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ALF revisited - simple, effective daytrading

  • #641
  • Jun 14, 2010 5:13pm Jun 14, 2010 5:13pm
Hi Lou

I've been following both your threads for the past few weeks. I had good success with the other system BUT now you've done it. The only way you could make this easier is if you logged onto my account and did the trading. No it's not perfect but I feel pretty confident when I place a trade that I'm going to make pips.

I'm on the east coast in NY and I usually get here to trade about 7:30 A.M. for the NY open. Most of the time - like today - I have my day made by 8:30 A.M. After that I play with the different indicators looking to make something clear more clear.

I like your idea of simplicity - my brother-in-law trades with so many indicators that by the time he makes a decision to trade it's too late and opportunity has past. This is by far the simplest and most effective system I've ever see.

Thank you so much - you have a great deal of patience and you deserve a great deal of blessings.
Jim (MrChips)
  • #642
  • Jun 14, 2010 5:18pm Jun 14, 2010 5:18pm
Quoting Lou G
The hits just keep coming.

Lou...are you giving yourself an entry point a few pips away from close or from high/low of previous bar or are you entering market trades?

Also, are you trading more than just EU 15 minutes t/f?


thanks again...system is great.

jacob
  • #643
  • Jun 14, 2010 5:29pm Jun 14, 2010 5:29pm
Quoting MrChips
Hi Lou

I've been following both your threads for the past few weeks. I had good success with the other system BUT now you've done it. The only way you could make this easier is if you logged onto my account and did the trading. No it's not perfect but I feel pretty confident when I place a trade that I'm going to make pips.

I'm on the east coast in NY and I usually get here to trade about 7:30 A.M. for the NY open. Most of the time - like today - I have my day made by 8:30 A.M. After that I play with the different indicators looking to...
I trade almost the same hours - I try to get the chart up by 06:45 my time which is 15 minutes before NY open.

Some days I'm done early as well.

Thanks for posting - I'm glad it's working for you.
Old Benjamin was right
  • #644
  • Jun 14, 2010 5:32pm Jun 14, 2010 5:32pm
Quoting losingtrades
Lou...are you giving yourself an entry point a few pips away from close or from high/low of previous bar or are you entering market trades?

Also, are you trading more than just EU 15 minutes t/f?


thanks again...system is great.

jacob
I use buy/sell scripts set up on MT4 hot keys and trade at market - only EU for now, mostly M15 but occasionally M5 or H1 depending on what appears to be trending/ranging in a good way and is not too choppy. I try for 1 to 3 trades per day and absolutely quit for the day when London closes.
Old Benjamin was right
  • #645
  • Jun 14, 2010 6:37pm Jun 14, 2010 6:37pm
Lou G,

Although I am not sure what the new red/green lines are supposed to do in the charts, I'd like to report that think I got the TESTER's setup is ok. At least, it looks a lot like all the rest here.

Keeping an eagle eye on this thread for more updates!
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  • #646
  • Edited 6:58pm Jun 14, 2010 6:56pm | Edited 6:58pm
Quoting iamnoel
Lou G,

Although I am not sure what the new red/green lines are supposed to do in the charts, I'd like to report that think I got the TESTER's setup is ok. At least, it looks a lot like all the rest here.

Keeping an eagle eye on this thread for more updates!
The lines are created by the Instant_Trend indicator and don't need to be on the charts (so you can remove the indicator from your setup).

Instant_Trend DOES need to be in your experts/indicators folder though - it is essential for the correct functioning of IT_Candles.
Old Benjamin was right
  • #647
  • Jun 14, 2010 7:16pm Jun 14, 2010 7:16pm
Thank you for the clarification.

Very much appreciated.
  • #648
  • Jun 14, 2010 8:04pm Jun 14, 2010 8:04pm
Are there any plans or interest of having a trade room for this system?
  • #649
  • Jun 14, 2010 8:11pm Jun 14, 2010 8:11pm
Quoting rotunda
Are there any plans or interest of having a trade room for this system?
Nope - we're using this forum from 12:00 - 16:00 GMT on all trading days as our trade room.
Old Benjamin was right
  • #650
  • Jun 14, 2010 8:14pm Jun 14, 2010 8:14pm
Quoting rotunda
Are there any plans or interest of having a trade room for this system?
Going to trade rooms are where threads fall apart, not all thread participants switch to use them.
Keep the trade info going here then people can see the charts and catch up & compare to their own charts and then add their ideas / comments / support.
Like checking the 2nd arrows ...

cheers scalpz
Target 2 : Stoploss in the green
  • #651
  • Jun 14, 2010 8:19pm Jun 14, 2010 8:19pm
Gonna take this for a spin. Believe I have all the proper files that were updated today. Loaded the last alf_it template. Does this look correct?
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  • #652
  • Jun 14, 2010 8:27pm Jun 14, 2010 8:27pm
Hi

Is there a way by which i can enter the same order in two pairs with 1 click. EURUS and EURJPY trade exacltly the same. I want to target less pips but in two pairs.

Thanks
Make money Not pips
  • #653
  • Jun 14, 2010 9:34pm Jun 14, 2010 9:34pm
Quoting balle1973
Hi

Is there a way by which i can enter the same order in two pairs with 1 click. EURUS and EURJPY trade exacltly the same. I want to target less pips but in two pairs.

Thanks
Have you thought this concept through...you would be paying 2x's the commission and have to worry about news from 2 different countries/regions.

Just play GU instead of EU if it's not enough pips...if EU moves 10 pips, GU moves 20 and GJ move 30-40 (higher spread)

Just a thought...and also hedging doesn't work for intra day trading...
  • #654
  • Jun 14, 2010 10:02pm Jun 14, 2010 10:02pm
I'm not a newbie, but I imagine some here would beg to differ based on some of my previous posts. Sometimes it takes something simple to turn on the light bulb. Of course, most have heard that all you need do is look at the left side of the chart to determine the trend, but it took me to now to realize the simplicity of this.

If you have a 15 minute chart, depending on what size chart you use, that chart has roughly 16 hours of time on it. Make it smaller, and you have even more hours. Looking all the way to the left and glancing at the right, one can see if the pair is going up, or down....DUH! That gives you almost a whole day of trades to see what the buyers and sellers have been doing.

Going up from right to left, a buy is better. Flat from right to left, look for another pair. Going down from right to left, look to sell.

Now, why didn't I think of that before??

Quoting Lou G
I hope you don't feel I'm being rude or having fun at your expense - if so, I apologize.

I've earned a reputation out here at FF for being anti-indicator and I enjoy removing unnecessary indicators from charts even more than some enjoy putting them there in the first place.

My Significant Other is the best trader I know (she trades equities) who barely knows what a chart is, much less an indicator, but she is very successful. She shrugs off her occasional losses (some so large that they would make my hair catch fire if I incurred them) as if...
  • #655
  • Jun 14, 2010 10:16pm Jun 14, 2010 10:16pm
Quoting balle1973
Hi

Is there a way by which i can enter the same order in two pairs with 1 click. EURUS and EURJPY trade exacltly the same. I want to target less pips but in two pairs.

Thanks

Yes, there is. You can use a script..I believe that there is one in the programming tech forum that allows you to trade multiple pairs with one execution.

However, you are doubling your risk so why not make it simple and enter twice the lotsize on EU if you want to double your risk and decrease the take profit pips you need.

if you think that doubling your risk on EU is bad then doubling your risk by going with highly correlated pairs is no different just more confusing.
  • #656
  • Jun 14, 2010 10:23pm Jun 14, 2010 10:23pm
Quoting flyer415
Yes, there is. You can use a script..I believe that there is one in the programming tech forum that allows you to trade multiple pairs with one execution.

However, you are doubling your risk so why not make it simple and enter twice the lotsize on EU if you want to double your risk and decrease the take profit pips you need.

if you think that doubling your risk on EU is bad then doubling your risk by going with highly correlated pairs is no different just more confusing.
Well said...thats pretty much what I meant. Why double your commission?
  • #657
  • Jun 14, 2010 11:00pm Jun 14, 2010 11:00pm
Quoting balle1973
Hi

Is there a way by which i can enter the same order in two pairs with 1 click. EURUS and EURJPY trade exacltly the same. I want to target less pips but in two pairs.

Thanks
try demo first. http://www.forexfactory.com/showpost.php?p=3398401
bruunoalves
best regards
  • #658
  • Jun 14, 2010 11:10pm Jun 14, 2010 11:10pm
Quoting balle1973
Hi

Is there a way by which i can enter the same order in two pairs with 1 click. EURUS and EURJPY trade exacltly the same. I want to target less pips but in two pairs.

Thanks
Remember the correlations, and dont trade live unless you know what you are doing

Best regards

EURUSD X USDJPY = EURJPY

122.20 x 91.50 = 11181,3
Attached Image
  • #659
  • Jun 15, 2010 12:44am Jun 15, 2010 12:44am
Quoting tommyd
Here is a link to a FREE little download that you can use to change the spread in MT4 when using the mt4 tester on the weekend.
click on the "Spread Controller" and then if you click on the "contact us" in the yellow bar and simply ask for info on the spread controller they will send you the link to download it. It is free no strings attached, (they have never sent me anything other than the link)

Took me all of 2 minutes to set up with the supplied pdf. instructions...

I do not know if it will work with your simulator but it does...
Hi Tommy,
Thanks for the link, will look into it ASAP.

Cheers.

doc.
  • #660
  • Jun 15, 2010 1:39am Jun 15, 2010 1:39am
I do not want to cause trouble as I like this method a lot. I would like to hear from Lou on someone (me) opening a skype room. I will only do it with the group blessing, just to call out trades and leave the coaching here where it belongs.
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