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Peter Pipper Feb 3, 2009 2:59pm | Post# 1

My Journal - Based on THV V3.0 by Cobraforex
 
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I am starting to trade live and want to log my results to keep me motivated and on track. My trading strategy is based entirely on the THV system (with some personal modifications) which can be found in the trading systems part of the forum. Before going further, I want to thank cobraforex for all the hard work he has put into the system; it has helped hundreds of trades myself included.

Entry Rules (see attachment for valid entries)

  1. Only trade in direction of the coral (green=long, red=short)
  2. Candle must be above/below Ichimoku cloud for long/short
  3. Enter on fast TRIX color change (risky)
  4. Enter on TRIX cross (conservative)
  5. Watch for divergence opportunities on the 5min chart
  6. Be wary of entries around key support or resistance, pivot points
  7. 1min and 5min charts to enter, longer timeframe charts to monitor/analyze

Exit Rules

  1. Bank 50%+ profit after +10 pips
  2. Exit if coral/TRIX change colour or cross back
  3. Use SL of 300% of ATR(20), or appropriate support/resistance

The entries will be fairly mechanical and easy to identify. However, the exits will be much more discretionary, and will be tough to master. If a trade gets to +10, I will bank half my profits (or more) and set the rest to break even. I do not want to turn a winner into a loser. This system can produce some good runners, so I will probably scale out of my position at times to catch a big move.

Goals/Tracking Results

Because I will be scaling out of positions, my goals will be set in terms of dollar value rather than number of pips. Initially, I am aiming for $50/day on an entry size of ~$1/pip (this may vary according to SL). I will try to post daily results, but there may be days I am too busy to trade altogether.

If I reach my goal of $50, I may or may not keep trading. If I do keep trading, I will limit my losses as to not give up all my profit, possibly reducing my entry size. I will stop trading for the day if my losses reach $100.

That's it! Feel free to monitor my progress, offer encouragement, constructive criticism, or anything else you want.
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TradeWell Feb 3, 2009 8:44pm | Post# 2

I am starting to trade live and want to log my results to keep me motivated and on track.
Great idea and great start with first post.

cobraforex Feb 3, 2009 8:50pm | Post# 3

The team wish you good luck
 
Great Peter

I bookmarked the journal and will come by frequently to see how you are doing.

Since than all the pips for you

leņador Feb 3, 2009 11:36pm | Post# 4

Well done Peter, I also learning Cobra´s system and hope you do well to give us all hopeness.....
1$ per pip....wuau....thats a lot Peter...at least for me that I am tradding 0.1$ per pip.....
Hope you can master the mental stress that may cause...
Good luck...

Peter Pipper Feb 4, 2009 12:53am | Post# 5

First Trade
 
Thanks for the encouragement so far.

Buy 1.0 EUR/USD @ 1.3022

Close 0.50 @ 1.3027
Close 0.50 @ 1.3030

Profit: $6.50

Was a little conservative for the first trade, I see it has already popped further. But not a bad start

Peter Pipper Feb 4, 2009 2:05am | Post# 6

Buy 1.0 EUR/USD @ 1.3042

Close 0.50 @ 1.3052
Close 0.50 @ 1.3042

Profit: $5.00

Peter Pipper Feb 4, 2009 3:26am | Post# 7

Sell 1.0 EUR/USD @ 1.2991

Close 1.0 @ 1.2991

Profit: $0.00

Peter Pipper Feb 4, 2009 5:22am | Post# 8

Buy 1.0 EUR/USD @ 1.2955

Close 1.0 @ 1.2957


Profit: $2.00

Got scared because it ranged for a bit..

avi Feb 4, 2009 6:17am | Post# 9

Sell 1.0 EUR/USD @ 1.2991

Close 1.0 @ 1.2991

Profit: $0.00
why????stop????

Peter Pipper Feb 4, 2009 6:57am | Post# 10

Buy 0.20 EUR/USD @ 1.2861 (went against coral so risked less)

Close 0.20 @ 1.2863


Profit: $0.40

leņador Feb 4, 2009 6:57am | Post# 11

Well done Peter...keep it up mate...

Peter Pipper Feb 4, 2009 7:00am | Post# 12

why????stop????
I didn't see the market doing much. In hindsight of course I should have held. I do need to work on my exits, I am being too conservative I think.

Peter Pipper Feb 4, 2009 9:33am | Post# 13

Buy 0.20 EUR/USD @ 1.2874

Close 0.20 @ 1.2885

Profit: $2.20

Meant to take a 1 lot entry but had 0.20 from the previous trade . Very fast payout though, it was a good one

Peter Pipper Feb 4, 2009 10:01am | Post# 14

Sell 1.0 EUR/USD @ 1.2854

Close 1.0 @ 1.2875

Profit: -$25.00

There go all my profits for the day...I entered too early before the bar closed and it ended positive. Also right before London close. Stupid! I think I am done for the day...will recover and try again tomorrow

TradeWell Feb 4, 2009 12:33pm | Post# 15

Sell 1.0 EUR/USD @ 1.2854

Close 1.0 @ 1.2875

Profit: -$25.00

There go all my profits for the day...I entered too early before the bar closed and it ended positive. Also right before London close. Stupid! I think I am done for the day...will recover and try again tomorrow
Learning from the mistake is more valuable than the money lost.

Peter Pipper Feb 4, 2009 11:19pm | Post# 16

Day 1 - Feb.3
 
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Poor start, but there were some positives to take out of it. Hoping for a better day today
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cobraforex Feb 5, 2009 12:14am | Post# 17

Poor start, but there were some positives to take out of it. Hoping for a better day today
Sh$t, you did well and lost it all with one trade.

take care on your trades when sessions open and close, during those times can be dangerous for scalpers.

You have the session indicator with countdown that could help you.

Also take care 15 min. before and after news !!!

good luck Peter

Peter Pipper Feb 5, 2009 12:34am | Post# 18

Thanks cobra, I have learned a lot from just this one day of live trading. I am still very confident - it was my mistake and not the system's. I will be more disciplined from now on.

leņador Feb 5, 2009 2:54am | Post# 19

cheer up peter and hold there...some of us need inpitarions like you to continue...

Peter Pipper Feb 5, 2009 4:01pm | Post# 20

I'm not neglecting the journal, simply did not take a trade today. I wasn't feeling in the mood and was busy so I felt it was best to stay out. I plan to trade upcoming London and NY sessions


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