Third Screen Strategy - Dr. Alexander Elder | Page 127 | Forex Factory

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Third Screen Strategy - Dr. Alexander Elder

  • #2,521
  • Jul 23, 2013 10:38am Jul 23, 2013 10:38am
Quoting 100PipsADay
{quote} Normally I will just keep adding new positions as price moves in my favor.
Thanks!
  • #2,522
  • Jul 23, 2013 12:47pm Jul 23, 2013 12:47pm
Hi 100pipAday,

I see that the Demo #2 has some differences from Demo #1: open positions, positive floating pip. Do you setup the same variables applied to 2 Demo accounts ?

Best regards
  • #2,523
  • Jul 23, 2013 1:41pm Jul 23, 2013 1:41pm
Hey pips!
I see tere is a lot of trades in demo 1, was wondering if you have out the on manually? Surly there has not been that many signals since you cleared it?

Thx
  • #2,524
  • Jul 23, 2013 1:45pm Jul 23, 2013 1:45pm
Quoting Liquidsnake
Hey pips! I see tere is a lot of trades in demo 1, was wondering if you have out the on manually? Surly there has not been that many signals since you cleared it? Thx
I'll answer for 100pip as he has address this over 100 times. All you had to do was spend some time reading the thread. Where there are opened positions without SL/TP set, they are opened manually.
  • #2,525
  • Jul 23, 2013 2:10pm Jul 23, 2013 2:10pm
Quoting MKFXTrader
{quote} I'll answer for 100pip as he has address this over 100 times. All you had to do was spend some time reading the thread. Where there are opened positions without SL/TP set, they are opened manually.

Ahh okey cool! Iam, at page 80 for the moment but still he reset the demo 1 acc like 1 day ago or smt. Quite a lot of trades already.
  • #2,526
  • Jul 23, 2013 3:35pm Jul 23, 2013 3:35pm
Quoting MKFXTrader
{quote} I'll answer for 100pip as he has address this over 100 times. All you had to do was spend some time reading the thread. Where there are opened positions without SL/TP set, they are opened manually.
I premise that I already read all the thread but anyway I don't remember if on the thread is explained the reason and the function of those manual trades without sl/tp ? is it maybe hedging when price goes too much against you ? if the reason is already explained I can look for it myself otherwise I will in case ask to 100pips, you know just to save me another search on all thread, thank you.
  • #2,527
  • Jul 23, 2013 6:33pm Jul 23, 2013 6:33pm
Quoting acosma
{quote} I premise that I already read all the thread but anyway I don't remember if on the thread is explained the reason and the function of those manual trades without sl/tp ? is it maybe hedging when price goes too much against you ? if the reason is already explained I can look for it myself otherwise I will in case ask to 100pips, you know just to save me another search on all thread, thank you.
I mainly opened those particular trades so that I could make sure the EA would open up new positions in my desired direction. Let's say for example that I'm looking to build short positions for GBP/AUD but the D1 MACD may be close to crossing to the upside for one reason or another, I would open a manual SELL position in order to make sure no long positions are opened up.

Hope that makes sense.
  • #2,528
  • Jul 23, 2013 6:52pm Jul 23, 2013 6:52pm
I'm trying to apply this strategy on a daily chart as my intermediate timeframe and the weekly chart as my long term timeframe. The intention is that once the kids have gone to bed and the kitchen is tidied to spend an hour around 23:00 UK checking the charts to see if there's anything that might be worth a trade. Obviously the SL & TP that have been mentioned on the thread are for H1/D1 rather than D1/W1 so I'll have to work out what the SL and TP are for these timeframes but experience will tell me that.

So last night there wasn't anything which is OK...be patient is the mantra...don't jump into a trade for the sake of being in the market.

But tonight, looking at EURCAD on D1 the 200 EMA is showing a definite up trend and the %R is showing oversold.

But there's not much difference between the 12 EMA and the 26 EMA so I'm not sure which way it's going to go. And also on the negative side the MACD(60,130,45) histogram is showing a downtrend - 0.013851 against 0.013803 for the yesterday and today.

Would you take this long trade? The more I look at it the more I think not.
  • #2,529
  • Jul 23, 2013 10:40pm Jul 23, 2013 10:40pm
Quoting 100PipsADay
{quote} I mainly opened those particular trades so that I could make sure the EA would open up new positions in my desired direction. Let's say for example that I'm looking to build short positions for GBP/AUD but the D1 MACD may be close to crossing to the upside for one reason or another, I would open a manual SELL position in order to make sure no long positions are opened up. Hope that makes sense.
Folks,

This one post from 100pips is golden and answers a ton of questions about manual intervention and will make you 100s of pips.

If you see the daily MACD reversing, why keep the EA running to open trades that will be going in the wrong direction? Disable the EA, close your trades manually and enable the EA and go with the new trend and open trades accordingly - this can happen before the MACD crosses.
"To live with Passion, it takes Courage and Grace to survive"
  • #2,530
  • Jul 23, 2013 10:43pm Jul 23, 2013 10:43pm
Quoting 100PipsADay
{quote} Here are 3 non-U.S. brokers that still accept U.S. clients: http://passivecashflowgridtrading.bl...ed-broker.html
Hello 100pips

Do you have any personal experience with Profiforex as to their reliability. Thanks for your reply.

Bluesky
  • #2,531
  • Jul 23, 2013 10:52pm Jul 23, 2013 10:52pm
Quoting rcsltd
I'm trying to apply this strategy on a daily chart as my intermediate timeframe and the weekly chart as my long term timeframe. The intention is that once the kids have gone to bed and the kitchen is tidied to spend an hour around 23:00 UK checking the charts to see if there's anything that might be worth a trade. Obviously the SL & TP that have been mentioned on the thread are for H1/D1 rather than D1/W1 so I'll have to work out what the SL and TP are for these timeframes but experience will tell me that. So last night there wasn't anything which...
Not sure there is any evidence for an up trend with the exception of PA still being above the 20/50. Looks more like a Supply Zone setting up for a potental PA fall.
Attached Image (click to enlarge)
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"To live with Passion, it takes Courage and Grace to survive"
  • #2,532
  • Jul 24, 2013 1:14am Jul 24, 2013 1:14am
Quoting 100PipsADay
{quote} I mainly opened those particular trades so that I could make sure the EA would open up new positions in my desired direction. Let's say for example that I'm looking to build short positions for GBP/AUD but the D1 MACD may be close to crossing to the upside for one reason or another, I would open a manual SELL position in order to make sure no long positions are opened up. Hope that makes sense.
Ok, thank you 100pips....
  • #2,533
  • Jul 24, 2013 1:38am Jul 24, 2013 1:38am
Quoting bluesky100
{quote} Hello 100pips Do you have any personal experience with Profiforex as to their reliability. Thanks for your reply. Bluesky
Yes I've had a couple of accounts with them for a little over a year now. Never had any problem whatsoever. Withdrawals over $5,000 are always processed within 48 hours.
  • #2,534
  • Jul 24, 2013 1:38am Jul 24, 2013 1:38am
Quoting Britpip7
{quote} Not sure there is any evidence for an up trend with the exception of PA still being above the 20/50. Looks more like a Supply Zone setting up for a potental PA fall. {image}
Agreed!
  • #2,535
  • Jul 24, 2013 3:14am Jul 24, 2013 3:14am
Made some pretty good intraday trades today.


Then the drawdown of my long-term trades (This strat), wiped out the profits and even more, lol! Just my luck.

The trades are obviously still open, though, so there's a good chance they'll hopefully rebound into positive.
  • #2,536
  • Edited 7:08am Jul 24, 2013 6:30am | Edited 7:08am
100pips,


Have you looked into supply and demand zones? They're essentially S/R under a different name.

Using them on the weekly/monthly charts, it seems that they have been able to predict accurately trend reversals on the daily.

I highly recommend you look into it. I really do think using these could indicate high potential reversal areas, and when to stop buying positions and switch, BEFORE the MACD gives the signal.


For instance, CADJPY is currently VERY close to both a monthly and weekly. It will be interesting to see if price starts to reverse from here.

And EURAUD just hit a zone, and is likely to commence back into a good downtrend movement for us.

Let's see what happens.
  • #2,537
  • Jul 24, 2013 6:43am Jul 24, 2013 6:43am
Thanks Britpip & 100pips.

It's obvious when someone points it out but not so obvious when you're staring at the chart.
  • #2,538
  • Jul 24, 2013 7:14am Jul 24, 2013 7:14am
Quoting Britpip7
{quote} Not sure there is any evidence for an up trend with the exception of PA still being above the 20/50. Looks more like a Supply Zone setting up for a potental PA fall. {image}
Agreed. There is a monthly supply zone right where price is. I am predicting a continual of the downtrend.
  • #2,539
  • Edited 7:51am Jul 24, 2013 7:25am | Edited 7:51am
Quoting Axlz
For instance, CADJPY is currently VERY close to both a monthly and weekly
Hi Axlz

Are these the points that you're talking about for CADJPY?

Attached Image (click to enlarge)
Click to Enlarge Name: Capture.GIF Size: 31 KB
  • #2,540
  • Edited 10:00am Jul 24, 2013 8:21am | Edited 10:00am
Quoting rcsltd
{quote} Hi Axlz Are these the points that you're talking about for CADJPY? {image}
No. Check out the chart below. The boxes are the supply/demand zones from the monthly and weekly TFs.

Attached Image (click to enlarge)
Click to Enlarge Name: cadjpy.png Size: 50 KB


EDIT: I may have misunderstood you. Those could very well be supply/demand zones, but I would need a closer look at the actual Price Action.
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