ALF/TVI - Simple, effective daytrading

Hey Lou

Great week for ya! Congrats! I would luv to see all your trades for the week for study over the weekend. Er, you can just post the TVI trades!


Cheers

Hello Lou,

I have tried the system on M5 and it looks very good. When I get a chance I will post some charts.

I didn't save all the chart gifs but at least 3 of the six trades are posted here - check my posts.

EDIT: actually, all 5 wins are posted.

Hi Lou G, quick question, have you tried this system on renko? Is it better on usual chart? Thanks.

Arite, cool, just found the thread and put the chart together today, so my bad.
Will check it out. Cheers

Here is my renko verson of it.....amazing!!!!!

Can you post your templ for renko and i see two more lines other than ALF, can you please explain, Thanks in advance,

Fantastic Derivation of ALF,Can you provide Renk set for meta4 and explain how to enter and exit, Tnx

I've looked at it but have not traded it. Probably don't need the TVI if you use Renko - trend changes are already clear enough. Also, be sure to enable wicks...

Hi Lou

I also noticed this almost immediate watching the Indy during the opening of the Asian session. Like jesperw says, refreshing or reloading the template takes care of it. I did happen multiple times, but on the 5m. Didn't notice it on the 15m or 30m. I entered off of my favorite E/Yen 5m chart watching the 30m TVI just before the A open, catching a nice move. Demo for now, don't know if I can trust the 5m though.

Cheers

I sure would love to, but I do not think the starter of the thread will
want any distraction from the original purpose of the thread.

Just so you know he said it is ok to post variations. I posted one with template and indi's ....i would be interested to see your renko indi.

Hello,

I think I'm missing something here. The Renko charts are not time-dependent. I mean... it draws a new candle whenever price drops or rises a certain amount of pips. So in theory... it is possible that no new candles will be drawn for a very long time (if the price ranges). This being said, it is unclear to me how we can superimpose time-dependent indicators (like the ALF and the MAs) over a non-time-dependent chart (the Renko chart)... and how is the result relevant in any way.
But please post template and indicators... and I'm sure that will answer my questions.

Happy trading!
Marius

These or other indicators used on renko chart simply will be much stronger, becose they eliminate some range periods, where there is less action.And only make new data when something hepeaning not just becose of time going ahead.

This is the template setup I use. You can see that it uses just the simple indicators found here in this thread, with one exception. That exception is the MTF (multi time frame) Signal Bars indicator in the upper right part of the screen. That particular indicator, which I do not have the source code for, displays an interesting view of combined MACD, RSI and EMA settings for the various TFs (time frames).

In my daily trading (and I trade on a live ATC account), I rely heavily upon pin bars first, and indicators second. Again, for the newbies, a pin bar is a very long wick appearing on a standard candlestick. The name 'pin' bar comes from Pinnoccio (or however you spell it), the legendary wooden figure whose nose grows longer and longer every time he tells a lie. So, in forex every time I see a pin bar, I know it's lying to me, that a reversal WILL occur.

So, now for MY interpretation of this chart.

At point A on my GY M15 chart (15 minute GBPJPY for the newbies), there's a huge green pin bar that was lying to me, trying to get me to go long, but with the help of the TVI (it was shrinking at point a1), I decided to go SHORT. Kept a fairly loose S/L (Stop/Loss), as the GY tends to fluctuate quite a bit before getting to the profit point.

At point B, another pin bar tipped me off, but I didn't get confirmation until that bar closed and I saw a double bottom emerge on the next bar. I could see the TVI was steep and rising, so I closed my SELL and entered a BUY. This was confirmed as the correct decision with the TVI changing color to green at point b1.

When the big skinny pin bar at point C arrived I was undecided. So, the safest thing to do was close the BUY and take my profit. Point c1 on the TVI was of note to me, but the flattness of the price around point D kept me out of the market.

Finally, another pin bar of significance at point E arrived. But as the TVI at point d1 was uncertain for me, I waited until two bars after point E to enter a short trade.

It worked, this time, and at point F I got nervous and closed out of the trade. I had some good profit and didn't want to loose it, and the next candle was green while the TVI crossed over at point f1. I'd rather get out and watch when the market goes flat as it did from point F to point G.

At point G, however, two things happened to convince me to go short: a Doji candle (just above G) and the TVI crossover to a red downhill slope. I took a SELL.

The big pin bar at point H made me get out prematurely, but by now you must know that I'd rather be safe than sorry.

Right after H there was a double top where I could have gotten in short again, but the TVI was confusing to me, so I stayed out.

Point J looks to me like market consolidation is still going on, so I'm still out of the market right now.

This template works for me on all pairs, but I'm posting it here to see if anyone else has any luck with it.

Thanks guys,

Ed

I find it very difficult to keep trading on the 15 minute charts (except for the yen pairs), so I normally stick to the hourly charts. Here's my trading on the GU (GBPUSD) H1 (hourly) chart.


At point A I detected a pin bar, and the TVI was green and rising. So, I went long with a BUY.

The TVI rounded over the top and went red, plus I saw a green gin bar at B, so I closed my order.

Market went flat for a few hours until C, where I saw a small red pin bar AND the TVI was red and sloping down. I went short with a SELL.

The market went flat 3 hours after that, so I closed my position.

At D there was a very strong long indication: a a red pin bar, b) a double bottom set of candles, c) confirmation by the TVI green crossover up. I went long with a BUY.

At E the market went flat again (that was at US market close, 4 PM Eastern US time), so I closed my order.

At F it was 5 am Eastern time (which was near the open of the London market), I saw a double bottom appear AND the TVI went green. I went long.

AT G it was 7 AM Eastern and I closed the order. The reason was that there was the high pin bar next to G which was confirmed by the next red candle.

I should have gotten back in at H, but missed it. The market went flat again.

At J there was a pin bar and the TVI was red and descending. I was not certain, so I did not take what would have been a winning trade.

I waited until L and entered short on the strong TVI downward indicator. Point M on the chart is my exit point. The TVI is rounding and this hour's candle is still green. The heck with it; I'm out.


Don't know if this makes any sense to anyone, but it's the way I trade.

Cheers,

Ed

I still have not seen any erratic behavior by TVI but here's a repost of the indicators from my live trading version of MT4...

The TVI.mq4 and the TVI_2Color_alert_symbol_tf appear to match, except the second one has colors on the line. I overlay your TVI histogram over the TVI and get get a great visual display.

Thanks for the indicators.

Ed

That's the way I trade as well (but I use M15 for a hint that a trade is forming and to decide if I should exit). Nice work.

To clarify the above, if you see ALF closing in on PA on the M15, check the H1 - what you are seeing on M15 may be a retracement.

Thanks very much, guys. Nice charting and good advice.