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ALF/TVI - Simple, effective daytrading

  • #861
  • May 13, 2010 2:26pm May 13, 2010 2:26pm
Quoting maxwell-eqtn
Hello Dr. Scalp,

your chart is interesting. the MTF indicator you mentioned does not appear in the indicator window when I try to duplicate your chart. Instead it posts in the Price Action window. Any suggestions ?

Thanks.
add it by dragging and dropping it where you want it.

PGPB

I played with the MTF TVI indi...but decided to keep my charts clean.....note what Lou says about too many indicators
  • #862
  • May 13, 2010 3:44pm May 13, 2010 3:44pm
Quoting pgpb
add it by dragging and dropping it where you want it.

PGPB

I played with the MTF TVI indi...but decided to keep my charts clean.....note what Lou says about too many indicators


I appreciate what you are saying, it seems we are talking about something else. Look at Dr. Scalps chart in the indicator section. The indicator he overlayed with TVI is the one I am talking about
  • #863
  • May 13, 2010 3:54pm May 13, 2010 3:54pm
Quoting maxwell-eqtn
I appreciate what you are saying, it seems we are talking about something else. Look at Dr. Scalps chart in the indicator section. The indicator he overlayed with TVI is the one I am talking about

Yes....I think you mean the MTF TVI
If you check the paperclip (Top right hand corner) you will see all the indi posted.

I have quickly recreated what he has.

See image (the bars in this image are heinken ashi) by the way
Attached Image (click to enlarge)
Click to Enlarge Name: exper.png Size: 8 KB
  • #864
  • May 13, 2010 3:57pm May 13, 2010 3:57pm
Quoting maxwell-eqtn
I appreciate what you are saying, it seems we are talking about something else. Look at Dr. Scalps chart in the indicator section. The indicator he overlayed with TVI is the one I am talking about
Just drag the mtf tvi in the indicator window, that should work.

pbb
  • #865
  • May 13, 2010 4:10pm May 13, 2010 4:10pm
Quoting pbb
Just drag the mtf tvi in the indicator window, that should work.

pbb

Thanks man.

I did not have the TVI software installed yet. The reason I got confused is that the indicator on the chart says MTF_Linear Price Bars, but the indicator itself has a different name such as tvi-MTF.

Anyway, I got it now. I was trying to evaluate it and I saw that the point where the MTF-tvi crosses the color TVI is inconsistent. As you scroll the chart, the point of cross changes.
  • #866
  • May 13, 2010 5:44pm May 13, 2010 5:44pm
Quoting maxwell-eqtn
Thanks man.

I did not have the TVI software installed yet. The reason I got confused is that the indicator on the chart says MTF_Linear Price Bars, but the indicator itself has a different name such as tvi-MTF.

Anyway, I got it now. I was trying to evaluate it and I saw that the point where the MTF-tvi crosses the color TVI is inconsistent. As you scroll the chart, the point of cross changes.

I don't use the MTF TVI
I do look at higher levels and then decide in which direction I am going to trade, but then I use just the ALF, the TVI Histogram....and my experience with price action.
I have also installed pivot points on my chart ....but aside from that I keep it simple.

PGPB
  • #867
  • May 13, 2010 8:45pm May 13, 2010 8:45pm
Quoting maxwell-eqtn
Thanks man.

I did not have the TVI software installed yet. The reason I got confused is that the indicator on the chart says MTF_Linear Price Bars, but the indicator itself has a different name such as tvi-MTF.

Anyway, I got it now. I was trying to evaluate it and I saw that the point where the MTF-tvi crosses the color TVI is inconsistent. As you scroll the chart, the point of cross changes.
The reason the cross changes when scrolling is due to Different max and min settings of the two indicators.

If you select a zero level for each of the indicators you will see that there are two zero levels on your sub chart.

Pat
  • #868
  • May 14, 2010 2:06am May 14, 2010 2:06am
Ok all, Just the candles from now on,Took this one an hour ago off the 5min, (Don't worry the signal was there also on the 15min!!). Took the trade based on the fact that there had only been two red candles out of the last twenty nine and a post from lou a few pages back where he took a trade from the tvi signal but without pa crossing alf. hindsight tells me I should have placed it on the real account not just the demo.I have also just run it back through the simulator on 15min, Signal would have happened at 1.2544 and would have still been good for net 20pips. It also begs the question why I look at 5min timeframe (habit I suppose) when I only took 20 pips then bottled out and closed it, Therefore no extra benefit and less arse whippings!!!.

regards

doc.

p.s. Before anybody asks why I didn't take the following signals, It's because if I see any lively action with big candles and i've missed them , then I wait for the market to calm down a bit before taking trades again, which sadly takes me out of my trading times so nothing now untill Monday. Have a good weekend.
Attached Image (click to enlarge)
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  • #869
  • May 14, 2010 5:38am May 14, 2010 5:38am
15 min bars are a bit quick for an old man, but I've found it works very well on 1hr bars, means I can go & do things for an hour at a time

Many thanks Lou
  • #870
  • May 14, 2010 5:55am May 14, 2010 5:55am
Hi,

Just wanted to say thanks for a great strategy.

Ive only been trading for a couple of days with it but with great success on the 5min chart, i found adding a Macd with divergence indicator really helps identify changes in trend, ive added the indicator to this post if anybody else would like to use it.

Mark
Attached File(s)
File Type: ex4 MACD_Divergence_V1.0.ex4   12 KB | 419 downloads
  • #871
  • May 14, 2010 6:27am May 14, 2010 6:27am
HI
Very interesting, Renko 10 + TVI candles. Renko candles are white/grey, TVI green/red. Added Center of Gravity, PSAR 0.09/0.2, Pivots.
Attached Image (click to enlarge)
Click to Enlarge Name: Renko+TVI.gif Size: 24 KB
  • #872
  • May 14, 2010 7:12am May 14, 2010 7:12am
Quoting ewinner
Hi,

Just wanted to say thanks for a great strategy.

Ive only been trading for a couple of days with it but with great success on the 5min chart, i found adding a Macd with divergence indicator really helps identify changes in trend, ive added the indicator to this post if anybody else would like to use it.

Mark
yes i found it to on m15 its no need but on m5 it works well
what settings do you use?
ps. here is version 1.1
Attached File(s)
File Type: ex4 FX5_MACD_Divergence_V1.1.ex4   11 KB | 376 downloads
  • #873
  • Edited 8:26am May 14, 2010 8:12am | Edited 8:26am
on H4 charts. Only ALF, and TVI candles necessary. NO Macd, NO MTF confirmation, NO COG, NO PSAR, NO MAs, NO Pivot Points, NO Amulets, fingers crossed, or hiding under the bed. Just following, robotically, the signals. Thanks Lou for this simple and effective method. People, if you are afraid to lose a trade, your pos. size is too large for your psyche. Reduce pos. size until you feel little or no tension with active trades. FWIW, I trade no more than .5% of acct. bal. per pos., max 2% over 4-6 pos.
Attached Image (click to enlarge)
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Vincit qui se vincit.
  • #874
  • May 14, 2010 8:32am May 14, 2010 8:32am
Good advice and excellent results, as usual.
Old Benjamin was right
  • #875
  • May 14, 2010 8:35am May 14, 2010 8:35am
If you can't make pips on setups like this...
Attached Image (click to enlarge)
Click to Enlarge Name: alf.gif Size: 10 KB
Old Benjamin was right
  • #876
  • May 14, 2010 8:45am May 14, 2010 8:45am
Quoting Pippopotamus
on H4 charts. Only ALF, and TVI candles necessary. NO Macd, NO MTF confirmation, NO COG, NO PSAR, NO MAs, NO Pivot Points, NO Amulets, fingers crossed, or hiding under the bed. Just following, robotically, the signals. Thanks Lou for this simple and effective method. People, if you are afraid to lose a trade, your pos. size is too large for your psyche. Reduce pos. size until you feel little or no tension with active trades. FWIW, I trade no more than .5% of acct. bal. per pos., max 2% over 4-6 pos.
Your post should be made a sticky

PGPB
  • #877
  • May 14, 2010 8:45am May 14, 2010 8:45am
Very choppy but large swings - be fast on your feet in conditions like these and DO NOT get greedy.

20 to 40 pips a day will make your account very fat over time...
Old Benjamin was right
  • #878
  • May 14, 2010 8:54am May 14, 2010 8:54am
When you see a large candle like this forming, trade as soon as it goes red - can't wait when market is this active. You can make your entire daily profit in one fast trade.
Attached Image (click to enlarge)
Click to Enlarge Name: alf.gif Size: 9 KB
Old Benjamin was right
  • #879
  • May 14, 2010 9:06am May 14, 2010 9:06am
To take this to the extreme, say you went long at each of the red arrows - the first two went south and caused a loss of 12-15 pips as PA returned to ALF so you are -30 or so. The third trade returns +50, leaving you at +20.

And then there's the following short trade
Attached Image (click to enlarge)
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Old Benjamin was right
  • #880
  • May 14, 2010 9:16am May 14, 2010 9:16am
ALF, TVI candles and the all-important PA. I'd like to see more traders using the TVI candles, not to gratify my ego but to help everyone stay more focused on PA.

You may use whatever version of TVI you wish, of course, but I find the TVI candles a big help.
Old Benjamin was right
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