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ALF revisited - simple, effective daytrading

  • #261
  • Jun 4, 2010 12:02pm Jun 4, 2010 12:02pm
Quoting Lou G
I'm already confused enough
ahha, I try to say big green candle low is 1.2021 but 7 candles earlyier is low 1.2018 so I was expect red only when broken?
  • #262
  • Edited 4:28pm Jun 4, 2010 12:12pm | Edited 4:28pm
Quoting Lou G
I'm already confused enough
ROFL
Vincit qui se vincit.
  • #263
  • Jun 4, 2010 12:17pm Jun 4, 2010 12:17pm
Quoting Lou G
...from Albert Einstein:

"Every explanation should be as simple as possible - but not more simple".

"If you can't explain it to a six-year-old you don't understand it yourself".


Here's another one that I like as well from Mr. Einstein

"Any intelligent fool can make things bigger and more complex... It takes a touch of genius --- and a lot of courage to move in the opposite direction."
  • #264
  • Jun 4, 2010 12:29pm Jun 4, 2010 12:29pm
relative to what? Help me with this...
Vincit qui se vincit.
  • #265
  • Jun 4, 2010 12:35pm Jun 4, 2010 12:35pm
Quoting Pippopotamus
relative to what? Help me with this...

Whatever it is that the READER is trying to make bigger and more complex. So it's relative to what you as the reader of this is applying it to.
We humans tend to overthink and make things more complex, just in our nature.

MM
  • #266
  • Jun 6, 2010 9:43am Jun 6, 2010 9:43am
You have Private Messaging turned off so I was unable to reply to your message...
Old Benjamin was right
  • #267
  • Jun 6, 2010 9:54am Jun 6, 2010 9:54am
I posted an improved version of ALF_Candles. See Post #1 - download ALF_Candles_v2.ex4 and install as before.

Improvements:

1. Corrected handling of fractal candles and double fractals (candles which are both an up and a down fractal). If you have no clear idea of what fractals are, I've added a link to a concise explanation - see Post #1 under the heading "what are ALF candles".

2. Split candles (2 colors) that show the exact point at which the candle passed through support or resistance.

Normally I would delay posting a revision of this magnitude until I had spent some time testing in a live environment (did the work while the market was closed), but I'm pretty confident with the changes so anyone who wants to beta test this, go right ahead.

I did not update the template, so you may do that on your own if the indicator works properly for you.
Old Benjamin was right
  • #268
  • Edited 10:13am Jun 6, 2010 10:01am | Edited 10:13am
... and would like to trade once a day, check the posted chart with the revised ALF_Candles:

Candles that are completely black/white are stopped out (or a total loss if you are daring enough to trade naked). Candles that show any trace of red/green are wins and the difference between open and high/low is the value of the stop needed to cash in...
Attached Image (click to enlarge)
Click to Enlarge Name: alf.gif Size: 13 KB
Old Benjamin was right
  • #269
  • Jun 6, 2010 10:29am Jun 6, 2010 10:29am
Thanks LouG for the updated candles. I thought I understood before but this makes it a little more clear.

If I am correct there are two ways to enter one when a candle closes below/above the blue line.

And the second way would be for a candle to break the low or high of a fractal and be either above or below the blue line.

Is it that simple?

I posted what I thought may be two good shorts below the blue line and fractals being broken yellow arrow is entry candle?

thanks again for your work
Attached Image (click to enlarge)
Click to Enlarge Name: fractal.gif Size: 9 KB
  • #270
  • Jun 6, 2010 10:49am Jun 6, 2010 10:49am
Lou G

Please could you clarify the colours for the ALF_Candles v2?

The original ALF_Candles had 5 line indices, which were set with the template as:
0 Black
1 Black
2 Medium Sea Green (width 5)
3 Red (width 5)
4 Black

However, ALF_Candles version 2 has 6 lines

Many thanks for coding some excellent indicators!
  • #271
  • Jun 6, 2010 11:22am Jun 6, 2010 11:22am
Quoting Lou G
I posted an improved version of ALF_Candles. See Post #1 - download ALF_Candles_v2.ex4 and install as before.

Improvements:

1. Corrected handling of fractal candles and double fractals (candles which are both an up and a down fractal). If you have no clear idea of what fractals are, I've added a link to a concise explanation - see Post #1 under the heading "what are ALF candles".

2. Split candles (2 colors) that show the exact point at which the candle passed through support or resistance.

Normally I would delay posting a revision of this...
Wil try tomorrow, thanks for the update!
  • #272
  • Jun 6, 2010 11:30am Jun 6, 2010 11:30am
Quoting bpips
Thanks LouG for the updated candles. I thought I understood before but this makes it a little more clear.

If I am correct there are two ways to enter one when a candle closes below/above the blue line.

And the second way would be for a candle to break the low or high of a fractal and be either above or below the blue line.

Is it that simple?

I posted what I thought may be two good shorts below the blue line and fractals being broken yellow arrow is entry candle?

thanks again for your work
Yes, it's that simple. No need to wait for the break of S/R once PA is already above/below ALF, though...
Old Benjamin was right
  • #273
  • Jun 6, 2010 11:32am Jun 6, 2010 11:32am
Quoting newbie2
Lou G

Please could you clarify the colours for the ALF_Candles v2?

The original ALF_Candles had 5 line indices, which were set with the template as:
0 Black
1 Black
2 Medium Sea Green (width 5)
3 Red (width 5)
4 Black

However, ALF_Candles version 2 has 6 lines

Many thanks for coding some excellent indicators!
I needed an extra index buffer to effect the changes. The ones you have identified as Black are actually not black - the arrays are set to DRAW_NONE so they will never appear unless the source code is changed.
Old Benjamin was right
  • #274
  • Jun 6, 2010 11:38am Jun 6, 2010 11:38am
I would trade this way if I were adequately capitalized - no more b.s. waiting for news, just place a trade at 00:00 GMT once a day.

I'd have to pull money out of something else but it might be worth it...
Old Benjamin was right
  • #275
  • Jun 6, 2010 3:36pm Jun 6, 2010 3:36pm
Quoting Lou G
"By the book" exit of previous trade. Some will say, "but you left pips on the table". This is true but I'm trying to show that you can trade this method with fairly rigid adherence to rules and still make a pip or two.

Rule says "exit at change of TVI direction or cross of ALF".

I was reading thru the original thread over the weekend and just wanted to respond to this. If you can't get over the fact that you are gonna leave pips on the table, walk away now before you lose everything. Greed and fear has no place in trading.
It gets me how people will constantly try to pick the top or bottom to the pip. Quit trying, YOU WILL LOSE.
  • #276
  • Jun 6, 2010 5:38pm Jun 6, 2010 5:38pm
of the week off to a good start, looking for a possible +30, but will bail if it hesitates at previous support @75.10.

http://i46.tinypic.com/2195r47.png
  • #277
  • Jun 6, 2010 6:02pm Jun 6, 2010 6:02pm
Quoting MoneyMaker
of the week off to a good start, looking for a possible +30, but will bail if it hesitates at previous support @75.10.

Exited 1/2 at 74.933 for +37 at hesitation and moved my stop to 75.10 for a lock of +20 for the rest, but decided to close the last half @ 74.77 when it pulled back for +53 more for a total of 90 pips tonight. Think I'm done til tomorrow. No need to be greedy.

http://i49.tinypic.com/28s99wm.png
  • #278
  • Jun 6, 2010 8:11pm Jun 6, 2010 8:11pm
Hey all,

What pairs is this system good for?
  • #279
  • Jun 6, 2010 8:34pm Jun 6, 2010 8:34pm
Quoting MoneyMaker
I was reading thru the original thread over the weekend and just wanted to respond to this. If you can't get over the fact that you are gonna leave pips on the table, walk away now before you lose everything. Greed and fear has no place in trading.
It gets me how people will constantly try to pick the top or bottom to the pip. Quit trying, YOU WILL LOSE.
Yes, absolutely. My job is to make pips, not call market turns.
Old Benjamin was right
  • #280
  • Jun 6, 2010 8:35pm Jun 6, 2010 8:35pm
Quoting MoneyMaker
Exited 1/2 at 74.933 for +37 at hesitation and moved my stop to 75.10 for a lock of +20 for the rest, but decided to close the last half @ 74.77 when it pulled back for +53 more for a total of 90 pips tonight. Think I'm done til tomorrow. No need to be greedy.

http://i49.tinypic.com/28s99wm.png
Nice trading.
Old Benjamin was right
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