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ALF revisited - simple, effective daytrading

  • #1,141
  • Aug 9, 2010 3:12am Aug 9, 2010 3:12am
Thanks Lou G for this great system & all that have contributed to make it what it is today. I spent the whole of last week reading thru the thread and hope to try it in conjunction with my other indicators

Cheers, and God bless
Low Risk Low Stress High Reward High Probability Trades
  • #1,142
  • Aug 9, 2010 10:15am Aug 9, 2010 10:15am
Quoting samk090905
s9;

any progress on updating this system?


thank you,
Quite busy last week so didn't have much time to work on the alert. I made a few changes this weekend and have it running on EU this week to see what it can do. What looks good in hind site on a chart doesn't always work in real time.

Anyone using the system with consistant positive results?
  • #1,143
  • Aug 9, 2010 10:21am Aug 9, 2010 10:21am
Quoting Dewey McG
What does "gaining strength" refer to on your chart?

Thanks
Do you mean "Strength Change"? This is when the Red and Green lines on the bottom indicator reverse. If the Green one is on top you would want to be buying, if the Green line crosses the red and goes below it you would want to be selling.

When I set up the bottom indicator "Strength" I make the "Base" curency the green line and the second currency the red line. That way no matter what pairs I am watching the green line is always the base and the red the other. So if the green crosses up throught he red you would look for a buy and if the green crossed down through the red you would look to sell. Of course your other indicators should agree.

Good Luck
  • #1,144
  • Aug 11, 2010 9:00am Aug 11, 2010 9:00am
I picked up a free indicator from another site (not sure if I can post it here) which I have been using the last few days to pick the strongest currencies against the weakest one, then using this system to trade them. So far, it is working nicely, but it is way too early to say whether this is the best way to stay away from ranging pairs.

If anyone is interested in this indicator send me a PM and I will send a link.
  • #1,145
  • Aug 11, 2010 9:07am Aug 11, 2010 9:07am
Here is what it looks like
Attached Image (click to enlarge)
Click to Enlarge Name: EJ Chart.jpg Size: 172 KB
  • #1,146
  • Aug 11, 2010 9:48am Aug 11, 2010 9:48am
Quoting Dewey McG
Here is what it looks like
What do the numbers mean ?
Look at something long enough, you will eventually get it.
  • #1,147
  • Aug 11, 2010 10:05am Aug 11, 2010 10:05am
Quoting traco1
What do the numbers mean ?
The higher numbers mean the currency is stronger. If the color is red it is very strong. The lower numbers mean it is weaker. Blue means very weak.
  • #1,148
  • Aug 11, 2010 10:41am Aug 11, 2010 10:41am
Quoting Dewey McG
The higher numbers mean the currency is stronger. If the color is red it is very strong. The lower numbers mean it is weaker. Blue means very weak.
thanks, u gonna post it ?
Look at something long enough, you will eventually get it.
  • #1,149
  • Aug 11, 2010 10:44am Aug 11, 2010 10:44am
If you read his post he said to send him a private message and then he will send you the link.

Quoting traco1
thanks, u gonna post it ?
  • #1,150
  • Aug 11, 2010 10:44am Aug 11, 2010 10:44am
Quoting azjeff
If you read his post he said to send him a private message and then he will send you the link.
O ok
Look at something long enough, you will eventually get it.
  • #1,151
  • Aug 11, 2010 10:51am Aug 11, 2010 10:51am
Since the link to get it is on a commercial vendor, I am not sure if I am allowed to post it, but I am happy to send it to you
  • #1,152
  • Aug 11, 2010 10:53am Aug 11, 2010 10:53am
Quoting traco1
thanks, u gonna post it ?

I think he does not want to post it....it is a free indicator
If you google henryliuforex. you will find it

I installed it, and it is kinda cool....but it tells me what is happening now....the USD is strong or weak, the EUR is strong or weak...etc....but I could have told you that by looking at a chart.....so I can not think how I will use this in my trading.....to make pips I need to know what is going to happen in the future....the only thing that will tell me that is price action

all the indicators in the world will tell you what has happened in the past

Right now that indicator that he is talking about is saying JPY is very strong and EUR is very weak.....sure enough .....open a chart and the pair is dropping like a stone.....but the move has happened.....missed it
However if I had been watching it previously I might have sold when it broke support

Anyways....cool indicator anyways.
  • #1,153
  • Aug 11, 2010 10:57am Aug 11, 2010 10:57am
Hello,

Agreed it is a cool indicator but it is a non lagging indicator which is better than most indicators which lag.
Also, saves you time from having to open other charts.

Regards,
Jeff

Quoting pgpb
I think he does not want to post it....it is a free indicator
If you google henryliuforex. you will find it

I installed it, and it is kinda cool....but it tells me what is happening now....the USD is strong or weak, the EUR is strong or weak...etc....but I could have told you that by looking at a chart.....so I can not think how I will use this in my trading.....to make pips I need to know what is going to happen in the future....the only thing that will tell me that is price action

all the indicators in the world will tell you what has happened...
  • #1,154
  • Aug 11, 2010 11:02am Aug 11, 2010 11:02am
It is too early to say how useful it will be, but it has been helpful so far. I picked up nice moves on the E/U and E/J today and another one yesterday on the NZD/USD.
  • #1,155
  • Edited 1:55pm Aug 11, 2010 1:35pm | Edited 1:55pm
Quoting seller9
The template is a combination of what I got from this site and the DashBoard, which was purchased from pipware.com. The ^Pilotui_MY_STRENGTH_v1.0, which came with the zip file from post 449 on this forum I did have to modify to work with IBFX. Here is the template and the modified indicator if your using IBFX. Without the DashBoard though some of the things will be missing. I am also using the IT_Candles from this forum.

Attachment

Attachment
Hi Seller,
Thanks for posting your template. I like the look of the PWDB. Unfortunately,
1. I dont fully understand all the displayed detail, can you tell me where I can get more information.?
2. Also, probably something I might find here from pilotui threads. But, I think the Strength indicator is not functioning on my charts. I dont see the strength lines. The tilda's are visible. Do you know why this is.? Is it something to do with indi load order..?
Appreciate. Regards Cenzo
  • #1,156
  • Aug 11, 2010 1:43pm Aug 11, 2010 1:43pm
There are many different versions of free currency strength meters around, all do basically the same job if you know how to use them.
No need to go to commercial sites.
Attached File(s)
File Type: ex4 1000pips Mini.ex4   8 KB | 907 downloads
File Type: ex4 Currency Strength Meter.ex4   14 KB | 993 downloads
  • #1,157
  • Aug 11, 2010 5:53pm Aug 11, 2010 5:53pm
indrek;
have you triend the other one that the other member was talking about? of the ones that you posted, do you find that there is an advantage of one over the other?


thank you,
Quoting Indrek
There are many different versions of free currency strength meters around, all do basically the same job if you know how to use them.
No need to go to commercial sites.
  • #1,158
  • Aug 12, 2010 12:35am Aug 12, 2010 12:35am
Quoting samk090905
indrek;
have you triend the other one that the other member was talking about? of the ones that you posted, do you find that there is an advantage of one over the other?


thank you,
Hi Sam,
I have tried Henry Lui's currency strength meter. My personal experience may not be overall consensus. When the indicator works, its very good. However, it was very resource intensive and tended to impact pc processing and thus MT responsiveness. I had to run it on a separate laptop.
I would say however, HL is a very good technician and an excellent trading educator, so hats off to him completely
Cenzo
  • #1,159
  • Aug 12, 2010 1:18am Aug 12, 2010 1:18am
Quoting samk090905
indrek;
have you triend the other one that the other member was talking about? of the ones that you posted, do you find that there is an advantage of one over the other?


thank you,
I have tested them just for fun. I do not understand why should anyone need these kinds of indicators because the strength of different currencies can be very well estimated without any special tools. If EURUSD has moved up recently then logically EUR is stronger than USD at that moment. Even in some minutes the situation may be changed totally.
Better not to waste time and energy (and CPU) on what has happened in past.

P.S. I posted the indicators only for the reason that I do not like any suggestions to go to commercial sites even if they sometimes provide anything for free. These sites make money on newbie's naiveness but in fact, they sell air to you. If you need any tools for trading Forex, just find them in cyberspace using Google or search in FF or TSD forum.
  • #1,160
  • Aug 12, 2010 8:03am Aug 12, 2010 8:03am
Thanks Lou G for the great system !
I just have one problem with ALF_alert indi-it only gives alert one time after I open my mt4 platform. The next arrows appears without any alert. Is it any way of fixing it so it gives a "sound alert" every time a new arrow appears?
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