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ALF revisited - simple, effective daytrading

  • #141
  • Jun 2, 2010 12:15pm Jun 2, 2010 12:15pm
I'm liking what I see and how simple the method seems.
I'm looking forward to forward testing this.

What other times of day has this been used successfully on?

MM
  • #142
  • Jun 2, 2010 12:29pm Jun 2, 2010 12:29pm
Quoting MoneyMaker
I'm liking what I see and how simple the method seems.
I'm looking forward to forward testing this.

What other times of day has this been used successfully on?

MM
Best used between 08:00 - 16:00 GMT. Some days the Asian open (00:00 - 04:00 GMT) is good as well - I usually check it to see if there is activity.
Old Benjamin was right
  • #143
  • Jun 2, 2010 12:36pm Jun 2, 2010 12:36pm
Quoting Lou G
Best used between 08:00 - 16:00 GMT. Some days the Asian open (00:00 - 04:00 GMT) is good as well - I usually check it to see if there is activity.

I would imagine that the session traded would correlate to the pair that should be traded, i.e. jpy crosses for asia, gbp and eur crosses for london, etc...
Time will definately tell


MM
  • #144
  • Jun 2, 2010 12:40pm Jun 2, 2010 12:40pm
Thanks Lou,

Very nicely done, and looks like something we can all understand!

I would love to see more detail on exit strategy (my typical nemesis).

Thanks again for putting in so much time.

Happy pipping...
Jeff Singer, K2KV
  • #145
  • Jun 2, 2010 12:52pm Jun 2, 2010 12:52pm
Quoting Lou G
See the chart. Entry at down arrow, exit at the X (or when next bar shows green), re-enter at the down arrow as shown. A similar pattern occurs twice more in subsequent bars.
Hi Lou!

Could you please tell me why you entered on the first down trade? I see that it's a red candle (close to ALF), but it looks like it initially may have started out green and then turned red. Could you please clarify this entry for me? TIA!
  • #146
  • Jun 2, 2010 1:01pm Jun 2, 2010 1:01pm
HI Lou,

Took this short, however, ALF was still pointing upwards. (which I only realized after entering)

Will you regard this as a valid trade?

Rgds
Eddie
Attached Image (click to enlarge)
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  • #147
  • Jun 2, 2010 1:37pm Jun 2, 2010 1:37pm
Quoting teknoesen
HI Lou,

Took this short, however, ALF was still pointing upwards. (which I only realized after entering)

Will you regard this as a valid trade?

Rgds
Eddie
Personally, I wouldn't trade that setup, at least not at that point. But as you can see, there's a divergence on the RSI, a lower high on the chart wish as not been corresponded by the indicator. And besides that on the next candle I would had taken that trade, pa moved away from ALF and had the right colour (also confirmed by my RSI).

Don't mind about about my RSI, it is my "fetish" and off topic, it's something personal.

I took the long after that, let's see what happens...
Attached Image(s) (click to enlarge)
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  • #148
  • Jun 2, 2010 1:56pm Jun 2, 2010 1:56pm
Just banked 10 pips, closed half and moved stop to be and some more pips, one or two. Got stoped, with profit.
  • #149
  • Jun 2, 2010 1:58pm Jun 2, 2010 1:58pm
so what does white and black bars mean? are they signal for a change, or for exit/entry too? and what is the best way with this system for an exit point?
  • #150
  • Jun 2, 2010 2:15pm Jun 2, 2010 2:15pm
This method seems to work late NY at least for today its a little slower but still managed to pull out +15 net on this long trade....I do agree ny/london overlap is much faster with better moves...
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  • #151
  • Jun 2, 2010 2:18pm Jun 2, 2010 2:18pm
Quoting ido370
so what does white and black bars mean? are they signal for a change, or for exit/entry too? and what is the best way with this system for an exit point?
I think Post #7 has the answers about black and white candles...
  • #152
  • Jun 2, 2010 2:21pm Jun 2, 2010 2:21pm
Quoting ido370
so what does white and black bars mean? are they signal for a change, or for exit/entry too? and what is the best way with this system for an exit point?
Not sure how LouG exits but I am looking for previous support or resistance or on a m5 i may look for 10-20 pips...but i just used this method today for +46 pips on three trades so Im no expert...
  • #153
  • Jun 2, 2010 2:26pm Jun 2, 2010 2:26pm
Quoting Orcinus
Just banked 10 pips, closed half and moved stop to be and some more pips, one or two. Got stoped, with profit.
Glad Im not the only late NY trader here...
  • #154
  • Jun 2, 2010 2:30pm Jun 2, 2010 2:30pm
nice 689 pip spike on fxdd
Attached Image (click to enlarge)
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  • #155
  • Jun 2, 2010 2:43pm Jun 2, 2010 2:43pm
Quoting f4mnect
nice 689 pip spike on fxdd
I hope you were on the right side of the move or that you had your seatbelt on. What could cause such spike???
  • #156
  • Jun 2, 2010 3:03pm Jun 2, 2010 3:03pm
Just wondering if most are using this on m5 and on eu exclusively?
  • #157
  • Jun 2, 2010 3:05pm Jun 2, 2010 3:05pm
bpips...mostley EU for me...
Cliff

Quoting bpips
Just wondering if most are using this on m5 and on eu exclusively?
I get exercise just pushing my luck
  • #158
  • Jun 2, 2010 3:07pm Jun 2, 2010 3:07pm
thanks for mentioning post #7. read over it i just started too (trief the older ALF system once before), i use it on m5 EUR/USD too. i also added CMO indicator to see tops and bottoms
  • #159
  • Jun 2, 2010 3:14pm Jun 2, 2010 3:14pm
Quoting bnbb2004
Hi Lou!

Could you please tell me why you entered on the first down trade? I see that it's a red candle (close to ALF), but it looks like it initially may have started out green and then turned red. Could you please clarify this entry for me? TIA!
It would have been non-red for a few pips until it surpassed the preceding low when it would have become red. That would have been the entry point.

One of the things in my job jar is to implement split candles (bi-colored) to show actual entry points but it's lower in priority than a few other things.

Actually that example wasn't a part of a live trade - I just happened to pick that part of the chart to illustrate pullbacks/re-entries.
Old Benjamin was right
  • #160
  • Jun 2, 2010 3:14pm Jun 2, 2010 3:14pm
Quoting ido370
thanks for mentioning post #7. read over it i just started too (trief the older ALF system once before), i use it on m5 EUR/USD too. i also added CMO indicator to see tops and bottoms
thank cliff, think i will stay with eu for now heck 20-40 pips a day is good enough for me.

What is the CMO indicator not familiar with that one?
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