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ALF revisited - simple, effective daytrading

  • #101
  • Jun 2, 2010 6:41am Jun 2, 2010 6:41am
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. 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
Like most other indicators, the LaGuerre signals are issued on derivations of price movement, and, as such, are essentially useless, unless you aim to go broke. This method is based on PA. Fractals, Price Channels,Trend Line breaks, are thematic. Indicators based on derivations of price are not. The LaGuerre does not belong here.
Vincit qui se vincit.
  • #102
  • Jun 2, 2010 6:43am Jun 2, 2010 6:43am
... so far today. Try dropping down to M5 on days like this and lowering your profit expectations.
Old Benjamin was right
  • #103
  • Jun 2, 2010 6:50am Jun 2, 2010 6:50am
Quoting driftwood
Hello celticheart,right click on chart and see properties.
Thanks! Didn't even occur to me that the alf candle color could be changed with regular candle color settings. Thought it all had to be done on the indicator settings.
  • #104
  • Jun 2, 2010 6:54am Jun 2, 2010 6:54am
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...
I KNOW how to change indicator settings! Been doing it for years!

With your indicator, for which I commend you, the new settings do NOT stick! They revert back to YOUR default settings each time I try to change them and save the template! Would you please post the .mql file for it which we may then also insert into our "...expert/indicators" file along with the .exe file, which will then allow us to change your default indicator settings.
Thanks,
Raymond
If nothing changes, nothing will change...
  • #105
  • Jun 2, 2010 6:55am Jun 2, 2010 6:55am
Absolutely no profit to be made on the 15 min timeframe this morning, way too much whipsaw, unless you're setting profit targets and stop losses.
  • #106
  • Jun 2, 2010 6:55am Jun 2, 2010 6:55am
price action on H4 charts for last 24 hrs.
Vincit qui se vincit.
  • #107
  • Jun 2, 2010 6:57am Jun 2, 2010 6:57am
I am done.. but before I go with my 200 pips today
that came from this system basically, I will comment
what is useless my friend is arrogance.

Brian
  • #108
  • Jun 2, 2010 6:58am Jun 2, 2010 6:58am
Do not trade when ALF is flat and PA is cycling back and forth through ALF in a narrow range (20-30 pips or less).

Enter on an open above/below ALF with corresponding candle color. PA should be appearing to pull away (or peel away) from ALF with candle range increasing over prior bars. The only exception to this is a large one-candle move through ALF - best to ambush this and not wait for the candle to close.

I've marked 5 good entries on the chart below, 3 wins, 2 losses. This method is not 100% mechanical - pattern recognition is essential, thus my continual references to "screen time". Wait for good setups.
Attached Image (click to enlarge)
Click to Enlarge Name: alf.gif Size: 8 KB
Old Benjamin was right
  • #109
  • Jun 2, 2010 7:11am Jun 2, 2010 7:11am
RE: the chart in Post #108:

A few pips on the opposite side of ALF is generally a good place to set stops.

Stops for retracements may need to be handled differently - I'll dig into that in a separate post.
Old Benjamin was right
  • #110
  • Jun 2, 2010 7:11am Jun 2, 2010 7:11am
Quoting Lou G
Do not trade when ALF is flat and PA is cycling back and forth through ALF in a narrow range (20-30 pips or less).

Enter on an open above/below ALF with corresponding candle color. PA should be appearing to pull away (or peel away) from ALF with candle range increasing over prior bars. The only exception to this is a large one-candle move through ALF - best to ambush this and not wait for the candle to close.

I've marked 5 good entries on the chart below, 3 wins, 2 losses. This method is not 100% mechanical - pattern recognition is essential,...
Lou, I am wondering if an offset to ALF would helpful to determine when to enter, and when to stay out? Perhaps a percentage of ATR might do. Currently ATR14 on E/U M15 on IBFX is .0023. For example, offsets of .0023 above and below ALF could serve as entry filters. EDIT: May serve as SL values as well.
Vincit qui se vincit.
  • #111
  • Jun 2, 2010 7:15am Jun 2, 2010 7:15am
Note the overall downtrend at this time - the last two moves of ALF are down with lower highs. Not a good time for a long trade.
Attached Image (click to enlarge)
Click to Enlarge Name: alf.gif Size: 8 KB
Old Benjamin was right
  • #112
  • Jun 2, 2010 7:34am Jun 2, 2010 7:34am
This may turn out well:
Attached Image (click to enlarge)
Click to Enlarge Name: alf.gif Size: 7 KB
Old Benjamin was right
  • #113
  • Jun 2, 2010 7:46am Jun 2, 2010 7:46am
25-30 pips taken. Note long wicks, trade flattens out...
Attached Image (click to enlarge)
Click to Enlarge Name: alf.gif Size: 7 KB
Old Benjamin was right
  • #114
  • Jun 2, 2010 7:52am Jun 2, 2010 7:52am
RE: previous trade:

Essential to stay alert in jumpy markets - take a reasonable profit when it appears. This trade was good for minimum 10-15 pips, more if you were paying attention...
Old Benjamin was right
  • #115
  • Jun 2, 2010 7:57am Jun 2, 2010 7:57am
Quoting Lou G
RE: previous trade:

Essential to stay alert in jumpy markets - take a reasonable profit when it appears. This trade was good for minimum 10-15 pips, more if you were paying attention...
I took +11 in the same trade.

Thanks once again
Make money Not pips
  • #116
  • Jun 2, 2010 7:59am Jun 2, 2010 7:59am
Quoting balle1973
I took +11 in the same trade.

Thanks once again
Good call - candle just went red again so possible re-entry - I did not take it.
Old Benjamin was right
  • #117
  • Jun 2, 2010 8:06am Jun 2, 2010 8:06am
RE: the current EU M5 chart:

A good time to talk about exits. There are 3 possibilities.

1. PA re-connects with ALF. This is a good exit for trades in which ALF bends in the direction of the trade.

2. A candle of another color. An optional exit for shorter trades when ALF does not begin to follow PA.

3. Because you have a "feeling" about the trade, or (as in today's case) the market is jumpy, you have gained 10-15 pips and would like to keep it.
Old Benjamin was right
  • #118
  • Jun 2, 2010 8:06am Jun 2, 2010 8:06am
Quoting Lou G
RE: previous trade:

Essential to stay alert in jumpy markets - take a reasonable profit when it appears. This trade was good for minimum 10-15 pips, more if you were paying attention...
Right with you. Took +22 pips
  • #119
  • Jun 2, 2010 8:08am Jun 2, 2010 8:08am
Quoting evynsdad
Right with you. Took +22 pips
Nice going. This is a tough day - no news to push things so take what the market gives you.
Old Benjamin was right
  • #120
  • Jun 2, 2010 8:13am Jun 2, 2010 8:13am
... officially over as PA/ALF meet. 1.2207 - 1.2193 equals +12 pips net spread, much more if you were on the case as it was happening.
Attached Image (click to enlarge)
Click to Enlarge Name: alf.gif Size: 7 KB
Old Benjamin was right
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