Flying Buddha ALR

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TraderJoeForex
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Flying Buddha ALR

Post by TraderJoeForex »

This idea is for experimentation purposes. Demo only.
ALR can take a lot of losses and eat away at an account very quickly.


This year I have been using Flying Buddhas a lot in my trading and I have found they highlight areas where breakouts are going to occur. Usually, price will breakout against the arrow direction until the end of a move where the final Flying Buddha(s) will signal the start of a major reversal. Using a higher timeframe indicator like Superslope and observing market cycles and peak highs and lows on the chart can provide directional information to help increase the likelihood of catching a reversal but sometimes price action just keeps on going and trading this way it's easy to get caught against a strong trend so money management is key.

This gave me the idea of revisiting ALR but with a twist. Instead of increasing lot sizes to win back losses while waiting for price to move I am increasing TP with each turn instead. Since I will also be using Sixths there should be a big enough move when it comes (either breakout or retrace from extremes) to cover a larger TP.

Initially last week I tried just using D1 Flying Buddhas as a trigger, and the principle worked but I noticed that there can be a long range period of consolidation following a D1 FB before price moves so on it's own perhaps not the best trigger for this idea. A better solution must be to use the same setup and trigger that has been proving itself in the HGBnDnSSnFB thread which will give more accurate entries and reduce the reliance on ALR to bring a profit but having ALR in place for the occasional trades where price moves strongly against should become a blessing.

I am looking at ways to make this fully automated but for now will use HGBnDnSSnFB to send a single trade with 1% risk on H1 with a SL of 0.5 ATR (D1) and TP of 3 ATR (D1) . I will then remove this EA from the chart and replace with ALR to take over if needed. Once SL or TP has been reached and/or ALR has completed it's sequence I will reinstate HGBnDnSSnFB ready for the next setup on that pair. ALR will either bring a positive conclusion with +1% or at worst another 5 losing trades.

Here is what I am thinking:

£500 account (I want to test with this with the minimum that might be realistic)
I am testing 15 pairs (all apart from CHF and NZD)
One trade per pair at a time.
Max risk approx - 1% per trade.
Overall target +1% per pair
ALR Zone 0.5 ATR (D1)
Max ALR trades 5
Max loss per pair 6% (1st HGBnSSnFB trade + 5 ALR)

The idea is that the occasionally successful 1st trades that hit a home run will more than make up for the 5 trade losers although most of the trades will probably just end +1%. And I won't complain if they do.

Example of template and set file below and just to confirm I either have a HGBnDnSSnFB template OR ALR template on any given chart at one time.

I use a different magic number for each pair and have manually added a value for initial SL to correspond to 0.5ATR each pair (just a safety net in case a big move before I can change the template) although ALR will adjust this based on it's own calculations once activated.

Screenshots below show a couple of trade examples so far.
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Wavegarrick
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Flying Buddha ALR

Post by Wavegarrick »

Hi TJF,
to help increase the likelihood of catching a reversal but sometimes price action just keeps on going and trading this way it's easy to get caught against a strong trend so money management is key.
I applaud your efforts. More so when it comes to taking precaution when price action just keeps on going. It is a nemesis I have been struggling with for many years now.

Following with interest. ;)

Cheers
Leon
Asmahan88
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Flying Buddha ALR

Post by Asmahan88 »

Subscribed! :good:
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TraderJoeForex
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Flying Buddha ALR

Post by TraderJoeForex »

I've deleted a couple of my previous posts to tidy up and updated post 1 with the way I am now going to be trading this semi auto. Hopefully, the idea is now a little clearer :smile:
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TraderJoeForex
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Flying Buddha ALR

Post by TraderJoeForex »

GA, GU and GJ trades just added by HGBnDnSSnFB
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TraderJoeForex
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Flying Buddha ALR

Post by TraderJoeForex »

EU and GC added...
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TraderJoeForex
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Flying Buddha ALR

Post by TraderJoeForex »

... pc shut down while I was sleeping last night for some reason so i had an early loser on GBPUSD after just one ALR trade as it could not set another :arrrg:
Screenshot 2017-06-14 10.50.38.png
.. however the rest of the trades had a bit more success so still +4% equity overnight dispite the loss which suggests these HGBnSSnFB entries are much more accurate which is what I wanted :youknow:
Screenshot 2017-06-14 10.26.49.png
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TraderJoeForex
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Flying Buddha ALR

Post by TraderJoeForex »

Getting more and more enthused with this :cheer: :cheer:

.. to capitalize further on the increased number of entry opportunities with HGBnSSnFB using H1 trigger I've updated my ALR templated to include Radar's PeakHiLowFibs and will look to exit profitable 1st trades based on these Fibs rather than just holding for the week since HGBnSSnFB will then look to re-enter on the next FB so this offers the potential for multiple trades per pair per week.

For example EURAUD trade screenshot below will exit at 38.2% Fib:
Flying Buddha ALR.tpl
Screenshot 2017-06-14 21.26.38.png
Overall the last 12 hours have added another 100pips and +1% equity :party:
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laharjaya
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Flying Buddha ALR

Post by laharjaya »

TJF ..

where i can get sources for PeakHiLowFibs ?
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TraderJoeForex
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Flying Buddha ALR

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