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ALF/TVI - Simple, effective daytrading

  • #41
  • Mar 17, 2010 11:41am Mar 17, 2010 11:41am
Quoting Lou G
Attached is the TVI shown in histogram form - this should (hopefully) take us away from repainting discussions and back to trading (which is the topic of the thread).

Good morning for me, as shown below.
Don't have time to say much but many thanks Lou for sharing this with us....it is already proving invaluable and I have a feeling I will come to lean on this template more and more.

Got more to say but have to run.....
  • #42
  • Mar 17, 2010 11:45am Mar 17, 2010 11:45am
Quoting sandpipper
Don't have time to say much but many thanks Lou for sharing this with us....it is already proving invaluable and I have a feeling I will come to lean on this template more and more.

Got more to say but have to run.....
You're very welcome.

Here's the same trade from my previous post on the H1 chart. Illustrates the value of looking at more than one timeframe.
Attached Image
Old Benjamin was right
  • #43
  • Mar 17, 2010 11:56am Mar 17, 2010 11:56am
Hi Lou,
Like the TVI histo...
Should the default settings remain unchanged?
Attached is what I show for those defaults.
Thanks for sharing. Appreciate the input.
Cliff

Quoting Lou G
Attached is the TVI shown in histogram form - this should (hopefully) take us away from repainting discussions and back to trading (which is the topic of the thread).

Good morning for me, as shown below.
Attached Image (click to enlarge)
Click to Enlarge Name: TVI Histo.gif Size: 61 KB
I get exercise just pushing my luck
  • #44
  • Mar 17, 2010 12:02pm Mar 17, 2010 12:02pm
Quoting Lou G
You're very welcome.

Here's the same trade from my previous post on the H1 chart. Illustrates the value of looking at more than one timeframe.
Lou,

Have you tried other pairs than EUR/USD, in other words, have you picked the pair based on back-test performance and eliminated other pairs, or did you chose the pair for different reasons, or are you actually applying this to other pairs as well?

Also, have you experimented with other settings than the standard ones? Interestingly, if you configure the ALF indicator to [LookBack = 5] and [Median = 2] you get a line in the price pane of the chart that mirrors very closely the movement of the TVI oscillator. So if you have two ALFs, one with standard settings and one modified to be faster, you could actually trade this as a cross-over system and enter a bit faster than if you wait for the single ALF to pick up direction.

I am attaching a sample chart to illustrate this. The reddish ALF has standard settings, the blueish one is modified as above; slope pretty much traces the TVI -- I see this on other currency pairs and timeframes, as well.

jesper
Attached Image (click to enlarge)
Click to Enlarge Name: alf_eu_m15.gif Size: 18 KB
  • #45
  • Edited 7:10pm Mar 17, 2010 2:05pm | Edited 7:10pm
Quoting jesperweber
Lou,

Have you tried other pairs than EUR/USD, in other words, have you picked the pair based on back-test performance and eliminated other pairs, or did you chose the pair for different reasons, or are you actually applying this to other pairs as well?

Also, have you experimented with other settings than the standard ones? Interestingly, if you configure the ALF indicator to [LookBack = 5] and [Median = 2] you get a line in the price pane of the chart that mirrors very closely the movement of the TVI oscillator. So if you have two ALFs,...
http://i42.tinypic.com/29wa44o.jpg

I like your idea jesper!

The thing about a simple template and system/method is we (me included) like to immediately complicate it. How many hundreds of times have we seen this happen. :-)


I myself am a template tinkerer, and always tweaking my trading templates. Here is my current variation of ALF. I simply put mtf bollinger bands on the template, with the lightest being the 5, the next lightest being the 15, up and through the color black which is the 240. BB's are useful for many things, but primarily I use them for S/R and tp points. One little hint. If you see a grouping of 2 or more BBs you can be sure that at that level there is stiff s/r.....etc etc. I also added a Market Price as I hate squinting and the Daily, Weekly, and Monthly Pivot.

http://i41.tinypic.com/108ekig.jpg

BTW - Lou if this template tinkering bugs you let us know and I will gladly refrain from posting my variations of your theme. Again I appreciate you introducing us to these 2 indis. I myself like a combination of super simple charts looking for obvious S/R points, PA action etc as well as a main chart I use which is a spaghetti factory.
Attached File(s)
File Type: tpl 01 alf.tpl   6 KB | 764 downloads
File Type: ex4 Price_Market.ex4   5 KB | 746 downloads
File Type: ex4 #MTF_BollinderBands.ex4   3 KB | 680 downloads
File Type: mq4 #MTF_BollinderBands.mq4   5 KB | 804 downloads
File Type: mq4 ###Auto Pivot.mq4   15 KB | 736 downloads
File Type: ex4 ###Auto Pivot.ex4   15 KB | 637 downloads
  • #46
  • Edited 7:50pm Mar 17, 2010 7:48pm | Edited 7:50pm
Default settings? - are not cast in concrete. The defaults are the settings suggested by the creators of the indicators (neither of whom are Forex traders) so there may be better settings. I'm making steady pips so I haven't played with them, but I might...

Other currency pairs? - I really have not looked at any but can't think of a reason why this method would not work with them.

Tinkering? - feel free to add to the stock method if you can improve on it. Or even if you can't but just like the way your additions work

Thanks for the interest and thoughtful contibutions. My hope was that this simple approach would help new traders who were struggling - maybe it will if the thread stays alive. Looking good so far...
Old Benjamin was right
  • #47
  • Mar 17, 2010 8:49pm Mar 17, 2010 8:49pm
Hey All,
Thought I'd share a trade I took with Lou's system here. Took it off of 15m close of LH candle even though it had yet to cross below the Alf.
Notes on chart should explane the rest.
Good trades to all.
Cliff
Attached Image (click to enlarge)
Click to Enlarge Name: TVI_1.gif Size: 48 KB
I get exercise just pushing my luck
  • #48
  • Mar 17, 2010 9:10pm Mar 17, 2010 9:10pm
Quoting cce
Hey All,
Thought I'd share a trade I took with Lou's system here. Took it off of 15m close of LH candle even though it had yet to cross below the Alf.
Notes on chart should explane the rest.
Good trades to all.
Cliff
nice trade
  • #49
  • Mar 17, 2010 9:13pm Mar 17, 2010 9:13pm
Hello Lou,

Thanks for the system. Look at my chart. This what I get. The indicators do not show up.

Can anyone help please?
Attached Image (click to enlarge)
Click to Enlarge Name: alf.gif Size: 11 KB
  • #50
  • Mar 17, 2010 10:03pm Mar 17, 2010 10:03pm
You must also have TVI.mq4 in your indicator folder.

Quoting maxwell-eqtn
Hello Lou,

Thanks for the system. Look at my chart. This what I get. The indicators do not show up.

Can anyone help please?
  • #51
  • Mar 18, 2010 4:39am Mar 18, 2010 4:39am
Quoting goldcourse
You must also have TVI.mq4 in your indicator folder.
Thank you Goldhouse. It is funny how sometimes one can forget little important things.
  • #52
  • Mar 18, 2010 4:54am Mar 18, 2010 4:54am
Hello Lou,

If you have time to take a look at this, there still seems to be a small problem with the coloring of TVI. The histogram bars that I highlighted were increasing and should thus have changed color, but didn't.

Reloading the indicator (actually, reapplying the template) fixed this, as shown in the second attached chart.

This is the first and only time I've noticed this; other charts with the indicator on the same instance of MT4 behave just fine.

Not really a major issue, but if it is easy to fix it would be nice in order to avoid confusion.

Cheers,

Jesper
Attached Image(s) (click to enlarge)
Click to Enlarge Name: tvi_ossc.jpg Size: 99 KB
Click to Enlarge Name: tvi_ossc_re.jpg Size: 99 KB
  • #53
  • Mar 18, 2010 7:22am Mar 18, 2010 7:22am
Quoting jesperweber
Hello Lou,

If you have time to take a look at this, there still seems to be a small problem with the coloring of TVI. The histogram bars that I highlighted were increasing and should thus have changed color, but didn't.

Reloading the indicator (actually, reapplying the template) fixed this, as shown in the second attached chart.

This is the first and only time I've noticed this; other charts with the indicator on the same instance of MT4 behave just fine.

Not really a major issue, but if it is easy to fix it would be nice in order to avoid...
Hmmm - I have not seen this (and I keep MT4 running for hours each day). Thanks for the heads up - I'll go over the code and keep a close eye on my charts. In the meantime, you can always reference TVI,mq4 - I didn't write it but it appears pretty bulletproof.
Old Benjamin was right
  • #54
  • Mar 18, 2010 8:00am Mar 18, 2010 8:00am
interesting looking stuff just got everything loaded but the TVI2 indi getting the php error also
  • #55
  • Mar 18, 2010 9:37am Mar 18, 2010 9:37am
Lou G:
New here in this forum. Interesting concept - one question - does this only work with one specific charting software or can it be adapted for any package?
Thanks in advance.
  • #56
  • Mar 18, 2010 9:44am Mar 18, 2010 9:44am
Quoting Lou G
I have a reputation in certain quarters for being anti-indicator, probably because when I see charts that look like an accident at the fireworks factory, my hair catches fire.
  • #57
  • Mar 18, 2010 9:59am Mar 18, 2010 9:59am
Quoting kodflakes
interesting looking stuff just got everything loaded but the TVI2 indi getting the php error also
Left-click the link (instead of right-click) - should get straight to "save file" that way. That's how it works in Firefox, anyway.
Old Benjamin was right
  • #58
  • Edited 10:08am Mar 18, 2010 10:07am | Edited 10:08am
I intended to post all my own trades in this thread but today I broke one of my own rules (traded against TVI) and lost. Still 4 for 5 this week, though.

May I recommend "Trading In The Zone" by Mark Douglas? Most have probably read it but if you have not, give it a try - great book, not selling anything (except the book itself) and the best trading advice I've ever seen.
Old Benjamin was right
  • #59
  • Mar 18, 2010 10:11am Mar 18, 2010 10:11am
Quoting Lou G
Left-click the link (instead of right-click) - should get straight to "save file" that way. That's how it works in Firefox, anyway.
It's a bug in Internet Explorer. Simply go to the office clip next to the page count in the top-right corner of the window to show all attachments and download from there. That takes care of the php issue.
  • #60
  • Edited 10:52am Mar 18, 2010 10:35am | Edited 10:52am
Quoting jesperweber
It's a bug in Internet Explorer. Simply go to the office clip next to the page count in the top-right corner of the window to show all attachments and download from there. That takes care of the php issue.
Thanks, Jesper. I've been a Linux user for so long that I'd forgotten about IE and its problems.

On another note, I just recovered from my earlier loss (and then some) on the EU. Now 5 for 6 profitable trades this week,
Attached Image
Old Benjamin was right
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