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TriScreen Trade Short 2 (150) AUDJPY @ 6110  Click above for larger picture Trade stopped out, missed the target by about one pip or so for a loss of -80 pips on each lot for a total -160 pips. There was nice MACD divergence, moving around he 800 SMA and there was a good touch off of overbought on the %R. I was about 8/10 confidence level on the first target. This was a good trade, I have no regrets about. Long 2 (100) GBPUSD @ 4247 and 4237 TriScreen trade setup there was a big gap on the open, so I was hoping that the gap gets filled. There is also a twin tower formation at the second point which makes it even more promising.  Click above for larger image This was a good trade. The stop may have been a little tight but it was a good setup and I took it. Lost -234 pips on this trade. Long 2 (200) EURCAD @ 5856 and 5849 TriScreen trade, downward channel isn’t looking so great but there is nice divergence and what appears to be a fakeout outside of the range.  Click above for larger image The first position hit the target for a +85 pip profit. The stop on the second position was moved to +10 pips and I was stopped out for a grand total of +95 pips profit. I feel good about this trade. It is a great trade for a ranging market. Short 2 (200) USDJPY @ 9223 TriScreen Trade, large move up. Looking for retracement back down.  Click above for larger image Price got close to the first target and as I learned from previous trades, it is best to take something off the table so I bagged +56 pips. I then moved the stop on the second position to +10 pips and got stopped out. A total of +66 pips on this trade. I think it was a pretty good trade considering I made a profit going against the trend. This was a nice MACD divergence trade or what I am starting to call my version of the Triple Screen. Short 2 (150) AUDCAD @ 8274 and 8273  Click above for larger image Confidence level was 9/10 that price would at least hit the first target. When the first lot hit the target, I moved my stop to 8264 (+10 pips). When price moved down again, I moved the stop to 8235 (+39 pips), above the last resistance point. Total P/L on the trade was +142 pips. Pretty good trade. Another triple screen trade. Long 1 AUDCAD @ 8032  Click above for larger image Got stopped out for -67 pip loss. I’m OK with this trade, the signals were there and I took the trade. But I still don’t like losing! Here is my version of the triple screen. In his book Trading for a Living My triple screen consists of the Williams %R with 62 periods and 10/90 levels; MACD with the default 12,26,9 setting and of course price, when it gets near support and resistance points. The idea is to look for MACD divergence at points of support and resistance. Then I look to see if %R is outside the 10/90 boundries. If it is, I wait for it to roll out of the extremes before taking the trade. If it is NOT in over bought/sold then I pass on the trade. I start with two lots. I target the first lot at the next closest support/resistance level. If the reward/risk isn’t equal or greater than 1/1, I pass on the trade. If the first lot hits the target, I move the second lot’s stop to +5 pips and I let it run it’s course. I move the stop as the market forms support/resistance levels during the move. In my testing, I was able to get 1,500 with this one lot sometimes. The next step would be to figure out how to stack when I am in on those big moves.  Click above for larger image Short 1 (300) EURUSD @ 3251 I liked this trade becuase of the nice separation of the peaks and the very pronounced divergence on the MACD. What was the only problem? I set the stop too tight of course! As you can see, the trade woud have done very well! Instead, I got stopped out for -a 79 pip loss. I should have known better. Next time I will put it above the previous peak. In addition, I should have re-entered the trade because it was still a valid trade. |
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Forex trading is a high risk endeavor and may not be suitable for |
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, Alexander Elder outlines his primary trading method, the Triple Screen. I don’t use it in the same way, but I do like the fact that he uses three simple indicators to setup his entry. I have tested this trade and it tests well, especially on this pair (results in a separate post).
