Hey everyone.
I wanted to know if anyone has applied Dr. Alexander Elders Triple Screen system to the FX market? I know he used it but in a futures exchange. Thanks.
Adam
The triple screen method is effective in forex. You might want to check out our lesson on trading multiple timeframes.
This system was implemented in MetaTrader and is available on my forum. It is one of the better such systems, but nothing is consistently better than our reactive-corrective strategies.
I agree with autofx, a system thats fluid enough to adjust to changing market conditions is the ideal in forex. To understand this you have to be willing to spend a lot of time eyeballing those charts for the market hours you would be willing to trade. Difficult it may be but you get to learn how the pair behaves, gives you the rhythm.
I haven’t read Elder’s books as yet, am more interested in understanding the trading psychology. We all are good at pinpointing the market direction but if you let the dreaded emotions take over you will always be in the losing. No wonder your broker will keep on giving you ridiculous offers: 0.5% discount on the money you deposit which you get to keep after 100 trades, just because they know they’ll get it back :eek: . (Sorry for the detour)