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ALF revisited - simple, effective daytrading

  • #321
  • Jun 7, 2010 9:54pm Jun 7, 2010 9:54pm
Quoting forexweasel
Lou, I am really confused with the v2 candle indicator....
Yes, TVI has been replaced by ALF_Candles_v2.
Old Benjamin was right
  • #322
  • Jun 7, 2010 9:56pm Jun 7, 2010 9:56pm
Hey Lou,

Thanks for the new indi. It is working great, had 98% success with it today using on the EU, GU, AU, and USDCHF. Stayed on the M15 on all of them.

Pips Smith.

Blessed is the man who finds wisdom...
  • #323
  • Edited 12:25am Jun 8, 2010 12:09am | Edited 12:25am
Can someone please explain when to enter a trade with the new candles. I am a little cofused about this. Do we wait till the bar close so the color won't change again or do we enter once we have color confirmation in the trend/alf direction regardless of what the bar close outcom will be? Also, do we wait for a white/black bar to turn green/red or do we also take bars that open green/red? I read all posts and reread post no1, still a little confused.

Thanks pbb
  • #324
  • Jun 8, 2010 1:07am Jun 8, 2010 1:07am
Quoting MrSmith
Hey Lou,

Thanks for the new indi. It is working great, had 98% success with it today using on the EU, GU, AU, and USDCHF. Stayed on the M15 on all of them.

Pips Smith.

Hi MrSmith
Can you explain please, how do you proceed ?
Thanks in advance

regards
gopsat
  • #325
  • Jun 8, 2010 2:25am Jun 8, 2010 2:25am
Excellent trading material.

Happy I was scanning for some well known names and noticed your name again, Lou !!
  • #326
  • Jun 8, 2010 4:11am Jun 8, 2010 4:11am
Freddy,
I like your signature.
  • #327
  • Jun 8, 2010 5:28am Jun 8, 2010 5:28am
today i went in with this sell, actually i dont think it was wise to do. because of the ALF line. normally i would not have taken it. but i did it anyway to see what would happen.

LOU what would you have done in this situation? take it or leave it? since ALF is just coming back. and although the trend was going down.i think this was more a trade of luck.
Attached Image (click to enlarge)
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  • #328
  • Jun 8, 2010 5:58am Jun 8, 2010 5:58am
Quoting trade4fun
today i went in with this sell, actually i dont think it was wise to do. because of the ALF line. normally i would not have taken it. but i did it anyway to see what would happen.

LOU what would you have done in this situation? take it or leave it? since ALF is just coming back. and although the trend was going down.i think this was more a trade of luck.
Lou can talk about his system specifics but you appear to have a valid signal from a multiple top that was rejected with an engulfing neg close candle (closed below prev candle low) so it certainly looked pretty good to me.
  • #329
  • Jun 8, 2010 6:53am Jun 8, 2010 6:53am
Hi Lou G, I can't download the indicators and the template casue the file type is php not ex4 and tpl. Could you help me?

Thanks
  • #330
  • Jun 8, 2010 7:27am Jun 8, 2010 7:27am
Quoting pbb
Can someone please explain when to enter a trade with the new candles. I am a little cofused about this. Do we wait till the bar close so the color won't change again or do we enter once we have color confirmation in the trend/alf direction regardless of what the bar close outcom will be? Also, do we wait for a white/black bar to turn green/red or do we also take bars that open green/red? I read all posts and reread post no1, still a little confused.

Thanks pbb

Nothing has changed on the entry. The candles just help you see market conditions a little better.
  • #331
  • Jun 8, 2010 7:35am Jun 8, 2010 7:35am
Quoting lesley
Hi Lou G, I can't download the indicators and the template casue the file type is php not ex4 and tpl. Could you help me?

Thanks
Hello lesley, go to the papperclip at top of these page and choose hide images and download from there and all will be well
  • #332
  • Jun 8, 2010 8:31am Jun 8, 2010 8:31am
As of a minute ago I replaced ALF_Candles_v2 with a new version:

1. Small bug in coloring current candle fixed.

2. Split (2 color) candles removed. This "feature" was causing more confusion than it was worth. I thought it was a good idea when I did it but I ended up not liking it either.

Updated version posted below and in Post #1.
Attached File(s)
File Type: ex4 ALF_Candles_v2.ex4   6 KB | 865 downloads
Old Benjamin was right
  • #333
  • Jun 8, 2010 8:39am Jun 8, 2010 8:39am
A little speculative - we'll see...

Long as PA crossed ALF.
Attached Image (click to enlarge)
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Old Benjamin was right
  • #334
  • Jun 8, 2010 9:04am Jun 8, 2010 9:04am
Quoting gopsat77
Hi MrSmith
Can you explain please, how do you proceed ?
Thanks in advance

regards
gopsat
The way I did it was start at the original ALF post 1, follow the rules, then move onto the rules in post#1 of this thread. I trade on the M15 just like Lou and follow the rules the exact same as they are listed. I had to get a feel for the entry into the trades. I watch and see the price action (PA) and get a feel when it is starting to move. I don't normally enter in when PA is stalled. I trade from 1400-1700 London time.

I follow my own Money management rules. If I can't afford to loose it, I don't trade it. I manage the pips, not the dollars. And I always live to trade another day.

Hope this helps.

Pips
Blessed is the man who finds wisdom...
  • #335
  • Jun 8, 2010 9:08am Jun 8, 2010 9:08am
In retrospect, not a smart trade but I'm still alive. Came 1 pip from stopping out...
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Old Benjamin was right
  • #336
  • Jun 8, 2010 9:14am Jun 8, 2010 9:14am
Quoting Lou G
In retrospect, not a smart trade but I'm still alive. Came 1 pip from stopping out...
Lou I thought you were more of a trend trader and avoided the counter trend stuff.
  • #337
  • Jun 8, 2010 9:16am Jun 8, 2010 9:16am
Quoting Vantage
Lou I thought you were more of a trend trader and avoided the counter trend stuff.
I know, I know - I just closed that non-trade for a small loss. Don't know what I was thinking
Old Benjamin was right
  • #338
  • Jun 8, 2010 9:21am Jun 8, 2010 9:21am
Quoting Lou G
I know, I know - I just closed that non-trade for a small loss. Don't know what I was thinking
I know you have a trade set up where you'll enter a candle when it hasn't closed yet (your ambush comment in first post), is that wise and a strategy you'll carry on with. It just seems too open for an otherwise fairly rigid system.

Your system your rules just thought I'd make the comment........
  • #339
  • Jun 8, 2010 9:22am Jun 8, 2010 9:22am
Quoting Lou G
A little speculative - we'll see...

Long as PA crossed ALF.
Hi Lou G

any reason for no going SHORT @ the cross down RED circle

kos
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John 3:16 - From THIS love no power on earth can me sever.
  • #340
  • Jun 8, 2010 9:23am Jun 8, 2010 9:23am
Hi all

I did not wait for the candle to close and I am about to loose my 2nd trade same day.
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