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ALF revisited - simple, effective daytrading

  • #701
  • Jun 15, 2010 9:15am Jun 15, 2010 9:15am
Just took a quick short (EU M5) for +10 - sort of a boredom trade

Screenshot taken at entry - candles turned red, I took it.
Attached Image (click to enlarge)
Click to Enlarge Name: alf.gif Size: 13 KB
Old Benjamin was right
  • #702
  • Jun 15, 2010 9:19am Jun 15, 2010 9:19am
Once again, PA moves to reconnect with ALF
Old Benjamin was right
  • #703
  • Jun 15, 2010 9:24am Jun 15, 2010 9:24am
Yes, noticed that too.

Problem is, how can we know if the PA is the one going to connect to ALF, or the ALF going to connect with the PA?
  • #704
  • Jun 15, 2010 9:25am Jun 15, 2010 9:25am
Quoting iamnoel
Yes, noticed that too.

Problem is, how can we know if the PA is the one going to connect to ALF, or the ALF going to connect with the PA?
I don't KNOW - I occasionally take a chance (like when I get out of bed in the morning)

M5 is starting to look like the place to be today - probably should have been there earlier.

Keep in mind that, even though I've been live-trading ALF since March (and went back to August, 2009 during development), I'm still learning to use my new tools just as you are...
Old Benjamin was right
  • #705
  • Jun 15, 2010 9:33am Jun 15, 2010 9:33am
WTF! - M5 just began to chop. Perhaps my adventure trade was a retracement. Only problem is upside resistance is around 1.2300.
Old Benjamin was right
  • #706
  • Edited 9:40am Jun 15, 2010 9:37am | Edited 9:40am
Quoting Lou G
WTF! - M5 just began to chop. Perhaps my adventure trade was a retracement. Only problem is upside resistance is around 1.2300.
I am so in-decisive today! Argh! After missing 4 awesome 5 min trades during LON...now this chop has me guessing.

I do notice PA-ALF connection...I was tempted to buy the bottom of that hammer on the 5M and ride it up to the ALF...would have been good for 15 (NOW 30+) DAMN! or so on GU.

I hate not pulling the trigger
  • #707
  • Jun 15, 2010 9:40am Jun 15, 2010 9:40am
Quoting pilotui
I am so in-decisive today! Argh! After missing 4 awesome 5 min trades during LON...now this chop has me guessing.

I do notice PA-ALF connection...I was tempted to buy the bottom of that hammer on the 5M and ride it up to the ALF...would have been good for 15 or so on GU.

I hate not pulling the trigger
Mark Douglas ("Trading In The Zone") says leaving pips on the table is traders greatest fear (next to an outright loss). How true...
Old Benjamin was right
  • #708
  • Jun 15, 2010 9:45am Jun 15, 2010 9:45am
Quoting Lou G
Mark Douglas ("Trading In The Zone") says leaving pips on the table is traders greatest fear (next to an outright loss). How true...
Whats worse is I saw it before it happened, was conscious of it...held my finger on the trigger and said "do it...it's a 5 pip SL" Yet DIDN'T do it.

Now 45 pips later...

Oh well
  • #709
  • Jun 15, 2010 9:47am Jun 15, 2010 9:47am
EU has been banging its head on 1.2300 since yesterday...
Old Benjamin was right
  • #710
  • Jun 15, 2010 9:51am Jun 15, 2010 9:51am
Lou didn't have any objections to the possible new skype room, and I never implied that he or anyone else had to join. I would like to make a few rules for the room. All technical and other questions will continue to be made in this forum for all to see and learn. The new chat room, ALF Revisited on Skype, is for calling out potential trades only. My skype name is stevefx1, so you can send me a message on skype by adding a contact to be added to the group. Let us continue to add to this great simple method for trading and I thank everyone again for all their help and wish all great success.
  • #711
  • Jun 15, 2010 10:12am Jun 15, 2010 10:12am
Quoting Lou G
On another subject, I have no interest in participating in a trading room of any kind. I'm not much of a joiner anyway and, between keeping up with what's going on here and doing my own trading, I can't think about being busier than I already am.
You missed my post...
Old Benjamin was right
  • #712
  • Jun 15, 2010 10:13am Jun 15, 2010 10:13am
Quoting pip pirate 2
Lou didn't have any objections to the possible new skype room, and I never implied that he or anyone else had to join. I would like to make a few rules for the room. All technical and other questions will continue to be made in this forum for all to see and learn. The new chat room, ALF Revisited on Skype, is for calling out potential trades only. My skype name is stevefx1, so you can send me a message on skype by adding a contact to be added to the group. Let us continue to add to this great simple method for trading and I thank everyone again...
You missed my post on this subject - see the previous...
Old Benjamin was right
  • #713
  • Jun 15, 2010 10:15am Jun 15, 2010 10:15am
... with the trend instead of against it. This (see chart) turned into +10 and I bailed out again.
Attached Image (click to enlarge)
Click to Enlarge Name: alf.gif Size: 12 KB
Old Benjamin was right
  • #714
  • Jun 15, 2010 10:29am Jun 15, 2010 10:29am
Once again today, I've proved that I am a much better programmer than a trader. Those who followed the ALF guidelines gained a minimum +37 pips (see the chart) on two long trades.

I, on the other hand, gained +20 on two trades, one of them counter-trend.

Still, +20 is right around the goal I begin each day with, so I'm modestly pleased.

Sorry about the trading room thing - I just feel my trading would suffer (even more) by adding any more distractions.
Attached Image (click to enlarge)
Click to Enlarge Name: alf.gif Size: 11 KB
Old Benjamin was right
  • #715
  • Jun 15, 2010 10:32am Jun 15, 2010 10:32am
Lou, the beta indicators work pretty well. Thanks for the effort in bringing this to the community.

I have to say the only problem is myself

I will need more practice to manage my fear and greed, and also have faith to follow the system
  • #716
  • Edited 10:50am Jun 15, 2010 10:37am | Edited 10:50am
Lou,
Thx for all the great work you've done.

Two questions. What do the cndl colors mean when they are part white/blk and red/green? I tried but couldn't find an explaination of the colors.

Also my cndl colors do not match yours. I triple checked to be sure I downloaded correctly. Is it in the settings?

See my chart which is same TF as your last one.

I've read thru most of this thread and still cannot find the answers. Sorry if I missed it. Please direct me to the post that gives answers.
I did read the first post but my confusion is that your cndls don't match mine.

Thanks for your help, Barry
Attached Image (click to enlarge)
Click to Enlarge Name: eu10.gif Size: 19 KB
Barry
  • #717
  • Jun 15, 2010 10:41am Jun 15, 2010 10:41am
Quoting evynsdad
I'd love to hear thoughts from the more experienced traders about how they treat the high effect news announcements....

@ evynsdad,


Hello,


can you plaese share this Indicator ?

Thank you very much,


Best Regards
bretlee
Attached Image (click to enlarge)
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  • #718
  • Jun 15, 2010 10:42am Jun 15, 2010 10:42am
Quoting Lou G
Once again today, I've proved that I am a much better programmer than a trader. Those who followed the ALF guidelines gained a minimum +37 pips (see the chart) on two long trades.

I, on the other hand, gained +20 on two trades, one of them counter-trend.

Still, +20 is right around the goal I begin each day with, so I'm modestly pleased.

Sorry about the trading room thing - I just feel my trading would suffer (even more) by adding any more distractions.

Nice work...today was just one of those days for me, I saw the trades but couldn't execute. So I just closed out my console...better to avoid revenge trading.
  • #719
  • Jun 15, 2010 10:49am Jun 15, 2010 10:49am
Quoting Lou G
The upside of this sluggish EU has allowed me to just "put in my screen time" on IT_Candles.

All looks good and the indicator/setup I'm using seem to telling me all that I need to know about the market - feel very comfortable with it thus far.
Totally agree!
  • #720
  • Jun 15, 2010 10:53am Jun 15, 2010 10:53am
Quoting stmoong
Lou, the beta indicators work pretty well. Thanks for the effort in bringing this to the community.

I have to say the only problem is myself

I will need more practice to manage my fear and greed, and also have faith to follow the system
Tell me about it...
Old Benjamin was right
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