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BOWALF - Breakout with ALF Filter

  • #41
  • Sep 20, 2010 3:27pm Sep 20, 2010 3:27pm
Quoting forexweasel
Yeh, that box size is way to big for Asian, I think I reset mine to 50. One of the beauties of Asian session is the much smaller stop loss should it be hit.

Check post 13, I have my box times there and my broker is +2 so adjust accordingly.

Once we get the system fine tuned for all these settings, I can make a PDF and attach it on post one. I always appreciate those instead of something like "read the entire thread" comments and its like 279 pages long.
How many times after bad fake trades do you stop?
  • #42
  • Sep 20, 2010 4:04pm Sep 20, 2010 4:04pm
Ok--I fixed mine since I was an hour off. In plain English, the "box" for the Asian session is from

11:00 pm - 12:00 pm GMT
Midnight - 1:00 AM London time
7PM - 8 PM New York time (EST)
8:00 AM to 9:00 AM Tokyo time

For the London session the times are:

5:00 AM to 7:00 AM GMT
6:00 AM to 8:00 AM London time
1:00 AM to 3:00 AM New York time
2:00 PM tp 4:00 PM Tokyo time

Here is a nice clock you can put on your charts to see what time it is elsewhere as well as your broker's time
Attached File(s)
File Type: mq4 Clock_v1_3.mq4   8 KB | 389 downloads
  • #43
  • Sep 20, 2010 4:08pm Sep 20, 2010 4:08pm
Another question to ponder--when you get a "caution" because the box is very small, 12 pips for instance, do you:

a. not trade that day;

b. trade anyway as is;

c. or would it be best to extend the box another hour before trading?
  • #44
  • Sep 20, 2010 5:27pm Sep 20, 2010 5:27pm
What settings are you using for ALF-MTF? your chart looks a litte different than mine. I use:

Look back 20
Median 5
Price Type 4
Time Frame 60
  • #45
  • Sep 20, 2010 5:32pm Sep 20, 2010 5:32pm
Quoting cspip
How many times after bad fake trades do you stop?
If my first trade wins, even small pips, I don't press my luck, I'm done for the session. If my first one stops out, I'll try one more, often when it breaks out in the opposite direction but win lose or draw, I'm done. After 2 trades.
Isolate yourself from the herd
  • #46
  • Sep 20, 2010 5:34pm Sep 20, 2010 5:34pm
Quoting Dewey McG
Another question to ponder--when you get a "caution" because the box is very small, 12 pips for instance, do you:

a. not trade that day;

b. trade anyway as is;

c. or would it be best to extend the box another hour before trading?
My box is 15 pips, I haven't traded when its smaller and ignore those when backtesting, even though some are good anyway!
Isolate yourself from the herd
  • #47
  • Sep 20, 2010 5:36pm Sep 20, 2010 5:36pm
Quoting Dewey McG
What settings are you using for ALF-MTF? your chart looks a litte different than mine. I use:

Look back 20
Median 5
Price Type 4
Time Frame 60
mine is the same except 60 day lookback, but this indicator needs to be refreshed periodically by opening the dialogue box and hitting ok. Otherwise it can be way off, especially when opening the platform or chart.
Isolate yourself from the herd
  • #48
  • Sep 20, 2010 8:40pm Sep 20, 2010 8:40pm
First loss in a while.....-100 pips (it went to the entry buy, but I waited for a small pullback and closed it out for -20 x 5). Some additional backtesting: GJ Asian for August with a 5 pip buffer and reducing all wins by additional 5 pips spread gave only one loss and netted 1000 pips. I will have to compare the numbers to no buffer and also see if GU does better with a small buffer as well.
Attached Image (click to enlarge)
Click to Enlarge Name: false bo.jpg Size: 71 KB
Isolate yourself from the herd
  • #49
  • Sep 21, 2010 4:39am Sep 21, 2010 4:39am
Very vexing problem is the fight against the falsies!!

On another thread it was suggested that the previous swing highs or lows would be a probable place. It does represent S/R after all.

I looked on my Asian BO for this morning and marked the magenta lines for the previous low and the high.

It would have saved me 65pips and thereby added 130 to my day's score.

Might be worth looking at.
Attached Image
  • #50
  • Edited 6:36pm Sep 21, 2010 7:22am | Edited 6:36pm
ok, this post got pretty messy, I will just upload a spreadsheet with all this sometime soon...

I think Phreddy, gotta look at a longer time period to decide. I looked at GU Asian session for September, 9 sessions tradeable out of 14 days:

no buffer: -55 pips total
5p buffer: -28 pips total
5p buffer AND don't move SL to BE until 2nd TP hit = 643 pips

seems that the breakout often retests that buy or sell line and takes out the entire trade giving you TP1 x 1 and BE x 4. Waiting until TP2 is hit before moving SL to BE is much better this month........the backtesting continues

August backtesting: GU Asian 19 tradeable session out of 24 trading days
no buffer: 1289 pips
no buffer AND don't move SL to BE until 2nd TP hit = 1445 pips
5p buffer: 892 pips
5p buffer AND don't move SL to BE until 2nd TP hit = 1032 pips

it will be hard to backtest further on my platform because my mtfalf indicator gets all wonky further back.

AJ backtesting for August
no buffer: 681 pips
5 p buffer: 571 pips
5p buffer AND don't move SL to BE until 2nd TP hit = 1049

using 2nd TP added one big stop out and converted 3 mini wins to runners
5 pip buffer did not spare any agony on stop outs vs no buffer

maybe no buffer AND don't move SL to BE until 2nd TP hit?
Isolate yourself from the herd
  • #51
  • Sep 21, 2010 7:54am Sep 21, 2010 7:54am
id like to thank u for good working system ... the best g-j and e-j system ...
Attached Image (click to enlarge)
Click to Enlarge Name: v good setup.gif Size: 32 KB
  • #52
  • Sep 21, 2010 8:03am Sep 21, 2010 8:03am
Quoting forexweasel
I think Phreddy, gotta look at a longer time period to decide.
Quite so FW, wasn't meaning to propose it, just illustrate it.

I don't really have any faith in things like buffers - use five and the 'pop up and retrace' will be a ten! Likewise 10 buffer with 15 up and ret.

Not actually keen on the last highs and lows either.

The chart that I used showed a win anyway. I really believe that BO is a make your bet and take your chance.

This is not an argument simply my views.

BTW, the original thread has a countertrend trade from where we get a false BO. Too complicated for me.
  • #53
  • Sep 21, 2010 8:05am Sep 21, 2010 8:05am
Quoting tahshoon
id like to thank u for good working system ... the best g-j and e-j system ...
Great! Could you please post your box start/stop and broker times....your chart is different than mine!

FW
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  • #54
  • Sep 21, 2010 9:06am Sep 21, 2010 9:06am
ok .. here
Attached Image (click to enlarge)
Click to Enlarge Name: broker time.gif Size: 19 KB
  • #55
  • Sep 21, 2010 9:17am Sep 21, 2010 9:17am
the same setup but with euro yen
Attached Image (click to enlarge)
Click to Enlarge Name: e-y setup.gif Size: 33 KB
  • #56
  • Sep 21, 2010 9:20am Sep 21, 2010 9:20am
Quoting tahshoon
ok .. here
my broker is +2 so you box ends an hour before mine. gave you a great trade for london. Don't know how critical box time is ie: +1/-1 hour over the long haul.
Isolate yourself from the herd
  • #57
  • Sep 21, 2010 9:38am Sep 21, 2010 9:38am
Quoting forexweasel
my broker is +2 so you box ends an hour before mine. gave you a great trade for london. Don't know how critical box time is ie: +1/-1 hour over the long haul.
i agree , great trades done today,thnx to u ...
with pending orders it was great..
  • #58
  • Edited 8:53pm Sep 21, 2010 2:29pm | Edited 8:53pm
Quoting Phreddy
Quite so FW, wasn't meaning to propose it, just illustrate it.

I don't really have any faith in things like buffers - use five and the 'pop up and retrace' will be a ten! Likewise 10 buffer with 15 up and ret.

Not actually keen on the last highs and lows either.

The chart that I used showed a win anyway. I really believe that BO is a make your bet and take your chance.

This is not an argument simply my views.

BTW, the original thread has a countertrend trade from where we get a false BO. Too complicated for me.
Phreddy,

This is the problem of a time based trading method. Time only gives you more volume when the box is set at the market opens. Would you ask the village idiot for directions? You might as well flip a coin as you're suggesting.

I checked back on Mer's thread and noticed a post stating my method with the 10 pip box doesn't work. Since the box placement code was never finished and the box code is still the issue in both 3a and 3b then the statement is without merit. The box as it stands now is still directionally challenged and is strickly highlighting time.

The box is good for showing the market open and setting the stage for trading by placing the TP levels. The direction to take the trade has got to come from another method. Manually placing the box in the correct position by adjusting the input factors or ignoring a bad box placement altogether are your only alternatives. Back testing the EA with any settings are totally inconclusive.

This is not to say that the box placement doesn't find a good placement some of the time but this is only by chance and even a blind squirrel finds a nut sometime.

I don't wish to upset anybody here but the facts speak for themselves. I will continue trading using Support and Resistance as they are the only means of determining direction. Even the SRs are not always dead-on but nothing is in this game and given a choice over flipping a coin I'll take the SRs.

Have a great day,

Johnny

PS: Glad to see forexweasel open this thread and look for alternate methods.
  • #59
  • Sep 21, 2010 5:18pm Sep 21, 2010 5:18pm
Thank you for your post. I hope you don’t mind me asking some questions about what you said:

Quoting JohnnyBSmart
Phreddy,

This is the problem of a time based trading method. Time only gives you more volume when the box is set at the market opens. Would you ask the village idiot for directions? You might as well flip a coin as you're suggesting.

I checked back on Mer's thread and noticed a post stating my method with the 10 pip box doesn't work. Since the box placement code was never finished...
Can you please explain your method here?

Quoting JohnnyBSmart

The box is good for showing the market open and setting the stage for trading by placing the TP levels. The direction to take the trade has got to come from another method.
I think the idea of FW’s method was to use the ALF method to take the trade. Do you see a problem with it? There are two threads devoted to using ALF and TVI without breakout. Is there something you think is better?

Quoting JohnnyBSmart

Manually placing the box in the correct position by adjusting the input factors or ignoring a bad box placement altogether are your only alternatives. Back testing the EA with any settings are totally inconclusive.

This is not to say that the box placement doesn't find a good placement some of the time but this is only by chance and even a blind squirrel finds a nut sometime.
...
I see using them as targets or SL’s. How do you use them here?

Quoting JohnnyBSmart
Even the SRs are not always dead-on but nothing is in this game and given a choice over flipping a coin I'll take the SRs.

Have a great day,

Johnny

PS: Glad to see forexweasel open this thread and look for alternate methods.

I agree. I prefer this over the strategy in the LBO thread.
  • #60
  • Sep 21, 2010 9:40pm Sep 21, 2010 9:40pm
I have the box time set from 1-2 for Asian session. The box will paint and levels are drawn as soon as the Asian session opens, but when the first 15 minute candle closes, the box repaints one more time. When backtesting, it is this box and these repainted levels that are being looked at. I suppose it will require waiting for that first candle to close to get the correct TP's etc. Important if you are looking at the figures I posted for my backtesting.
Isolate yourself from the herd
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