positions. For example, if you have limit yourself to 10 positions and you have already 10 positions open: Would you you open a new position (according to rules) after one of the 10 positions hit TP? Or do you wait until either all 10 positions hit TP or SL and then reassess the situation? What works best in your experience?
Normally I will just keep adding new positions as price moves in my favor.
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