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ALF revisited - simple, effective daytrading

  • #941
  • Jun 21, 2010 4:01am Jun 21, 2010 4:01am
Lets stop the talk and do the trade..

Just Banked 26 Pips after london...

Attached Image (click to enlarge)
Click to Enlarge Name: Alf_EU_5.jpg Size: 81 KB


  • #942
  • Jun 21, 2010 6:14am Jun 21, 2010 6:14am
+33 Pips for today.... no losing one...
Should've been better... if I pay more attention and not chickened out..
Btw.. I am using an EA to put automatic SL at 15 pips ....

Attached Image (click to enlarge)
Click to Enlarge Name: Alf_EU_6.jpg Size: 84 KB


Enough for today....
  • #943
  • Jun 21, 2010 6:15am Jun 21, 2010 6:15am
Got 11p on this. Didn't stay longer since it was countertrade.

Kostas
Attached Image (click to enlarge)
Click to Enlarge Name: eu1.jpg Size: 118 KB
  • #944
  • Jun 21, 2010 1:20pm Jun 21, 2010 1:20pm
Quoting viperone39
Hello everybody. First I would like to thank Lou oh so very much for this system! You're a champ, Lou. Second, I can't seem to get the IT candles to work on my mt4. It shows up in the indicators list but when I add it to my chart it shows nothing. Anybody know how to remedy this situation, please and thank you?
Hi Viperone, you also need the instant trendline indicator in the indicators folder for it to show the candles. note that It does not have to be added to a chart for the candles to show it's just that the itcandles indicator references it.

hope this is the solution.

doc.

heres the link to the post with the indicators:-

http://www.forexfactory.com/showpost.php?p=3799948
  • #945
  • Jun 22, 2010 9:20am Jun 22, 2010 9:20am
Quoting viperone39
Hello everybody. First I would like to thank Lou oh so very much for this system! You're a champ, Lou. Second, I can't seem to get the IT candles to work on my mt4. It shows up in the indicators list but when I add it to my chart it shows nothing. Anybody know how to remedy this situation, please and thank you?
Hi viperone,
Did you install ALF from the indicators list?
bcarbon
  • #946
  • Jun 22, 2010 10:27am Jun 22, 2010 10:27am
Quoting NiceGuy
+33 Pips for today.... no losing one...
Should've been better... if I pay more attention and not chickened out..
Btw.. I am using an EA to put automatic SL at 15 pips ....

Attachment

Enough for today....

Are you using primarily 5M t/f? which pairs also?


thanks
jacob
  • #947
  • Edited 8:17pm Jun 22, 2010 8:03pm | Edited 8:17pm
Quoting losingtrades
Are you using primarily 5M t/f? which pairs also?


thanks
jacob
Yes... but it's just my preferrence I guess.
I tend to missed some action if using higher TF.

Trade mainly EU. EJ sometimes, only when it line up with EU.

Btw... I banked another 27 pips yesterday with 3 trades.
I believe I could do more but 20-30 pips a day is my daily target.
Only trade after London and before Europe closed.

Just my 2 cents here. Anybody who want to succeed with this Alf baby, should learn and or at least have enough screen time
watching how a pairs move around alf line. With basic understanding of daily S/R and divergence, this Alf baby is a gold.


  • #948
  • Edited 9:32pm Jun 22, 2010 8:47pm | Edited 9:32pm
I still have to learn more abou PA...

I attached my previous chart with additional note about the way my mind worked when trading with alf. I hope this share will help people who are new to this thread.

EU 5M

Attached Image (click to enlarge)
Click to Enlarge Name: Alf_EU_5_Edit.jpg Size: 134 KB


Pinbar and Divergence is my "Ace" on this trade. If you play with an Ace, you are playing hard to lose. So play only when you have an ace.
  • #949
  • Jun 22, 2010 9:33pm Jun 22, 2010 9:33pm
Quoting NiceGuy
I still have to learn more abou PA...

I attached my previous chart with additional note about the way my mind worked when trading with alf. I hope this share will help people who are new to this thread.

EU 5M

Attachment

Pinbar and Divergence is my "Ace" on this trade. If you play with an Ace, you just being hard to lose. So play only when you have an ace.

NG..this is a great explanation...I am still very much a beginner...thanks for the lesson.

Question...how come you entered at number 3 and not wait until two more candles when closed below Alf again? Did you think it would go low at that point?

thanks,
jacob
  • #950
  • Edited Jun 23, 2010 3:50am Jun 22, 2010 10:00pm | Edited Jun 23, 2010 3:50am
Quoting losingtrades
NG..this is a great explanation...I am still very much a beginner...thanks for the lesson.

Question...how come you entered at number 3 and not wait until two more candles when closed below Alf again? Did you think it would go low at that point?

thanks,
jacob

Why I enter on No.3.

1. It was simply because when I have candle on number 3, the rest on the right is not exist yet. Based on my humble experience, If I wait further, most time I would miss a big drop (which is not quite right on this example). I really hated that.

2. I trade only EU for some time. And from my experience of watching EU (dont know about others) the High usualy would be tested 2 times before it finally drop. That's why I usualy enter on the 3rd drop. I should've enter it right away when I have pinbar and price crossed alf on the left of the actual entry point. I saw a divergence there but I dont have the guts....Bad entry...yes

This trade is not perfect one... That's why I have to learn more about PA, especially for EU...

Cheers!
  • #951
  • Jun 22, 2010 10:01pm Jun 22, 2010 10:01pm
Might I suggest a name change? If you use that as your name "losing", you put that into your consciousness. Much better to have a name "winningtrades", whether or not you are winning right now. You should get into the habit of a winning attitude.
Quoting losingtrades
NG..this is a great explanation...I am still very much a beginner...thanks for the lesson.

Question...how come you entered at number 3 and not wait until two more candles when closed below Alf again? Did you think it would go low at that point?

thanks,
jacob
  • #952
  • Jun 23, 2010 3:51am Jun 23, 2010 3:51am
Quoting paradoxical
Might I suggest a name change? If you use that as your name "losing", you put that into your consciousness. Much better to have a name "winningtrades", whether or not you are winning right now. You should get into the habit of a winning attitude.
Agreed.
  • #953
  • Jun 23, 2010 5:03am Jun 23, 2010 5:03am
[quote=Lou G;3778374]Large green candle is both H and L - that's one of the problems I'm going to work on this weekend.

Hi Lou
started 2 days ago, itīs making $.
I understand your concern with the candle colour, reminds me of the balance line trades of B. Williams, designed to get you in shortly before the fractal...Those 2 black candles you mention would have been Balance line enrties...
  • #954
  • Jun 23, 2010 5:33am Jun 23, 2010 5:33am
Quoting NiceGuy
I still have to learn more abou PA...

I attached my previous chart with additional note about the way my mind worked when trading with alf. I hope this share will help people who are new to this thread.

EU 5M

Attachment

Pinbar and Divergence is my "Ace" on this trade. If you play with an Ace, you are playing hard to lose. So play only when you have an ace.
Nice analysis. Do you use hard SL and what about TP or you constantly monitor the trade as it progresses?
  • #955
  • Edited 6:11am Jun 23, 2010 5:59am | Edited 6:11am
Quoting desi
Nice analysis. Do you use hard SL and what about TP or you constantly monitor the trade as it progresses?
I use an EA to always put my initial SL at 15, and adjust it later on if I am not comfortable. This way I can concentrate on firing.

Use 10-15 pips TP whenever I have to do something else but I prefer to monitor the trades.

I trade EU and 80% of my trades were SELL. And yes I am profitable so far.
I use basic RSI 6 to find divergence and also the usual daily pivot in another chart to monitor where the price is at.
I look my entry after I saw retracement candles like pinbar, shooting star, bearish engulfing... etc.
Yes...Sometimes my entry is sucks like the one I posted earlier..but I dont lose for three straight days.

I have not put a trade today. I am waiting for my ACE. Expecting a drop on EU pretty soon right now.....
  • #956
  • Edited 7:07am Jun 23, 2010 6:50am | Edited 7:07am
Here is the drop I promise you....

Attached Image (click to enlarge)
Click to Enlarge Name: Alf_EU_7.jpg Size: 106 KB


Hope you guys got this one....

Bail out with 10 healthy pips (Fixed TP) because otherwise price will hit Today's Open Price Level. It should bounce a bit before the next fall or jump.
  • #957
  • Jun 23, 2010 6:58am Jun 23, 2010 6:58am
Hello NiceGuy, thx for youre helping chart screens. What is ACE plz?


Quoting NiceGuy
I use an EA to always put my initial SL at 15, and adjust it later on if I am not comfortable. This way I can concentrate on firing.

Use 10-15 pips TP whenever I have to do something else but I prefer to monitor the trades.

I trade EU and 80% of my trades were SELL. And yes I am profitable so far.
I use basic RSI 6 to find divergence and also the usual daily pivot in another chart to monitor where the price is at.
I look my entry after I saw retracement candles like pinbar, shooting star, bearish engulfing... etc.
Yes...Sometimes my entry is...
  • #958
  • Jun 23, 2010 7:13am Jun 23, 2010 7:13am
Quoting driftwood
Hello NiceGuy, thx for youre helping chart screens. What is ACE plz?
"Ace" is just my own terms for a condition to entering trades with high probability of winning.

Like in cards game... if you play with an Ace.. You are playing hard to lose game. That's why I only enter whem my "ACE" condition is met.
  • #959
  • Jun 23, 2010 8:17am Jun 23, 2010 8:17am
Quoting NiceGuy
"Ace" is just my own terms for a condition to entering trades with high probability of winning.

Like in cards game... if you play with an Ace.. You are playing hard to lose game. That's why I only enter whem my "ACE" condition is met.
Thx you NiceGuy
  • #960
  • Jun 23, 2010 11:50am Jun 23, 2010 11:50am
Quoting NiceGuy
I use an EA to always put my initial SL at 15, and adjust it later on if I am not comfortable. This way I can concentrate on firing.

....
Hi Niceguy

I have enjoyed your recent posts....keep them coming!
Can you share the EA you use for putting on a SL....sounds like a handy thing to have

PGPB
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