Hi GEOFFREY62, here it is the indi...
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1min scalping using mtf ALF by bbolss 685 replies
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DislikedA question for the 15M ALF traders.....
I'm finding that I'm killing myself and letting profits turn into small profits or even losers sometimes. I had like three trades in two days that if I had just set a TP of 20, I would have hit it, before my SL which is also 20.
Today I'm trying to let a trade get to 20 and lock that in with postive SL and if it keeps going great, if it doesn't I have 20.
Twice today it went to 20, but not quite far enough for me to lock it in with a postive SL. (At ibfx, has to be 3 pips from price, so +23) Luckily...Ignored
DislikedHi Kumo
Your question is a very good one....and I do not see it discussed often on FF....it really is a question of money management......I am not sure if I have the answer, but I do know that my winners need to be larger than my losers......so I always try to have larger winners than losers...but if I have a 20 pip stop loss .....how often can I get a 30 pip winner...I have adapted ALF with a system I use to trade in the direction of the trend......so I only take ALF trades in the direction of the trend.......and ....I only trade currencies that...Ignored
DislikedYa, that's the krux of the problem. Sure if I get a whole lot of 20 pip winners vs 20 pip losers, no problem. But, If I could find a way to get the big runners it would make up for more of the losers and make for a better overall method.
BUT, if I hold on for the big runners I'm in danger of counter movement not being just being a small retrace and taking me out.
.Ignored
DislikedTrade two lots....the first lot you take the 20 pips (or what ever you can get) ....the other lot you move your stop to break even and let it run.Ignored
DislikedYa I thought about that, but uuurgh I hate doing that. I'm more of a one trade a time guy.
And then if the initial entry goes south, thats two trades I have to try and close quick.
I'll think about it, maybe the only way to go.Ignored
DislikedIs based on stats derived from hundreds of trades across 6 currency pairs. However, I will take into consideration what you have written.Ignored
Dislikedfor months along with Price Channel. I abandoned ST for ALF. Back testing proved ALF better. My stops are where they should be. Hundreds of trades over 6 currency pairs are the basis for their placement.Ignored
DislikedPippo:
would you be so kind to share your data for UJ pair? This is the only pair I trade manually with Alf.
thanks,
jacobIgnored
DislikedStep one....find a solution that is profitable
Step two ....increase your trade size
Step three ...quit your day job (I am not there yet by the way)
You can close a portion of your trade.....I do not know how.....anyone???
That way you place one trade.....and then close half of it when you have hit your first take profitIgnored
Disliked...
You can close a portion of your trade.....I do not know how.....anyone???
That way you place one trade.....and then close half of it when you have hit your first take profitIgnored
Disliked5 wins in a row today using ALF to scalp in the 15M for a total of 59 pips.
Made up for my losses I incurred by holding on to long and trying to hit home runs every trade.
As long as I don't let winners turn into losers I think I'll do good with ALF scalping.
The entries from from a strong cross or open past the ALF line seem to be almost always good for at least a few pips.
I think manual trade managment will be key for this to be profitable, no strict +20 or -20 risk/reward ratio here. Just eyeing it and taking profit or cutting losers...Ignored
DislikedK:
I agree...this alf is excellent for short term trades, smaller pip gains. i am using 5M on UJ...studying chart hard and making observations and notes so i can learn to predict what will happen.
your 5 wins for 59 pips are small wins each but big in total. It is not about making a trade for 100 pips...how often does that occur...never for me.
but, small wins add up and a pair can become somewhat more predictable for short time frames and periods by studying the patterns over time.
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