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ALF revisited - simple, effective daytrading

  • #81
  • Jun 1, 2010 9:22pm Jun 1, 2010 9:22pm
Lou, very nice addition! I love these tools that you have shared with us.

The thing I would say is that you have to be somewhat keen on price action. If you are in an up trend and you get a short signal, use some discretion, you do not have to try to milk every pip out of the market. If that short does turn into a reversal, then keep your eye on the pullback (most of the time there is one).

However, at the rick of vacillating, you can pretty much take most (valid) signals, trend and countertrend a like. But you have to TAKE them. You will get losers in every system. However hit the next signal. If you finish up for the day, then you shouldn't worry about the little loss you incurred on your way to a profitable day.

These tools are killer, but it still comes down to knowledge of price action, proper trade management and confidence in the system you are using.

You learn these things with these tools, in my opinion, is the closet thing to any sort of grail that you are going to achieve.

Thanks again Lou for the new tool. I will still keep my M1 system as is (TVI Modified, again profitable today), but I will definitely use this with M5 and higher. I look forward to posting the ALF SR trades on here.

Lohad
  • #82
  • Jun 1, 2010 10:14pm Jun 1, 2010 10:14pm
Here's another one, Tokyo is kicking today!
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  • #83
  • Jun 1, 2010 10:20pm Jun 1, 2010 10:20pm
Coming over from the original thread,
and with pleasure getting some screen
time with ALF Revisited.

Thank you Lou G and all participants
(and partici-skirts and partici-shorts
for Summer).

Ron
  • #84
  • Jun 1, 2010 10:20pm Jun 1, 2010 10:20pm
Lots of losers tonight, whipsawing like crazy.
  • #85
  • Jun 1, 2010 10:31pm Jun 1, 2010 10:31pm
It's pretty crazy tonight, just banked 8 pips or so closing almost all my position, moved stop to be and got 1 pip profit with the remaining.

One quick question, what pairs do you guys usually trade with ALF?
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  • #86
  • Jun 1, 2010 11:30pm Jun 1, 2010 11:30pm
What pair(s) and time frame was causing you the trouble tonight?

Brian

Quoting Dreamliner
Lots of losers tonight, whipsawing like crazy.
  • #87
  • Jun 1, 2010 11:58pm Jun 1, 2010 11:58pm
Quoting Dreamliner
Lots of losers tonight, whipsawing like crazy.
What time frame you on Dreamliner?? I stick with EU on 15 min. Also I know people don't want to load this down with indicators but I use Support and Resistance [Barry]. Don't know how to attach but search site and you will find it. Keeps me out of some whipsaws. 20 Pips a day and my yacht will be called the Lou G
  • #88
  • Jun 2, 2010 12:06am Jun 2, 2010 12:06am
I'm doing just fine on the EURUSD. 20 more pips banked. I decided to enter after the retrace as the support had been broken. Maybe another one is coming, let's see...
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  • #89
  • Edited 12:54am Jun 2, 2010 12:39am | Edited 12:54am
You can tell how powerful the ALF line is as S/R level the way price pulls back and tests it and bounces. Great system to use MTFs.
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  • #90
  • Jun 2, 2010 1:41am Jun 2, 2010 1:41am
Took this quick scalp.. on GU entry was bit early still gave me 20 pips ..
http://screencast.com/t/MTc1MWVjOWQthttp://screencast.com/t/MTc1MWVjOWQt
http://content.screencast.com/users/...06-02_1639.png
http://screencast.com/t/MTc1MWVjOWQt
  • #91
  • Jun 2, 2010 1:47am Jun 2, 2010 1:47am
Hi, Lou,
I would like to be able to change your default color and width settings on the ALF Candles Indicator and would be grateful if you could make that adjustment. I like the flexibility that would allow. Since I usually use lime green up candles and red down candles, your medium sea green and red with 5 width shows little or no contrast.
Thanks,
Raymond
If nothing changes, nothing will change...
  • #92
  • Jun 2, 2010 3:15am Jun 2, 2010 3:15am
Propably the best timeframe for EUR/USD intraday trading is m15, it's nice and has a lot of good setups. M5 is too small and too noisy, m15 gives you at least 3-4 setups during london open-close.

Well, I know very well that m15 is not good for 'forex quick gunners' - but be patient for a signal, patience and discipline (and cool mind) are a keys to profits. Two years ago I was a 'forex quick gunner m1-m5' too, it always ends to me with 'shooting down' all deposit

Best regards, J.
Audaces fortuna iuvat !
  • #93
  • Jun 2, 2010 3:53am Jun 2, 2010 3:53am
Quoting chojnak
Propably the best timeframe for EUR/USD intraday trading is m15, it's nice and has a lot of good setups. M5 is too small and too noisy, m15 gives you at least 3-4 setups during london open-close.

Well, I know very well that m15 is not good for 'forex quick gunners' - but be patient for a signal, patience and discipline (and cool mind) are a keys to profits. Two years ago I was a 'forex quick gunner m1-m5' too, it always ends to me with 'shooting down' all deposit

Best regards, J.
Sorry, but I wouldn't go that far to say what's best or not. I guess it's more like what suits an individual. Looking at past data for the London session (or part of it) there are plenty of days that would have been great on a 15min interval and even so there would have been range or fast days very rough to trade. The same is true for other timeframes as well, except that a 15min range could be (not necessarily though!) a very nice day to trade the 5mins. And yes a choppy fast day on 5min could have been much easier on 15min!

PBB
  • #94
  • Jun 2, 2010 3:59am Jun 2, 2010 3:59am
Quoting pbb
Sorry, but I wouldn't go that far to say what's best or not. I guess it's more like what suits an individual.
PBB
Well, you're right in fact. Every trader has it's own style, system and timeframe
Audaces fortuna iuvat !
  • #95
  • Jun 2, 2010 5:39am Jun 2, 2010 5:39am
I know people dont want to clutter up with indicators but
I just want to offer a suggestion for people who are having
trouble with whipsaw
1. Pay attention to PA first
2. Use the pricechannel, I really like that
and have used it many times before, it can
definitely help
3. I could recommend 5 great things individually
to do from using one really good volume indicator
to languerre set at 0.7, but find one thing that
works for you to confirm the moves, until with
it you have success after success, then consider
removing the extra aid if you wish.
4. Use M15 if you are having trouble with
M5.

All the best

Brian
  • #96
  • Jun 2, 2010 6:08am Jun 2, 2010 6:08am
Quoting rnfuller102
Hi, Lou,
I would like to be able to change your default color and width settings on the ALF Candles Indicator and would be grateful if you could make that adjustment. I like the flexibility that would allow. Since I usually use lime green up candles and red down candles, your medium sea green and red with 5 width shows little or no contrast.
Thanks,
Raymond
You can change the colors and width to whatever you like:

press ctrl+i, highlight indicator in the box, click edit, click the inputs tab and change the settings...
Old Benjamin was right
  • #97
  • Jun 2, 2010 6:33am Jun 2, 2010 6:33am
Quoting Lou G
You can change the colors and width to whatever you like:

press ctrl+i, highlight indicator in the box, click edit, click the inputs tab and change the settings...
That works for the red and green colors, but how do you change the wick (and black candle) colors? I like a black background on the charts, so would need to change black to something else. Tried changing all the black colors to white but nothing happened.
  • #98
  • Jun 2, 2010 6:37am Jun 2, 2010 6:37am
My primary trading hours are from 12:00gmt-16:00gmt (the overlap of London/New York) so I will always be here to answer questions and comment on your posts during that time.

During the next day or two I plan to address entry, stop and exit guidelines. I will write an individual post for each topic and also create a new section in Post #1 reiterating the same info so that Post #1 will always contain all pertinent information.

I'll also post "textbook" trade setups as they appear, primarily for winning trades because I don't think showing losing trades is helpful (though I may also post a loser or two).

I trade the EU exclusively but, as was demonstrated by many in the original thread, ALF works equally well with any pair - there were even a few good trades posted by a member who was trading oil futures.

I try to respond to all questions/problems so, if I do not respond immediately to a post, have patience - I'll get to it.

Consider this post a blanket "you're welcome" to all who have thanked me for my efforts - if you are following this thread, I do appreciate your participation.

Lou G
Old Benjamin was right
  • #99
  • Jun 2, 2010 6:37am Jun 2, 2010 6:37am
Quoting celticheart
That works for the red and green colors, but how do you change the wick (and black candle) colors? I like a black background on the charts, so would need to change black to something else. Tried changing all the black colors to white but nothing happened.
Hello celticheart,right click on chart and see properties.
  • #100
  • Jun 2, 2010 6:37am Jun 2, 2010 6:37am
Quoting celticheart
That works for the red and green colors, but how do you change the wick (and black candle) colors? I like a black background on the charts, so would need to change black to something else. Tried changing all the black colors to white but nothing happened.
That you can change under the properties (right click on the chart, properties)

pbb
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