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Quoting getting
can somebody please code "thv 2 4 TF Trixhisto BarV3.1.5.3.ex4" indicator so it would be a total of 8TF instead of 4TF it currently have. It would be fantastic when all 8 TF lines up, and gives out an alert.

Thanks
I would suggest you add this indicator 2 times to your template and then you have to adjust the timeframes.
Thanks
Quoting MissPips
It's one minute. That's sufficient for me to see yuckiness that I don't want to trade in, like today... I do look at the higher timeframes from time to time, but I decide if PA is trendy or choppy based on the 1 m
Without vision, the people will perish.
MT4 limits you to 8 buffers. I need one buffer for the red squares and one buffer for the green squares. 2*4 tfs = 8 buffers.

Quoting getting
can somebody please code "thv 2 4 TF Trixhisto BarV3.1.5.3.ex4" indicator so it would be a total of 8TF instead of 4TF it currently have. It would be fantastic when all 8 TF lines up, and gives out an alert.

Thanks
Very thanks Mr. Cobra & supremeChaos.

Quoting cobraforex
Just ignore that candle if you don't like it but I see no need to delete it but sometimes is good idea not to trade it.
Quoting supremeChaos
Like Sir cobraforex said, u can ignore it. or u can look for a demo MT4 that does not have Sunday bars.
We are here to help each other... We Learn Forex Together!
Divergence on the 5 min paid off today...there were atleast 4 good examples in the London Session here are two:

Trade 1

Considerations:

Trendline Support
MS1 Support
50% fib Support
Bullish Divergence..

Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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Trade 2

Considerations:

Bearish Divergence
Bounce off of 38.2% Fib
Bounce off of MR1
Retest of Previous T/L

Both Trades were basicall profitable the whole way from break of cloud...

Lucky me decided to go out and get some tea...

ADD Actually maybe the last was not in the London Session..
Deprive a man of everything and you give him nothing to lose.
Quoting Cencored
hi Irish Pips,

thank you so much for your support.
I took a closer look at your template esp. the 1m template. It looks like in the template you posted for the 1m the trix mtf is the 15m one, is that correct? I assume you mean the 5m tf...what is the 15m mtf trix used for then?

Also how do you work with the trix of the current tf? do you wait for a cross plus a cross of the zero line?

Also would you mind posting a few charts marking out some of the trades that you have identified (e.g with a vertical line so that we can see them)?

I think...
The 1 M is specifically for the 1M the MTF is set for 5M with a slightly enhanced setting for better signal [as well as colors] and the 1M trix is on there

The clouds for Ichimoku are 5 and 15 for both charts [5M] for 1M It's not advisable [safe] to trade with out 15M cloud at least in transition.

This way--you might miss some trades, but the trades you get will be more guaranteed. [THV = trend trading and trends should be more than 5 minutes, don't you think [although today's been really choppy-- PA is wanting to go down, but all the news and the S&P futures is dragging it back and forth--1.40 on EU seems to be a magnet-- and talk about GU--LOL the little engine that could--I must get to last weeks high..I must get to last weeks high...even with the bad news attached for today and the sister pairs going down...lol]

Anyway, My templates I posted are designed to trade the 1M like a 5M chart [and 5 like the 15] and also designed for beginning traders who would like to use THV but don't necessarily understand what "fibs" are and how they work- or the concept of S/R. Also designed for traders who don't like or care for divergence trading little trends within the larger trend

Hope this helps clarify. Again, you might miss some trades, but the trades you'll miss are considered the riskier trades--[ie: divergence trades within a larger trend

the 1st template I posted is for 1M and the 2nd I did [and specifically labeled] is for 5M
--- Gone --- RIP 11/27/09
I was doing some reading the other day about a fellow who makes his living off of Forex and has for quite some time.

He averages 50-100 pips a day [which is quite good!] and he does it with minimal risk.


He spends 5-6 hours trading a day. Making 1 trade per hour, taking only 10-15 [sometimes 20] off a 5M and 15M chart setup.

When he's got his trade, he comes back the next hour and look to go fishing again for another 10-15 [it doesn't take long to do chart analysis]

Asked why he does this: People are obsessed with how many pips they can get in a move--- and more often than not the trend will reverse on you, and you think it will continue--then you find yourself with no pips. You've lost what you had. Then they become obsessed and start to chase and trade emotionally, and thus end up blowing their account.

It also keeps the mind fresh and and you keep your sanity.


He claims to have only 1 bad trade for the last year, and only because the broker had a bad tick--

[* must be a joke because I thought bad ticks you could get the fixed by the broker?]



I like this approach. On most given trading days for 5 hours the trend is going somewhere- what a simple concept it is to pull a few pips out of the hour trend, go have breakfast, come back, and do it again, go watch TV, etc. for each hour and grow your account. Your risk is minimal as well, although the 100 pip mark is questionable to me as it might take a while to find a setup up and then coming back the next hour [60 minutes later]--unless they're talking about starting out trading session, taking a trade, [however long it takes] then coming back at the top of the next hour, not necessarily 60 minutes later.

However, I still like this idea-- it takes the guess work out of which way you think the trend will go if you come back after some time to re analyse your chart.

Perhaps this is what robots are for..however, robots lack the intelligence people do and can't be programmed with the information we can see on our charts.

Good Trading-

~IP
--- Gone --- RIP 11/27/09
Quoting IrishPips
I was doing some reading the other day about a fellow who makes his living off of Forex and has for quite some time.

He averages 50-100 pips a day [which is quite good!] and he does it with minimal risk.


He spends 5-6 hours trading a day. Making 1 trade per hour, taking only 10-15 [sometimes 20] off a 5M and 15M chart setup.

When he's got his trade, he comes back the next hour and look to go fishing again for another 10-15 [it doesn't take long to do chart analysis]

[i]Asked why he does this: People are obsessed...

That's the way to do it...I think we all get caught up in the emotional nonsense everynow and then, chasing trades and getting runover...

50-100 pips a day is frickin' great!

Good reading...keep postin'
Deprive a man of everything and you give him nothing to lose.
Quoting IrishPips
...On most given trading days for 5 hours the trend is going somewhere- what a simple concept it is to pull a few pips out of the hour trend, go have breakfast, come back, and do it again, go watch TV, etc. for each hour and grow your account.....
This is a problem many traders have getting past. Psychologically, you feel inadequate when you don't get "all the pips". "Trading in the Zone" is a good book to read to train your mind to the fact that you don't always have to be right. Just get the pips you need - you don't have to capture the "big run" to be a great trader.
Hi,

can someone plz evaluate this trade:

The 5 min showed a bullish divergence.

The triangle on the 1 min was broken and the price bounced from the pivot. My rsi trendline showed a bounce from the trendline. 6 lights but the 5 min fast trix was green. I was convined it goes red. Took the trade and tp was the s1 pivot on the 5 min tf. Was it too risky?
Attached Images (click to enlarge)
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Quoting MCFly
Hi,

can someone plz evaluate this trade:

The 5 min showed a bullish divergence.

The triangle on the 1 min was broken and the price bounced from the pivot. My rsi trendline showed a bounce from the trendline. 6 lights but the 5 min fast trix was green. I was convined it goes red. Took the trade and tp was the s1 pivot on the 5 min tf. Was it too risky?

Something tells me if you restart your MT4 application that green light you're mentioning will magically appear red.
--- Gone --- RIP 11/27/09
Not really. It's impossible to specify all the situations for 6 point trades in a few simple rules, and it's ok to personalize the 6 point method too. One thing I have noticed is that if you have all 9 red lights, and you are missing either the 1m f or the 5m f (as the rules call for), if the HA candles turn from green to red that's still usually a good trade. ( or vice versa or course) I wouldn't do that near the end of a long downtrend (wave 5 or 6 for example) but if you are in the first or second wave on the 1m chart and you didn't see any conflicting divergence it's pretty safe.

Quoting MCFly
Hi,

can someone plz evaluate this trade:

The 5 min showed a bullish divergence.

The triangle on the 1 min was broken and the price bounced from the pivot. My rsi trendline showed a bounce from the trendline. 6 lights but the 5 min fast trix was green. I was convined it goes red. Took the trade and tp was the s1 pivot on the 5 min tf. Was it too risky?
There's nothing magic about it. I guess this must be a hard concept to grasp, because people keep asking about it. The trix histo shows you, on the one minute chart, what the five minute trix was doing for each of the five minutes that make up that bar. If you had looked over at the five minute chart at the very second that the trix histo showed the 5m fast to be green, you would have seen that it was, indeed, green. However, if for the next four minutes it was red, the outcome of the bar would be red. If you then, restart your application, the trix histo has no way of knowing what actually happened in real time. All it knows after the fact is the final outcome for the bar, so it will paint all those five bars red. You can demonstrate the same thing by adding another instance of the trix histo after the bar has closed. This in no way invalidates the fact that at the moment you were about to take that trade, if you had checked on the five minute chart you would have seen that in that particular minute, the 5 m fast trix was green. However, it means that you can not visually backtest results based on a trix histo added after the fact.

There is one exception to this statement that if you checked the five min trix at that minute it would be green, and that stems from the fact that neither the trix nor the trix histo has a yellow condition (when the current trix is equal to the previous, or flat.) The trix itself solves this problem by repainting one bar back after it knows the final outcome. That is, if the trix was flat at that point, and it had been red, if the trend goes up the next bar, it will go back and repaint the bar that had closed red to green. I solved it in the histo by showing you the opposite color. That is, if you were in a downtrend and the current bar is flat, I show you green. The reason is to give you a heads up that the trend might be changing. If it does, you missed a bad trade. If it doesn't, at worst you are in one bar late.

Quoting IrishPips
Something tells me if you restart your MT4 application that green light you're mentioning will magically appear red.
@misspips and irishpips thanks for the hints.
Just wanna say thanks to everyone for continuing to keep this thread clean.

We've managed to go for so long without indicator dumpers and or other weird stuff...

Thanks to all contributors for making this thread as enjoyable as it is!

Deprive a man of everything and you give him nothing to lose.
This is exactly the way many of us trade..........

Use the H1 to establish trend direction. Then each hour select a trade on the M15 that agrees with this trend and take a small bite out of the trend. While the trade is developing, look at other pairs for a good setup for the next hour. This way there is no need to "baby-sit" a trade by hovering over a chart like a vulcher watching the trade progress.

But this means watching more than one or two pairs. Currently I watch 15 for the very best trade opportunities. During my 6 to 8 hour typical (sometimes shorter) "Trade Day", I am researching trade opportunities and/or other Forex related matters. I am NOT watching TV while my trades are working for me. Certainly I DO eat breakfast, but it's in front of my four monitors because I consider my "Trade Day" to be just like any other workday for any other person with a "job". And trading IS a "job".

In the past I have posted how I like to use some of the THV indicators to trade H1 and M15 (TRIX is my fav). But most people here prefer smaller time frames and scalping......"to each his own".

However, averaging 50 to 100 pips a day this way is not really that difficult AND it is relatively stress free. Patience, discipline and not being greedy are very important to this process!

Quoting IrishPips
I was doing some reading the other day about a fellow who makes his living off of Forex and has for quite some time.

He averages 50-100 pips a day [which is quite good!] and he does it with minimal risk.


He spends 5-6 hours trading a day. Making 1 trade per hour, taking only 10-15 [sometimes 20] off a 5M and 15M chart setup.

When he's got his trade, he comes back the next hour and look to go fishing again for another 10-15 [it doesn't take long to do chart analysis]

[i]Asked why he does this: People are obsessed with how...
Quoting BeachBum
This is exactly the way many of us trade..........

Use the H1 to establish trend direction. Then each hour select a trade on the M15 that agrees with this trend and take a small bite out of the trend. While the trade is developing, look at other pairs for a good setup for the next hour. This way there is no need to "baby-sit" a trade by hovering over a chart like a vulcher watching the trade progress.

But this means watching more than one or two pairs. Currently I watch 15 for the very best trade opportunities. During my 6 to 8 hour typical...
Seconded BB

I now have 12 pairs in the basket to choose from and also follow very much this trading pattern.

Attached is first trade today - this pair has been going north since yesterday - 2 days of (fairly) easy pips. THV is as good if not better on longer TF's than just on M1/M5.

Also I have found that I may go weeks without taking a EURUSD trade.

Good trading to all.
Attached Image (click to enlarge)
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Quoting IrishPips
The 1 M is specifically for the 1M the MTF is set for 5M with a slightly enhanced setting for better signal [as well as colors] and the 1M trix is on there

The clouds for Ichimoku are 5 and 15 for both charts [5M] for 1M It's not advisable [safe] to trade with out 15M cloud at least in transition.

This way--you might miss some trades, but the trades you get will be more guaranteed. [THV = trend trading and trends should be more than 5 minutes, don't you think [although today's been really choppy-- PA is wanting to go down, but all the news and...
Thanks for your reply IP.
Regarding the trix cross, do you wait til they have crossed on the 1m tf, as well as the trix mtf to cross the 0 line plus three cloud lights?

If you get around to it, it would be great to see some of the trades you took, and it will probably answer those questions in a visible way.
Thanks a lot for all your help!
Quoting MissPips
MT4 limits you to 8 buffers. I need one buffer for the red squares and one buffer for the green squares. 2*4 tfs = 8 buffers.
MissPips,
if you have to pick 4 TF out of the suggested TF what would it be?
im thinking of 5m 15m 30m 60m - all fast period type.
EU M15: Last H4 closed candle was a nice Hammer down, suggesting upcoming upside PA....needs confirmation though. If this is to happen, suspect asian traders will first give it a dump to better their entry prices long. Weekly mS1 and this days mR1 are same.....strong resistance that could become strong support if PA is driven hard up thru it. Right now PA is sandwiched between 1.3965 and 1.3975, nice and flat, so we might get a good move out of the break (again, suggest first a pullback down, especially if PA is destined to go up per H4 chart).....just a thought.
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Important is not where price is going, but if bulls or bears are moving it!
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