1min scalping using mtf ALF by bbolss | Page 24 | Forex Factory

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Attachments: 1min scalping using mtf ALF by bbolss
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1min scalping using mtf ALF by bbolss

  • #461
  • Jul 6, 2010 8:23am Jul 6, 2010 8:23am
Playing with exit's a little. I am using the standard fibo expansion and retracement from the mt4 platform and somehow that works fine. Using a fixed target of let's say 10pip will be ok in trending markets where you can easily get back in a new trade. But you'll be hitt for more pips in range markets. Entries using this strategy are easy, exit's need a little more thought. We will come there...
  • #462
  • Jul 6, 2010 8:41am Jul 6, 2010 8:41am
Quoting pbb
Playing with exit's a little. I am using the standard fibo expansion and retracement from the mt4 platform and somehow that works fine. Using a fixed target of let's say 10pip will be ok in trending markets where you can easily get back in a new trade. But you'll be hitt for more pips in range markets. Entries using this strategy are easy, exit's need a little more thought. We will come there...
This is definitely a logical approach and is a sound trading approach.

My technique is to shoot for a minimum of 1:1. Usually, if you put your stop .5-1 pip below the most recent swing high or low, the move up will give you your stop + spread. In low volume markets, the stops might only be 4-7 pips. In explosive markets, 10-15 pips. It matters not as you can usually expect to get the same - if it moves your way - as your risk.

As you say, shooting for a strict 10 pip target makes no logical sense because it assumes every day's trading conditions will be identicle, which we all know is not the case.
  • #463
  • Jul 6, 2010 8:43am Jul 6, 2010 8:43am
First 2 trades hit TP today with this ALF EA.
I have it on the GU M1 chart. Also have ALF indi & ALF-MTF (set to 5min) on the chart to see when price is passing through both.
All other indi's turned off in the ea, just want to start with ALFs cause thats what I have been using manually on the EU M15/M5.
EA doesnt need ALF-MTF indi, just ALF indi showing in your Navigator Custom Indicators list.

cheers scalps
Target 2 : Stoploss in the green
  • #464
  • Jul 6, 2010 9:42am Jul 6, 2010 9:42am
Quoting ninichingyi
Hi to all,
i'm member of elite section on trading system forex and i asked funyoo to code it
here u are
today will finish optimization since 1st april, will post set file
thx to bbloss for great strategy but seems difficult to get same results w ea
Ok here's a dumb question. I've been trading for many years but never used an EA. Where do I put the file and how do I use it?

Thanks,
Max
  • #465
  • Jul 6, 2010 10:27am Jul 6, 2010 10:27am
Quoting Max99
Ok here's a dumb question. I've been trading for many years but never used an EA. Where do I put the file and how do I use it?

Thanks,
Max
I was able to attach the EA to the chart but the little smiley face is "sad". Do I need to change a setting for a 5 digit broker?
  • #466
  • Jul 6, 2010 3:40pm Jul 6, 2010 3:40pm
Quoting Trotty
This is definitely a logical approach and is a sound trading approach.

My technique is to shoot for a minimum of 1:1....
Interesting...

I've found this to be true as well, the market is constantly changing, and you must change with the market. Good job.
  • #467
  • Jul 6, 2010 3:43pm Jul 6, 2010 3:43pm
Quoting Max99
I was able to attach the EA to the chart but the little smiley face is "sad". Do I need to change a setting for a 5 digit broker?
Make sure experts are enabled and live trading is allowed.
  • #468
  • Jul 6, 2010 3:48pm Jul 6, 2010 3:48pm
Be careful, guys !!!

If working EAs existed, the banks could send all those thousands of screen watchers home..............but they are not doing that for a good reason.

In my whole career as a forex trader I have seen many robots, .................none EVER deliver what ppl expect from them.

Still programmers exist that think they can outsmart market sentiment of the human being.

Just my 2 cents.................after Holland sent Uruguay home.
  • #469
  • Jul 6, 2010 3:49pm Jul 6, 2010 3:49pm
I will agree with you. EAs are generally not profitable. Doesn't stop people from using them, however.
  • #470
  • Jul 6, 2010 3:53pm Jul 6, 2010 3:53pm
ea will never understand PA period;]

if there would be ea that make money every day/month
everybody would have it right!? no mather what cost
so i dont belive in it..
  • #471
  • Jul 6, 2010 3:58pm Jul 6, 2010 3:58pm
PLUS another important matter to be aware of:

Brokers use different data feed, to be clear, what you experience in a demo, will NOT be the same as in a live acct. Simply notice that the servers are not the same

My advise is to use them on demo and simply copy to your live.
If you pay proper attention you might only miss a pip or 2, but an EA will not eat your account while you are away.
  • #472
  • Jul 7, 2010 1:31am Jul 7, 2010 1:31am
Quoting Freddyfx
Be careful, guys !!!

If working EAs existed, the banks could send all those thousands of screen watchers home..............but they are not doing that for a good reason.

In my whole career as a forex trader I have seen many robots, .................none EVER deliver what ppl expect from them.

Still programmers exist that think they can outsmart market sentiment of the human being.

Just my 2 cents.................after Holland sent Uruguay home.
Congratulations! Can they win their first ever WC?
  • #473
  • Jul 7, 2010 1:50am Jul 7, 2010 1:50am
Can someone tell me when they manually close a trade that is going against them? I was thinking, if a trade is already going against me and there is a candle close above/below the M5 line, then it would be a good idea to close the trade manually instead of having the SL hit for -10 pips.

What is everyone else doing? When would you close a trade manually?
  • #474
  • Jul 7, 2010 3:06am Jul 7, 2010 3:06am
Hello annonymous or somebody else...

Look at Page 3, Post No. 31 in this forum. The Screenshot from annonymous contains a "Risc-Calculator" what is it? Can you share it please? Thank you..
  • #475
  • Jul 7, 2010 8:14am Jul 7, 2010 8:14am
Hi bbolss,

If you use a 5min alf mtf on a 1 min chart then the alf mtf is not correcting itself for the last 1min bar. The slope of the mtf is a little odd, when you update the indy by clicking on it, it will turn to it's normal slope. Has someone else seen this and if so, does anyone know how to adjust the code in a way that the alf mtf will refresh automatically at the end of the 5th 1min bar?

Thanks pbb
  • #476
  • Jul 7, 2010 11:28am Jul 7, 2010 11:28am
Quoting eurisko
Interesting...

I've found this to be true as well, the market is constantly changing, and you must change with the market. Good job.

Can someone tell me when they manually close a trade that is going against them? I was thinking, if a trade is already going against me and there is a candle close above/below the M5 line, then it would be a good idea to close the trade manually instead of having the SL hit for -10 pips.

What is everyone else doing? When would you close a trade manually?
I think you got your posts the wrong way round.
The dream will never die
  • #477
  • Jul 8, 2010 8:31am Jul 8, 2010 8:31am
Quoting ninichingyi
Hi to all,
i'm member of elite section on trading system forex and i asked funyoo to code it
here u are
today will finish optimization since 1st april, will post set file
thx to bbloss for great strategy but seems difficult to get same results w ea

Thanks for the EA ninichingyi, I was just wondering how we can optimize the EA so it will open trades more frequently. I changed the min lot size to 0.1 as my broker only permits that size and that's it. In 24 hours, it's opened 1 trade for a 10 pip move, running on 8 charts, each with a diff. magic number.
I have MM on and set at 5.0 risk.

Just wondering how I can get it to open more trades more frequently.
Thanks for any inputs!
  • #478
  • Jul 8, 2010 10:30am Jul 8, 2010 10:30am
Quoting Brotyboy
I think you got your posts the wrong way round.

I have no idea what you mean, im looking for an answer and not a riddle.
  • #479
  • Jul 8, 2010 4:32pm Jul 8, 2010 4:32pm
Quoting windsorftw
Thanks for the EA ninichingyi, I was just wondering how we can optimize the EA so it will open trades more frequently. I changed the min lot size to 0.1 as my broker only permits that size and that's it. In 24 hours, it's opened 1 trade for a 10 pip move, running on 8 charts, each with a diff. magic number.
I have MM on and set at 5.0 risk.

Just wondering how I can get it to open more trades more frequently.
Thanks for any inputs!
due to pc shutdown now i restart optimization, anyway first backtest on last 3months didn't show good results w default settings, now i'm backtesting w macd filters and ma filters disabled. on backtest it trades more but i suggest to find w backtest settings that can fit ur risk and then test it in fwd demo. u cannot trust on backtest only
  • #480
  • Jul 8, 2010 6:06pm Jul 8, 2010 6:06pm
Quoting ninichingyi
due to pc shutdown now i restart optimization, anyway first backtest on last 3months didn't show good results w default settings, now i'm backtesting w macd filters and ma filters disabled. on backtest it trades more but i suggest to find w backtest settings that can fit ur risk and then test it in fwd demo. u cannot trust on backtest only
Ok thanks for the info. I'm not a big fan of backtesting, it proves nothing of what the current market conditions are so the results are somewhat bogus. Though I suppose they give you a general idea.

I'll give 'er a shot, thanks again.

Also, I've been trying without much success to get this system to work for me. Can anyone out there, PLEASE hook us up with some sort of indicator to suggest an entry point with this system?
Something like a big BUY when it's time to buy, or SELL when it's time to sell the pair?!? Would make everyone's life a tad easier. Well, make my life easier anyhow! Is it even possible or is what I'm asking for completely off the wall?

Thanks everyone! Happy trading!
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