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ALF revisited - simple, effective daytrading

  • #781
  • Jun 16, 2010 4:40am Jun 16, 2010 4:40am
Dear Lou,

i have tested the ALf_alert now for 2 days on all different kind of pairs.

the problem is that it basicly gives a lot of Alerts when Alf line is flat. and when the ALF line is bending it only sometimes gives an alert.

is there not a way to have ALF alert working only when the ALF is bend like 10% for example. that way we would filter out a lot of bad signals.

ofcourse the problem then is. can it be programmed like that?
  • #782
  • Jun 16, 2010 5:11am Jun 16, 2010 5:11am
Hi Lou,

The 1 HR trend is up, however, the 15 min charts is more bearish. Which is the correct direction then? Took this long now. Is this trade valid? Alf is flat thogh/

Rgds
Eddie

EDIT: Out for 1 pip. Looking at it now, the candle was never green.
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  • #783
  • Jun 16, 2010 5:51am Jun 16, 2010 5:51am
Hi All,

Took this short. Any comments?

eddie
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  • #784
  • Jun 16, 2010 5:56am Jun 16, 2010 5:56am
Comments too pls?

Entered on the ORANGE arrow. By the book, should I close with -8 loss when the PA touch the ALF and changed color?


I also noticed that during when the ALF is "flat" when PA starts to peel away. But then, PA sometimes returned to ALF immediately?

Help please?
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  • #785
  • Jun 16, 2010 6:25am Jun 16, 2010 6:25am
Hi,

Closed the previos eurusd trade for a loss of - 12 pips.

PA moved through ALF and closed. Anyway i could have avoided this trade? It looked pretty good at the time.

Rgds
Eddie
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  • #786
  • Jun 16, 2010 6:36am Jun 16, 2010 6:36am
Quoting teknoesen
Hi,

Closed the previos eurusd trade for a loss of - 12 pips.

PA moved through ALF and closed. Anyway i could have avoided this trade? It looked pretty good at the time.

Rgds
Eddie
The entry looks perfect as per the rules. A long red candle closed below ALF and the next candle still red, a good point for entry.
  • #787
  • Jun 16, 2010 6:45am Jun 16, 2010 6:45am
Quoting red2010
hi i have just started to read this thread and it seems this has migrated from another thread, from where this system started. Is all the information i need in post one? (in terms of a complete guide and indicators?)

i ask becuase your above post seems to suggest your trying out different things with ALF now.

is it possible to get the same version/system that "Dick" is using from the original thred?

thanks for the new thread Lou, it takes alot of motivation to read through a 1000 page thread so i appreciate your efforts on this new one...glad...
No, you don't need to read the old thread - just Post #1 of this one.
Old Benjamin was right
  • #788
  • Jun 16, 2010 6:48am Jun 16, 2010 6:48am
Quoting desi
The entry looks perfect as per the rules. A long red candle closed below ALF and the next candle still red, a good point for entry.
Why did you close it? I would suggest to trade EU with a SL at least 30 pips, less is never safe. And I personally always use a hard stop, never close any trades manually.
  • #789
  • Jun 16, 2010 6:49am Jun 16, 2010 6:49am
Quoting Dick
"I almost began the initial ALF thread with ALF as the only indicator (and I still believe that anyone who has taken to time to learn about basic market dynamics can trade very successfully with ALF alone). I added a companion indicator because I am practical by nature and realize that that level of involvement is not a realistic expectation and I wanted to make trading effectively available to more people."...
Thanks, Dick - I could not have said it better (although I've tried many times).
Old Benjamin was right
  • #790
  • Jun 16, 2010 6:50am Jun 16, 2010 6:50am
Got lucky and came out with +14 pips! Thanks LouG.

Kindly see the entry/exit I made. Almost closed it when PA almost touched the ALF.

Although have the same lost trade as teknoesen on above EURUSD. -9 pips.
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  • #791
  • Edited 7:10am Jun 16, 2010 7:01am | Edited 7:10am
I've been looking at the charts you all have posted - most seem to have the idea.

Be very careful about not trading when ALF is flat and range is small - this will eat your lunch every time.

If you are trading IT_Candles, be sure you wait until the candle is red/green before you enter.

New poster (but sharp trader) Dick is right - if the trade goes bad (color change, etc.) close it out - no need to force trades - there will be another one coming soon. I would qualify that only a bit - look at your profit thus far - if very little (or none) get out immediately - if in profit, see where you are in relation to ALF. If moving away nicely (up until now) you may want to give it a little more room.

I respectfully disagree with Indrek - stops were not meant to be hit. They are there to save you when your DSL goes down, etc.
Old Benjamin was right
  • #792
  • Jun 16, 2010 7:13am Jun 16, 2010 7:13am
On EU seems a bit flat on H1 at the moment but H4 is resoundingly up. I will be looking long for right now.
Old Benjamin was right
  • #793
  • Jun 16, 2010 7:21am Jun 16, 2010 7:21am
Several are not happy with ALF_Alert as it throws a signal whenever PA crosses ALF. That's what it's supposed to do - up to you to qualify the trade (is ALF flat? is the cross in the direction of the trend? Etc., etc.).

Alerts are for people who cannot watch the market closely (like when they are at work).

If you can devote 3-4 hours a day to actively trading (meaning put in screen time) you will not need/want alerts).
Old Benjamin was right
  • #794
  • Jun 16, 2010 7:22am Jun 16, 2010 7:22am
LouG,

Just for a guide, based on your experience, what is "small" range for EU m15?


Observations and questions:

1. The PERFECT setup would have been when 2nd RED candle is "clear" from ALF.

During the first red candle, when it closed, ALF is still pointing up?

When the second red candle opens, is it considered "too far" off the ALF already?


2. For the 2nd entry for SELL, is the candle marked a good entry?

But, I noticed that the PA just came form zig zagging the ALF, and in fact it did go pass/back the ALF right after.

Also, noticed that ALF is flat. Even up to the last candle posted when the PA seems like going down already.


What's wrong with my interpretation? Pls help?
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  • #795
  • Jun 16, 2010 7:25am Jun 16, 2010 7:25am
News coming in - a good time to wait...
Old Benjamin was right
  • #796
  • Edited 7:36am Jun 16, 2010 7:35am | Edited 7:36am
Indicators lining up nicely. I used trendline to help me set my target profit.

I manually exit for profit of 25 pips, would have hit my initial target of 30 pips, but news is coming up, so I exit the trade.

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  • #797
  • Jun 16, 2010 7:45am Jun 16, 2010 7:45am
... for the news mayhem to settle:

Another member asked why I cut the first thread off at 1000 posts. Because no one wants to read a 1000 post thread - I will probably cut this one off around that point as well. We are pushing on toward 800 posts and I am already answering the same questions over and over because no one has the time/inclination to read the thread for hours on end.

This is a simple method and, by that time, I will have explained everything you need to know about the "mechanics" of the method. Once the fundamentals are understood, you must teach yourselves (and so must I).

Get out there and trade 50 cent pips (or even 10 cent pips) until you gain experience - and that is the only way I know of to gain it. Trading is more than the lines and arrows on your chart - you need to learn to deal with the fear, indecision and greed that are also part of the bigger picture. If you were learning to play golf, you would need to hit 10,000+ balls before you learned the coordination necessary to trust your swing - same thing here.

IMHO.
Old Benjamin was right
  • #798
  • Jun 16, 2010 7:56am Jun 16, 2010 7:56am
The pilot fish (you) lives literally between the teeth of the shark (spot Forex) waiting until the shark eats something big and tasty. It then darts between the shark's teeth and gobbles the crumbs...
Old Benjamin was right
  • #799
  • Jun 16, 2010 7:56am Jun 16, 2010 7:56am
Lou,

here is an updated html file (inside the zip file) that includes only your posts from the start to post number 799.

So they don't have to read the 1000 when we get there.
Attached File(s)
File Type: zip Lou G June 16 2010 page 54 post 799.zip   89 KB | 829 downloads
  • #800
  • Jun 16, 2010 8:01am Jun 16, 2010 8:01am
Quoting Lou G
I respectfully disagree with Indrek - stops were not meant to be hit. They are there to save you when your DSL goes down, etc.
It is a matter of trading style and taste really I prefer either stops or targets be hit, and my targets for small tiemframes like M15 are usually at least twice bigger than stops. But if scalping 10-15 pips per trade, it would be, of course, dangerous to set SL at 30.
I will not touch the matter again, I promise
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