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ALF revisited - simple, effective daytrading

  • #821
  • Jun 16, 2010 10:45am Jun 16, 2010 10:45am
As it turned out, I got in long again for +20 leaving me down 5 pips on the day.

Scorecard for this week - Monday +10, Tuesday +20, Wednesday -5.

Indrek was right (on this day, facing this market) - I would have had a decent day if I had held on to my first trade. Ah, hindsight...

Buying enthusiasm I anticipated did not materialize, but the good move WAS up (as expected).

Tomorrow is another day with new puzzles to solve...
Old Benjamin was right
  • #822
  • Jun 16, 2010 10:46am Jun 16, 2010 10:46am
Quoting balle1973
I do poor MM. SL is always 20 pips. But I use your indicater to filter the trades. +5s are available with this system any time of the day. But I always filter it with your indicator. I forgot to thank you. So many many thanks for your support.

Thanks
Sure no problem at all. I hope the wins keep on coming!
  • #823
  • Jun 16, 2010 10:47am Jun 16, 2010 10:47am
Quoting Lou G
As it turned out, I got in long again for +20 leaving me down 5 pips on the day.

Scorecard for this week - Monday +10, Tuesday +20, Wednesday -5.

Indrek was right (on this day, facing this market) - I would have had a decent day if I had held on to my first trade. Ah, hindsight...

Buying enthusiasm I anticipated did not materialize, but the good move WAS up (as expected).

Tomorrow is another day with new puzzles to solve...
Yep, my original TP level was just hit 1 min ago from my original trade.

I didn't trade today, I just pushed buttons
  • #824
  • Jun 16, 2010 11:00am Jun 16, 2010 11:00am
I get the feeling from the tone of some posts that a few of the newer people were expecting a lot more in the way of pips and that gains of 10-20 are small potatoes.

Nothing could be farther from the truth, IMHO. Consistent small profits (with the occasional huge trend thrown in as gift) are the only way to make money as far as I know.

Believe me, those +10-20 days really add up over time - the real challenge is to remain consistent. As we used to say when I was in the military, "stay frosty".
Old Benjamin was right
  • #825
  • Jun 16, 2010 11:20am Jun 16, 2010 11:20am
Quoting balle1973
Hi

If I am not wrong your positive trades turned into negative.
This is because (as I have said more than once) a terrible trader.

Now that I have developed the tools I need and have confidence in (ALF method) my goal is to get my head on straight and become a better trader.
Old Benjamin was right
  • #826
  • Jun 16, 2010 11:21am Jun 16, 2010 11:21am
Quoting stmoong
I decide to take the 10 pips profit. It should have chance to trend higher, but I am happy with the profits tonight, so, I'm gonna leave it at that.

Happy trading, everyone~
Good for you - keep doing what you're doing.
Old Benjamin was right
  • #827
  • Jun 16, 2010 11:32am Jun 16, 2010 11:32am
Quoting Lou G
I get the feeling from the tone of some posts that a few of the newer people were expecting a lot more in the way of pips and that gains of 10-20 are small potatoes.

Nothing could be farther from the truth, IMHO. Consistent small profits (with the occasional huge trend thrown in as gift) are the only way to make money as far as I know.

Believe me, those +10-20 days really add up over time - the real challenge is to remain consistent. As we used to say when I was in the military, "stay frosty".
Lou, as far as I'm concerned were "Oscar Mike" all the time.

I hear ya about the small profits...but you're right being consistent is more important than anything else.

I go for 120 pips a week, or 4 30 pip trades per week
  • #828
  • Jun 16, 2010 11:51am Jun 16, 2010 11:51am
new to this thread,,, looks interesting!
why can't I download? everything is (attachment.php)
thanks
  • #829
  • Jun 16, 2010 12:08pm Jun 16, 2010 12:08pm
Quoting csuteau
new to this thread,,, looks interesting!
why can't I download? everything is (attachment.php)
thanks
Asked and answered (many times). Look around a little bit...
Old Benjamin was right
  • #830
  • Jun 16, 2010 12:08pm Jun 16, 2010 12:08pm
Quoting Lou G
Believe me, those +10-20 days really add up over time - the real challenge is to remain consistent. As we used to say when I was in the military, "stay frosty".
I want to underscore Lou's comment with the following chart. This is my live account and this growth was achieved by taking 30-40 pips daily with 3% gain/risk. So he is absolutely right on his statement.
Lou, although I am using another scalping method for GU, I like your ALF method for EU scalping. I will try in demo and post my results here.

Kostas.

P.S. For starters I was thinking 10-15p TP with 10-15 SL.
Attached Image
  • #831
  • Jun 16, 2010 12:15pm Jun 16, 2010 12:15pm
Quoting csuteau
new to this thread,,, looks interesting!
why can't I download? everything is (attachment.php)
thanks
Sorry - my previous answer was a bit harsh:

1. Try downloading from the paperclip icon (top right corner of each page)

2. Use Firefox - no problems and it's much better than IE
Old Benjamin was right
  • #832
  • Jun 16, 2010 12:21pm Jun 16, 2010 12:21pm
Quoting csuteau
new to this thread,,, looks interesting!
why can't I download? everything is (attachment.php)
thanks
I give a solution to the PHP download thing on post 466

As this is your very first post to forexfactory....I figure I will be nice to you (against my nature...LOL)

If you are new to trading, new to forexfactory, or new to a thread....it always pays to read the whole thread before posting. It is respect to those who have gone before you. There are some threads that have thousands and thousands of posts and it becomes a bit daunting to read them all....but this thread is not at that point....yet

Best wishes

PGPB
  • #833
  • Jun 16, 2010 12:29pm Jun 16, 2010 12:29pm
Some notes to hopefully help out some of the newer traders.

Threads get inundated with indiactors as time goes on, with some charts looking like Christmas trees. For that reason, I hesitate to post my current chart as I use some additional ones. Someone earlier mentioned adding 62 and 13 EMAs to avoid whipsaws. To see for myself, I added those to my chart, and find that while they would avoid whipsaws, the entries appear to be a little late in the game.

Pilotui has previously posted on an indicator he uses, and I have found it to be excellent to avoid the whipsaws. This also gets you in a little later than using the straight Alf line, but not as late as the two EMAs mentioned above. So I don't clutter the board with charts of more indicators, anyone interested in Piltuis indicator can PM me, or him, as I'm sure he'd be gracious enough to email it to you. Or, you can probably find it by clicking the papoer clip up top.

But.....as already mentioned, if the line is flat, just don't trade it. Certain times of the day like now, trading dries up because people are at lunch, sipping martinis or whatever.

This is just my personal opinion. Others may have their own. If you're going to trade, demo until you understand the system, and then trade live for pennies. with demo, you do things you won't trading live, even if just for pennies. IBFX lets you enter a trade at .01. Do that until you show a profit, and then go to .02, .05., .10 until you have mastered the sytem and can then risk 1% of your account on one trade.

I have the system down fairly well, and I wouldn't risk even that 1% yet.

Of the many trading systems on forex factory, this is one of the best for its simplicity and potential for small, steady gains.
  • #834
  • Jun 16, 2010 12:35pm Jun 16, 2010 12:35pm
Quoting Lou G
Sorry - my previous answer was a bit harsh:

1. Try downloading from the paperclip icon (top right corner of each page)

2. Use Firefox - no problems and it's much better than IE

Sometimes, people need to hear the harshness of reality.
Apologies not necessary in my opinion.
  • #835
  • Jun 16, 2010 12:41pm Jun 16, 2010 12:41pm
Quoting paradoxical
Some notes to hopefully help out some of the newer traders.

Threads get inundated with indiactors as time goes on, with some charts looking like Christmas trees. For that reason, I hesitate to post my current chart as I use some additional ones. Someone earlier mentioned adding 62 and 13 EMAs to avoid whipsaws. To see for myself, I added those to my chart, and find that while they would avoid whipsaws, the entries appear to be a little late in the game.

Pilotui has previously posted on an indicator he uses, and I have found it to be excellent...
Sure thing, just let me know by PM or Email
  • #836
  • Jun 16, 2010 12:48pm Jun 16, 2010 12:48pm
are you guys talking about Pilotui_Ultimate Filter_1 and 2?
  • #837
  • Jun 16, 2010 1:44pm Jun 16, 2010 1:44pm
Quoting Lou G
I get the feeling from the tone of some posts that a few of the newer people were expecting a lot more in the way of pips and that gains of 10-20 are small potatoes.

Nothing could be farther from the truth, IMHO. Consistent small profits (with the occasional huge trend thrown in as gift) are the only way to make money as far as I know.

Believe me, those +10-20 days really add up over time - the real challenge is to remain consistent. As we used to say when I was in the military, "stay frosty".
$1000 dollar account......1% profit per day......a little over 2 years = around 1Mil. Search site for compounding tables. Someone posted one that you can plug in your own numbers. You will be amazed. This system gives me at least 1% a day then I quit. Lou thanks for system and time you put into helping others
Mombone
  • #838
  • Jun 16, 2010 2:37pm Jun 16, 2010 2:37pm
Quoting majikman2010
Sorry Lou, but have you tried to PM me yet? If so it never reached me. If not, pls do so asap. I'm pretty sure I can help with the whiplash problem...

MM
I can't PM you - you do not have Private Messaging turned on. I sent you an email but you have not replied.
Old Benjamin was right
  • #839
  • Jun 16, 2010 2:53pm Jun 16, 2010 2:53pm
Quoting Lou G
I can't PM you - you do not have Private Messaging turned on. I sent you an email but you have not replied.
Yeah, I was afraid of that. It's not me per se, it's because I'm still a junior member here. Here's my regular email: [email protected] (remove the X's)
  • #840
  • Jun 16, 2010 3:11pm Jun 16, 2010 3:11pm
Quoting majikman2010
Yeah, I was afraid of that. It's not me per se, it's because I'm still a junior member here. Here's my regular email: [email protected] (remove the X's)
Just out of curosity, what are these Xs for?
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