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ALF/TVI - Simple, effective daytrading

  • #101
  • Mar 19, 2010 11:12am Mar 19, 2010 11:12am
Quoting Lou G
I have been trading this method for about a week but it has been in development for several months. It's designed for daytrading (not for scalping or position trading) which is the approach I am most comfortable with.

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. I believe that indicators have their place when they are on the chart for a very specific purpose (and the user knows what that purpose is).

Accordingly,...
This may have been explained but my TVI indi doesn't change colour,have I installed it wrong?
  • #102
  • Mar 19, 2010 11:18am Mar 19, 2010 11:18am
Quoting podgy
This may have been explained but my TVI indi doesn't change colour,have I installed it wrong?
TVI.mq4 does not change color - TVI_2color.mq4 and TVI_Histogram.mq4 do.
Old Benjamin was right
  • #103
  • Mar 19, 2010 11:26am Mar 19, 2010 11:26am
Returning once again to the trade I posted earlier today - this is an example of using the interaction of ALF/PA to exit. Works best if the trade has given a good move (30+ pips or so). ALF catches up with and intersects PA.

For more ranging-type trades, TVI direction change may be a better exit.

You may note that I could have gotten another 10-20 pips out of this trade. I refuse to feel bad about it - Mark Douglas (in Trading In The Zone) has observed that the second biggest fear of traders (right behind an outright loss) is the fear of leaving pips on the table.
Attached Image
Old Benjamin was right
  • #104
  • Mar 19, 2010 11:29am Mar 19, 2010 11:29am
Quoting goldsurfer
Anybody catch this this morning? I got a few pips on the Euro, didn't do quite as good as Lou.
I told myself to check for 30m, 4hr setups but when I saw the Euro setup this morning, I jumped in, not as quick as Lou, about twenty minutes later, and just watched it.


The cable 30m turned a couple hours after the open right into a nice looking 4hr setup, quick 100 pips if you moved on it.


Cheers+good weekend
Very nice. Good to see this approach working well on GU and H4 just as well as it does on what I trade. Keep it up...
Old Benjamin was right
  • #105
  • Mar 19, 2010 11:38am Mar 19, 2010 11:38am
I reposted the indicators here:

http://www.forexfactory.com/showpost...9&postcount=77

just in case I inadvertently had a bad one out here.

Copy TVI.mq4 and TVI_Histogram.mq4 to your mt4/experts/indicators folder, then exit/restart mt4.

I have not personally seen this coloring error (and I leave mt4 running for hours) but one or two people have had it occur.

Any problem, let me know (no need for a pm - just post here).

Have a good weekend everyone,

Lou G
Old Benjamin was right
  • #106
  • Mar 19, 2010 11:42am Mar 19, 2010 11:42am
It's a very easy way to watch multiple currencies, to look for the best setup.
I have set up profiles with my favorite 5m entry chart where I can set short stops, (of course you could use the 15 alf chart), a 30m, and a 4hr. Draw your vertical line every 30 minutes and bump the chart to 4hr.

Looking forward to next week, Lou, you do good work!


Cheers

Quoting Lou G
Very nice. Good to see this approach working well on GU and H4 just as well as it does on what I trade. Keep it up...
  • #107
  • Mar 19, 2010 11:59am Mar 19, 2010 11:59am
Quoting Lou G

Have a good weekend everyone,

Lou G
Thanks, my friend. See you Monday (or Sunday night).
  • #108
  • Mar 19, 2010 1:04pm Mar 19, 2010 1:04pm
A big Thank You from what feels like the original struggling trader!! Your system teamed with one of several trend following things I've been trying from Rednose and Xivali that have also been so generous looks like the answer for me--really appreciate it!
  • #109
  • Mar 19, 2010 1:27pm Mar 19, 2010 1:27pm
am sorry ... but when i made back test for the TVI _histogram

it seems to me that the indicator repaints

so please any one can confirm that this indicator doesn't repant
  • #110
  • Mar 19, 2010 3:58pm Mar 19, 2010 3:58pm
Quoting marine_man
am sorry ... but when i made back test for the TVI _histogram

it seems to me that the indicator repaints

so please any one can confirm that this indicator doesn't repant
Depends on what you mean by "repaints". If you mean that the current bar changes color, this is normal and is not repainting.

I suggest you re-read post #1 - I recently updated the indicators there and added some information about the TVI and the two TVI color indicators that should put your mind at ease.
Old Benjamin was right
  • #111
  • Mar 19, 2010 4:47pm Mar 19, 2010 4:47pm
i don't mean the current bar ... i mean for example

the indicator make green bar then after number of candles the green bar turned to red one

does the indicator do like the above example ?
  • #112
  • Edited 6:35pm Mar 19, 2010 5:54pm | Edited 6:35pm
Hi,

Iīve tried to attach the TVI Histogram, but itīs only a blank window for me.
Whatīs happening?

Thanks
  • #113
  • Mar 19, 2010 6:21pm Mar 19, 2010 6:21pm
Hi Marine,
I've been looking at this too. After using the system for the entire week I have yet to see a past bar on the TVI set one color and then change color latter several bars after. Once that bar closes on any given Time Frame it has not changed.
IMHO this is not an issue to be concerned with using Lou's system.
Hope this helps you with your research.
Cliff

Quoting marine_man
i don't mean the current bar ... i mean for example

the indicator make green bar then after number of candles the green bar turned to red one

does the indicator do like the above example ?
I get exercise just pushing my luck
  • #114
  • Edited 6:55pm Mar 19, 2010 6:32pm | Edited 6:55pm
Quoting josemarcoss
Hi,

Iīve tried to attach the TVI Histogram, but itīs only a blank window for me.
Whatīs is happening?

Thanks
Go back to post #1 - all three TVI indicators (TVI.mq4, TVI_2color.mq4, TVI_Histogram.mq4) need to be in your yourmt4/experts/indicators folder. Then close and restart MT4.
Old Benjamin was right
  • #115
  • Mar 19, 2010 6:38pm Mar 19, 2010 6:38pm
When To Trade

The Forex market is basically divided into three sessions, the hours of which are as follows (all times are GMT):

Asian 00:00 - 08:00
London 08:00 - 16:00
New York 13:00 - 21:00

Note that there is a dead spot between 21:00 - 00:00 where (generally) little trading takes place. In addition, after the close in London, volume drops off dramatically leaving the period 16:00 - 00:00 with much less activity. Therefore, you need to pick a 3-4 hour slot between 00:00 and 16:00 for your trading window. The beginning of the London session is best, the New York (which overlaps the London) is second best and, if you have no other choice, the Asian is doable but less active (though there are some days with big moves).

I've posted a simple indicator called WorkTime.mq4 which will draw a green vertical line when your work time begins and a red one when it ends. I've found this helpful for visual backtesting purposes - it will help you to see what you can expect from ALF/TVI on a day-to-day basis.

MT4 does not make it easy for us to set this up. We have no control over the times shown at the bottom of the chart - these are established by your broker's server time and those servers may be anywhere in the world. The easy way to set up the start/end parameters in WorkTime.mq4 is as follows:

Be at your computer at the time you plan to begin trading

Pull up an H1 chart, mouse over to the current candle and note the hour from the bar at the bottom of the chart

Enter the hour as the StartTime parameter

Add 4 to StartTime and enter as EndTime (don't go over 23).
Attached File(s)
File Type: mq4 WorkTime.mq4   2 KB | 979 downloads
Old Benjamin was right
  • #116
  • Mar 19, 2010 7:00pm Mar 19, 2010 7:00pm
Quoting Lou G
Go back to post #1 - all three TVI indicators (TVI.mq4, TVI_2color.mq4, TVI_Histogram.mq4) need to be in your yourmt4/experts/indicators folder. Then close and restart MT4.
Oh,
iīm sorry! I was mindless...

Thanks!
  • #117
  • Mar 19, 2010 7:05pm Mar 19, 2010 7:05pm
Quoting cce
Hi Marine,
I've been looking at this too. After using the system for the entire week I have yet to see a past bar on the TVI set one color and then change color latter several bars after. Once that bar closes on any given Time Frame it has not changed.
IMHO this is not an issue to be concerned with using Lou's system.
Hope this helps you with your research.
Cliff
Another way to look at this (and a more practical one) is that one should be primarily concerned with the current bar since that's where we're trading. This is not to say that I think repainting would be okay

Cliff, thanks for posting - I wouldn't want anyone to get discouraged about the method as a whole over this repainting thing. Take a look at post #1 again if you would - I've added an explanation about TVI that I hope will mitigate the continuing distractions.
Old Benjamin was right
  • #118
  • Mar 19, 2010 7:48pm Mar 19, 2010 7:48pm
Quoting Lou G
Another way to look at this (and a more practical one) is that one should be primarily concerned with the current bar since that's where we're trading. This is not to say that I think repainting would be okay

Cliff, thanks for posting - I wouldn't want anyone to get discouraged about the method as a whole over this repainting thing. Take a look at post #1 again if you would - I've added an explanation about TVI that I hope will mitigate the continuing distractions.
Yeah, Lou, mine has the glitch but it doesnt bother me.
  • #119
  • Edited 3:15am Mar 20, 2010 3:13am | Edited 3:15am
Nice work Lou and thanks for sharing. I saw a post from DinoFX earlier and was thinking the same thing overnight regarding using a channel to confirm the cross of ALF.

I added a couple of 5-Period smoothed MA's, one of the high and one of the low. Therefore you only trade the ALF cross (subject to TVI), if the candle closes outside of the Channel.

It's quite effective, not perfect but then what is !

Attached.
Attached Image (click to enlarge)
Click to Enlarge Name: 5MA Channel.jpg Size: 140 KB
  • #120
  • Mar 20, 2010 9:32am Mar 20, 2010 9:32am
Quoting Urantian
Yeah, Lou, mine has the glitch but it doesnt bother me.
If you mean the glitch in TVI_2color - yeah, you're absolutely right. It's basically meaningless as far as the trading value of the indicator.

Just for fun, overlay the TVI_Histogram and TVI_2color in the same window - you can see what the repainting of the line is actually doing. I'd rather that MT4 would allow me to draw a smooth line without tinkering but it won't. Maybe in MT5...
Old Benjamin was right
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