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ALF revisited - simple, effective daytrading

  • #341
  • Jun 8, 2010 9:26am Jun 8, 2010 9:26am
Quoting MoneyMaker
http://cdn.forexfactory.com/attachme...1&d=1275920715
What is the name of that indicator in the left side.... looks like some THV-Stuff!
  • #342
  • Jun 8, 2010 9:40am Jun 8, 2010 9:40am
Sorry to have caused confusion - I should (and usually do) know better.

We are entering a no-trade zone.
Attached Image (click to enlarge)
Click to Enlarge Name: alf.gif Size: 8 KB
Old Benjamin was right
  • #343
  • Jun 8, 2010 9:43am Jun 8, 2010 9:43am
Quoting Kosomolate
Hi Lou G

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

kos

Yes, I saw the higher lows and interpreted the trend as up - I was wrong.
Old Benjamin was right
  • #344
  • Jun 8, 2010 9:46am Jun 8, 2010 9:46am
Just had a look at M5 - too choppy there as well - long wicks everywhere I look. I will sit this market out.

See entry rule #1 - "do not trade when ALF is flat and PA is cycling back and forth through ALF".
Old Benjamin was right
  • #345
  • Jun 8, 2010 10:07am Jun 8, 2010 10:07am
Quoting nightyhawk
What is the name of that indicator in the left side.... looks like some THV-Stuff!

just a news indicator. Can't post the the link to the other forum but search (yahoo google) for in10tion and you'll find it. And the clock is p4l here on ff.
  • #346
  • Jun 8, 2010 10:18am Jun 8, 2010 10:18am
Quoting Lou G
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.

Was about to write you that already after having it on my chart for a few hrs. Glad you nipped it in the butt.

Just came back to the thread and found this post.
  • #347
  • Jun 8, 2010 10:26am Jun 8, 2010 10:26am
Quoting balle1973
Hi all

I did not wait for the candle to close and I am about to loose my 2nd trade same day.
looks like it wasnt so bad at all
just too fast
  • #348
  • Jun 8, 2010 10:30am Jun 8, 2010 10:30am
Quote:
"The market sold a lot of EUR/USD in the 1.1920 area with very little to show for their efforts. The move by the SNB to buy the cross seems to be doing more for EUR/USD than for EUR/CHF, where history shows they will fail… EUR/USD shorts are running for cover now…
EUR/USD is at session highs, running into offers at the 1.1990/00 area. Stops lie in the 1.2010/30 region."


I keep watching these stories, as they reflect sentiment of the market, especially today it seems.
Good time to stay out and time to take my lady for lunch to a nice place.
  • #349
  • Jun 8, 2010 10:44am Jun 8, 2010 10:44am
I'd say the consensus is "not a good trading day".

One small loss for me (-12 pips) leaving me about even for the week.
Old Benjamin was right
  • #350
  • Jun 8, 2010 11:39am Jun 8, 2010 11:39am
Quoting Lou G
I'd say the consensus is "not a good trading day".

One small loss for me (-12 pips) leaving me about even for the week.
For me the power of the system is in magical "Fractal Candles", normally it takes at least 2 candles, after the close of swing high or low to form a fractal.

With your magical candles we can try to ANTICIPATE with some degree of accuracy (higher TF trend confirmation, 200 SMA, SR lines) where the turning point will be .

It is almost like an instant fractal, everybody has to wait for 2 candles.

I don't even trade the EU but if I was trading, here are some of the entries that I be interested in.

watch out for the candle closing below 1.1960
Attached Image (click to enlarge)
Click to Enlarge Name: alf.gif Size: 24 KB
WANT WHAT THE MARKET WANTS...
  • #351
  • Jun 8, 2010 11:40am Jun 8, 2010 11:40am
My normal 15M system was done for the day so I decided to open a demo account and play with this one...(nice work Lou G, and thanks for sharing)

I really like this system on GU and 1M charts.

The ALF line was very simple to follow and by applying a 200 EMA (the usual touch/support/resistance line on 1M charts made 3 quick trades for profit of 58 pips, then pushed my luck about 10 min ago (STAGNANT) for a -5 pip loss

3 nice winners 1 quick loser (my fault not the system)

I see this ALF system as having very good potential on 1M charts.

Also I would suggest only trading this system from 0700 GMT - 1600 GMT

Thanks Lou
Attached Image (click to enlarge)
Click to Enlarge Name: Lou G ALF GU 1M.jpg Size: 137 KB
  • #352
  • Jun 8, 2010 1:56pm Jun 8, 2010 1:56pm
Did anybody pick quick 30 pips, courtsey of Mr. ALF!!!

EU is 1.1926 as I write, never went above 1.1960 after closing below (strong supply line).



Quoting countex
For me the power of the system is in magical "Fractal Candles", normally it takes at least 2 candles, after the close of swing high or low to form a fractal.

With your magical candles we can try to ANTICIPATE with some degree of accuracy...
WANT WHAT THE MARKET WANTS...
  • #353
  • Jun 8, 2010 2:00pm Jun 8, 2010 2:00pm
Quoting balle1973
Hi all

I did not wait for the candle to close and I am about to loose my 2nd trade same day.
:-)
Although there was money to be made going long the Euro......I would suggest to anyone who is not profitable........trade in the direction of the trend.
Of course there are daily trends, 4 hour trends, hourly trends, and trends on even smaller time frames......but I would suggest traders who are not profitable to choose a higher time frame (I use 4 hour) and trade in the direction of the higher time frame.
This will mean you will NOT be in some good trades........but it also means you will not be in some bad trades.

Trading is about preserving capital.......step one.......don't lose money.....step two.......make money

If you have not accomplished step one.......trade in the direction of the higher time frame........a minimum of the hourly.

How to establish the direction of the trend.....well.....Jacko says....ask a 5 year old......if you do not have one......slap on a 60 minute sma......if it is sloping up....it is an uptrend.....if it is sloping down.....it is a downtrend.....if it is flat......the market is ranging
  • #354
  • Jun 8, 2010 2:01pm Jun 8, 2010 2:01pm
Quoting MoneyMaker
just a news indicator. Can't post the the link to the other forum but search (yahoo google) for in10tion and you'll find it. And the clock is p4l here on ff.
Thx - have found it - looks very nice...
  • #355
  • Jun 8, 2010 2:06pm Jun 8, 2010 2:06pm
Quoting pgpb
:-)
Although there was money to be made going long the Euro......I would suggest to anyone who is not profitable........trade in the direction of the trend.
Of course there are daily trends, 4 hour trends, hourly trends, and trends on even smaller time frames......but I would suggest traders who are not profitable to choose a higher time frame (I use 4 hour) and trade in the direction of the higher time frame.
This will mean you will NOT be in some good trades........but it also means you will not be in some bad trades.

Trading is about preserving...


MARKET THIS MORNING BEEN CHOPPY. your right about what you stated above.
  • #356
  • Jun 8, 2010 2:42pm Jun 8, 2010 2:42pm
Hee guys.

Maybe this is a little help to the ones that like to stick to the rules of master Lou G and want it to show on the chart without disturbing the total purpose of the setup.

You can set the 3 major timezones in opening and closing time, as well the color that fits you the best.

Be aware of adjusting to the time your broker handles.
Attached Image (click to enlarge)
Click to Enlarge Name: timezones.gif Size: 21 KB
Attached File(s)
File Type: ex4 i-Sessions.ex4   6 KB | 487 downloads
  • #357
  • Edited 3:00pm Jun 8, 2010 2:59pm | Edited 3:00pm
... so far. Today turned out to be the wrong day to roll out a new version of ALF_Candles.

In replacing the TVI as a supplementary indicator for ALF i had hoped to provide something more flexible for different TF's that would work as well without tinkering. Seems to be working okay in that area.

I learn as much from your posts as you do from mine, often more, so keep 'em coming.

Lou G
Old Benjamin was right
  • #358
  • Jun 8, 2010 4:58pm Jun 8, 2010 4:58pm
Lou for me those half colored candles worked perfectly for me.

maybe we should not give up on them to fast. if it is alright with you i like to experiment further with it. and post some results in here if that is alright for you.

if not, no problem as well. this is your system after all and your the master behind it.
  • #359
  • Jun 8, 2010 5:12pm Jun 8, 2010 5:12pm
Quoting trade4fun
Lou for me those half colored candles worked perfectly for me.
me 2
  • #360
  • Jun 8, 2010 5:34pm Jun 8, 2010 5:34pm
For me they did NOT, but I need to say that I did not get the change to investigate exactly what they were telling me and the "original" did already on the chart after setting it all up last night..
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