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ALF revisited - simple, effective daytrading

  • #381
  • Jun 9, 2010 11:31am Jun 9, 2010 11:31am
Quoting MoneyMaker
I agree wholeheartedly, was just answering their question.
When I posted that chart I was reading thru the other thread and came upon the whole discussion of it. Kinda why I dropped them from my charts...... it's amazing how little "work" people want to do to succeed.
Gimme this gimme that.....
EA this, EA that....just truely amazing
As you have stated many times, screen time will help develop pattern recognition.

As Aristotle said "We are what we repeatedly do. Excellence ,therefore, is not an act but a habit."

MM
Interestingly, my oldest grandson attends a private school for gifted children where that quote is the school motto. He won the Spelling Bee Championship this year for his grade level - the winning word was "metamorphosis"...

He is 6 years old.
Old Benjamin was right
  • #382
  • Jun 9, 2010 11:34am Jun 9, 2010 11:34am
May your grandson take after you then......truely gifted.

Thank you for a wonderful method Lou.
  • #383
  • Jun 9, 2010 11:46am Jun 9, 2010 11:46am
Quoting MoneyMaker
May your grandson take after you then......truely gifted.

Thank you for a wonderful method Lou.
You're welcome and thanks for the compliment. The whole family is incredibly proud of young Jacob (and of his younger brother).
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Old Benjamin was right
  • #384
  • Jun 9, 2010 2:47pm Jun 9, 2010 2:47pm
Quoting countex
You have made a perfect indicator, sir.
I agree. All I have added now is a #Signal_Bars-v7 and changed the time frames from 1 minute to 4 hours, to 5 minutes to daily, and made it small size so it sits at the top right of my chart and I can easily see the longer term trend to trade only in the direction of that. Other than that, I do have the ADX for a quick look to see if its too slow to trade.

I admit to having two other MAs included before. Those just confused things. I have deleted them. The only thing anyone needs is the ALF line and candles.
  • #385
  • Jun 9, 2010 3:33pm Jun 9, 2010 3:33pm
In Post #1 of the original thread, I mentioned that I nearly started the thread with ALF alone and no companion indicator.

I still believe that, with enough experience, I will be able to trade with only ALF on the chart.

Fractal_Candles_SR_v3 sure does help, though...
Old Benjamin was right
  • #386
  • Jun 9, 2010 3:51pm Jun 9, 2010 3:51pm
... with a new template. Also removed deprecated indicators.
Old Benjamin was right
  • #387
  • Jun 9, 2010 7:41pm Jun 9, 2010 7:41pm
I have difficulties grasping the effect and the meaning of the colored candles.

The red and green ones are clear, but can you explain please what the black and white exactly represent?

They seem to come in 4 variations:
completely black
completely white
black in a red candle
white in a green candle
  • #388
  • Jun 9, 2010 9:07pm Jun 9, 2010 9:07pm
Hi Lou, thanks so much for your awesome ALF indicators.
Have been trading with the original setup and only recently spotted the new thread.
Finally read through the lot, so time to load up the new Fractal Candles SR v3 indi onto the charts.
Nice to have the source code, to dig around & see how things tick. But the trading comes first.

note to others: keep rereading post 1 updates
note to self: find out where to vote

cheers scalpz
Target 2 : Stoploss in the green
  • #389
  • Jun 9, 2010 11:30pm Jun 9, 2010 11:30pm
Quoting Freddyfx
I have difficulties grasping the effect and the meaning of the colored candles.

The red and green ones are clear, but can you explain please what the black and white exactly represent?

They seem to come in 4 variations:
completely black
completely white
black in a red candle
white in a green candle
Here's my understanding of what they are after watching price action a bit.
White candles are the bullish candles (provided that white is the setting you have in your chart properties) with the green portion being the part that broke resistance within so many candles back.
And the black candles are the bearish (again provided thats the color you have selected in properties) with the red being that part that broke support within the last # of candles.

Lou may be able to clear it better.

MM
  • #390
  • Jun 9, 2010 11:32pm Jun 9, 2010 11:32pm
Quoting scalpz
note to self: find out where to vote

cheers scalpz

Just click on the stars rating in the upper right corner underneath the paper clip.
Voila!
  • #391
  • Jun 9, 2010 11:40pm Jun 9, 2010 11:40pm
Quoting MoneyMaker
Here's my understanding of what they are after watching price action a bit.
White candles are the bullish candles (provided that white is the setting you have in your chart properties) with the green portion being the part that broke resistance within so many candles back.
And the black candles are the bearish (again provided thats the color you have selected in properties) with the red being that part that broke support within the last # of candles.

Lou may be able to clear it better.

MM
MM....so are we waiting for the candles to turn White and or Black depending on the timeframe that we are in....along with bounce/penetration of the ALF line? Thanks in advance....
  • #392
  • Jun 10, 2010 12:54am Jun 10, 2010 12:54am
Quoting Lou G
... with a new template. Also removed deprecated indicators.
Hi Lou, still use the alf v2 candles. The fractal sr candle come back to their original settings when you reload. I did check both of the candle indicators yesterday and as far as I can see they are the same color wise (or not?). The problem is that I tend to use a brighter color for the sea green and that I don't use the bands. So, I would like to use the v2 for now. Besides that I know that alf in combination with alf candles has made tvi pointles, however I still love to use this little tvi that you introduced in the prior thread! I wouldn't be surpriced if there are more followers that use it. Hope to see you develloping your strategy in the coming time, but please don't mind that people already like what you have created in the past!

Thanks pbb
  • #393
  • Jun 10, 2010 12:59am Jun 10, 2010 12:59am
Hi Lou G

Here is a 15M charte where I enter a short, all conditions seem ok (candle red close below ALF) but PA goes against me.Will you please tell me what's going wrong with it ?

Thanks in advance

regards
Gopsat
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  • #394
  • Jun 10, 2010 1:08am Jun 10, 2010 1:08am
lol
if you dont wanna risk take only with trent entrys

here is a trendline for me so i personaly wouldnt risk short till its broken
br
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  • #395
  • Jun 10, 2010 1:10am Jun 10, 2010 1:10am
Quoting gopsat77
Hi Lou G

Here is a 15M charte where I enter a short, all conditions seem ok (candle red close below ALF) but PA goes against me.Will you please tell me what's going wrong with it ?

Thanks in advance

regards
Gopsat
I'm NOT answering for Lou, but entering a trade A-g-a-i-n-s-t T-h-e T-r-e-n-d is usually NOT profitable, regardless of what any or all indicators may tell you! That was a rather strong uptrend, was it not?

If you are still in the trade, I believe price may soon fall but it may take awhile.

Raymond
If nothing changes, nothing will change...
  • #396
  • Jun 10, 2010 1:32am Jun 10, 2010 1:32am
Quoting Pippopotamus
very hard not to make money trading Euro. However,witness the GBP results to understand the importance of diversity. I am convinced that ALF needs but very little filtering to be traded profitably...There are limits to the extent to which we can refine our entries/exits. We are working with a discontinuous function. I believe these limits are approachable by the simplest of techniques...As we do...We buy when price is going up. We sell when price is going down. The rest is up to the idiosyncrasies of PA, and trade mgt. Pippo ps. The,"Month of Trades,"...
Totally agree. Have you consider filtering with volume? I'm experimenting with only taking ALF trades when price crosses ALF with volume above average, in an attempt to catch strong moves only. This seems to be cutting out most of the crosses that lead to rangey situations where price moves back and forward over the ALF. So far so good.

Using Better Volume 1.4 indicator because it provides an average volume line enabling one to quickly see if volume is above or below average.
  • #397
  • Jun 10, 2010 1:45am Jun 10, 2010 1:45am
Quoting bbolss
lol
if you dont wanna risk take only with trent entrys

here is a trendline for me so i personaly wouldnt risk short till its broken
br
But here the PA turn again ? trend up ?

regards
Gopsat
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  • #398
  • Jun 10, 2010 1:49am Jun 10, 2010 1:49am
none say that every entry will be right
you have to chose
this at 5am up my time was great
80 pips
enought for a day so why woryied about next ?
beside
after strong move like this
pa must usualy rest for some time
  • #399
  • Jun 10, 2010 1:52am Jun 10, 2010 1:52am
Quoting rnfuller102
I'm NOT answering for Lou, but entering a trade A-g-a-i-n-s-t T-h-e T-r-e-n-d is usually NOT profitable, regardless of what any or all indicators may tell you! That was a rather strong uptrend, was it not?

If you are still in the trade, I believe price may soon fall but it may take awhile.

Raymond
Hi rnfuller102

Thanks for your answer
  • #400
  • Jun 10, 2010 6:39am Jun 10, 2010 6:39am
Quoting MoneyMaker
Here's my understanding of what they are after watching price action a bit.
White candles are the bullish candles (provided that white is the setting you have in your chart properties) with the green portion being the part that broke resistance within so many candles back.
And the black candles are the bearish (again provided thats the color you have selected in properties) with the red being that part that broke support within the last # of candles.

Lou may be able to clear it better.

MM
Thanks MM - I could not have explained it better.
Old Benjamin was right
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