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ALF revisited - simple, effective daytrading

  • #721
  • Jun 15, 2010 10:57am Jun 15, 2010 10:57am
Quoting Bary
Lou,
Thx for all the great work you've done.

Two questions. What do the cndl colors mean when they are part white/blk...
I'm using IT_Candles - you are using Fractal_Candles. That's why the charts differ.

The split candles change color when previous S/R is penetrated. I think of them as eye-candy but some members really like them...
Old Benjamin was right
  • #722
  • Jun 15, 2010 11:00am Jun 15, 2010 11:00am
Quoting bretlee
@ evynsdad,


Hello,


can you plaese share this Indicator ?

Thank you very much,


Best Regards
bretlee
It isn't a separate indicator - it's built into Fractal_Candles_SR_v3 (currently the standard candle indicator for ALF).
Old Benjamin was right
  • #723
  • Jun 15, 2010 11:02am Jun 15, 2010 11:02am
I like IT_Candles a lot (but I may be prejudiced).

Anyone else?
Old Benjamin was right
  • #724
  • Jun 15, 2010 11:13am Jun 15, 2010 11:13am
Quoting NewbieFxFx
Hi Dirty,
Nice to see someone trading on GBP/JPY
Could you please explain where did you close the loosing trades?
- when the bar opened in the other side of the ALF?
- a few pips away from the ALF?

I am having a difficult time to close the loosing ones.

Loosing trade closed after next candle opened above entry, spread was widening so closed out for small loss. My normal spread on GY is around 3 pips which makes it possible to make good trades, but spread does tend to fluctuate in these low volume times and thus spread widens, so you have to be careful! I would rather make a small loss or a small profit than see a bigger hit!!
Sometimes it works sometimes it does not. On the whole I remain profitable with this system thus far which is all thanks to Lou.
  • #725
  • Jun 15, 2010 11:14am Jun 15, 2010 11:14am
Quoting Lou G
I like IT_Candles a lot (but I may be prejudiced).

Anyone else?
Hi,
I like it too, i only have to learn how to be more disciplined and constant and wait for the right setup. I'm still learning...

Thanks for your system
  • #726
  • Jun 15, 2010 11:16am Jun 15, 2010 11:16am
Quoting Lou G
I like IT_Candles a lot (but I may be prejudiced).

Anyone else?
I like 'em as well, need to adjust to 'em, but got whipped pretty good on AJ today.
  • #727
  • Jun 15, 2010 11:22am Jun 15, 2010 11:22am
... but I just went back through the posts since the NY open. Care to guess how many people posted charts of live trades (other than myself)?

Two.

Come on, people - I've been trading ALF on a live account since March and have not lost my house yet (in fact, I've made some pips) and I'm a terrible trader.

I posted on this subject once before (may have been on the original ALF thread) - I'll dig it up and repost that rant again. One deathless line from that post sticks in my mind, though:

"Wanting to be a trader and only trading demo is like aspiring to be a real estate investor and only playing Monopoly...".
Old Benjamin was right
  • #728
  • Jun 15, 2010 11:27am Jun 15, 2010 11:27am
Quoting Lou G
I like IT_Candles a lot (but I may be prejudiced).

Anyone else?
I think IT_Candles complement the ALF in a superior way.

But as far as just the candles, fractal candles are magical. I am experimenting on higher TF setups, will update here once I reach anything conclusive.

I have a low priority request for fractal candles, (maybe a next weekend project).

Can you please make the fractal chanel lines optional too!

Mucho gracias
WANT WHAT THE MARKET WANTS...
  • #729
  • Jun 15, 2010 11:27am Jun 15, 2010 11:27am
OK
Guess I must be trading these IT candles wrong. I am on Alpari uk and took a long on close of green IT candle above brn 1.2207 at 10.30am. No red candles have appeared only some black inbetween green so I have remained in the trade and price is now 1.2330 on 15 min chart. Should I have got out on black rather than wait for red and got back in again when
candle turned green again.
Geoff
  • #730
  • Jun 15, 2010 11:28am Jun 15, 2010 11:28am
Quoting Lou G
I like IT_Candles a lot (but I may be prejudiced).

Anyone else?

Best so far!
  • #731
  • Jun 15, 2010 11:30am Jun 15, 2010 11:30am
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.
Chop/slow down usually happens around NY lunch time. I try not to place any trades after 8:30.
  • #732
  • Jun 15, 2010 11:32am Jun 15, 2010 11:32am
Quoting Lou G
... but I just went back through the posts since the NY open. Care to guess how many people posted charts of live trades (other than myself)?

Two.

Come on, people - I've been trading ALF on a live account since March and have not lost my house yet (in fact, I've made some pips) and I'm a terrible trader.

I posted on this subject once before (may have been on the original ALF thread) - I'll dig it up and repost that rant again. One deathless line from that post sticks in my mind, though:

"Wanting to be a trader and only trading demo is like...
I found my previous rant on this subject:

http://www.forexfactory.com/showpost...&postcount=218
Old Benjamin was right
  • #733
  • Jun 15, 2010 11:34am Jun 15, 2010 11:34am
Here are 2 trades that I got whipped on, mind you I'm not looking at the thread while trading. Took the longs because the overall trend as I see it was up, look at the 4hr chart.
Attached Image (click to enlarge)
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  • #734
  • Jun 15, 2010 11:34am Jun 15, 2010 11:34am
Quoting countex

Can you please make the fractal chanel lines optional too!

Mucho gracias
Go into the Inputs Tab and change the colors for the fractal lines to EMPTY...
Old Benjamin was right
  • #735
  • Jun 15, 2010 11:39am Jun 15, 2010 11:39am
Quoting GEOFFREY62
OK
Guess I must be trading these IT candles wrong. I am on Alpari uk and took a long on close of green IT candle above brn 1.2207 at 10.30am. No red candles have appeared only some black inbetween green so I have remained in the trade and price is now 1.2330 on 15 min chart. Should I have got out on black rather than wait for red and got back in again when
candle turned green again.
Geoff
Post a chart so I can see what you were looking at. Then we'll kick it around...
Old Benjamin was right
  • #736
  • Jun 15, 2010 11:40am Jun 15, 2010 11:40am
Quoting Lou G
... but I just went back through the posts since the NY open. Care to guess how many people posted charts of live trades (other than myself)?

Two.

Come on, people - I've been trading ALF on a live account since March and have not lost my house yet (in fact, I've made some pips) and I'm a terrible trader.

I posted on this subject once before (may have been on the original ALF thread) - I'll dig it up and repost that rant again. One deathless line from that post sticks in my mind, though:

"Wanting to be a trader and only trading demo is like...

Hi Lou,
I trade live with a non MT4 broker, I use Mt4 for charting with your great system, have been following in the background for a couple of months and live trading the system for about one month! Its working for me, there are conflicts between your ALF system and the ALF I have been using with the Laguerre RSI filter on Marketscope 2.0 platform, however I prefer your latest addition the IT Candles!!! They work great!!
Keep up the good work, I will try and post some more trades as they come.
  • #737
  • Jun 15, 2010 11:43am Jun 15, 2010 11:43am
Quoting MoneyMaker
Here are 2 trades that I got whipped on, mind you I'm not looking at the thread while trading. Took the longs because the overall trend as I see it was up, look at the 4hr chart.
Entry guideline #1 says "don't trade when ALF is flat and PA is cycling back and forth through ALF in a narrow range".
Old Benjamin was right
  • #738
  • Jun 15, 2010 11:44am Jun 15, 2010 11:44am
Quoting Lou G
If you are interested in knowing why I constantly hammer on the need for simplicity in trading, check out this thread:

http://www.forexfactory.com/showthread.php?t=27286

Not the only reason for my attitude toward trading, but a big part.
Wayne Jackson is the voice of reason, experience and success.... Thanks for the reminder... I love this from his blog...

"I am a Trend Trader

EVERYONE SHOULD TEST OUT THIS VERY UNUSUAL AND RARELY USED STRATEGY;

1. buy/ sell ONLY in the direction of the major trend and
2. buy/sell on dips.(Use support lines to guide you as to price...also "round" numbers ... I also use the 50% Fib ratio..)
3. bank your profits

Firstly, how do you know what the trend is?
DETERMINE THE TIME FRAME THAT YOU WANT TO TRADE.
1. If the graph on the chart starts in the bottom left hand corner and ends in the top right hand corner, the market is going UP.
2. If the graph on the chart starts in the top left hand corner and ends in the bottom right hand corner, the market is going DOWN.
3. If you are still confused, print it off and show it to a 5 year old...they will get it right EVERY time...LOL
The trend is the BEST friend you will ever have in the Forex market.When you trade with the trend, even if you make a mistake, the market will get you out of your problem....If you make a mistake and you are fighting the trend ...YOU ARE STUFFED, BIG TIME !!!"
  • #739
  • Jun 15, 2010 11:49am Jun 15, 2010 11:49am
Found this thread yesterday. Read it from the beginning.
Started trading it today.
I love the simplicity

2 trades + 15 - on 5 min charts
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Attached Image (click to enlarge)
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  • #740
  • Jun 15, 2010 11:56am Jun 15, 2010 11:56am
i have been trading on ALPARI UK demo account for 3 months, tryed all sorts of setups but ALF system seems to be the best yet.

being stupid i dont understand when u traders talk about taking 5 pips 10pips sometimes whith only a 2 candle moverment how r u making money because when i place a trade it would have to move at least 5 candles before i am in profit. i have made profit with this system but no real money because by the time its got in profit the trend is changing either way

this is my first post so take it easy
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