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THV system, final edition

  • #3,841
  • Jan 30, 2009 9:41pm Jan 30, 2009 9:41pm
Quoting Gofer Pips
CC my broker closes at 4:00PM EST. Did my .2765 ever get tested?
Important to know for analysis, and my chart closed at 3:58 time.

Thanks ahead of time!
1.2777 was lowest price.
  • #3,842
  • Jan 30, 2009 9:49pm Jan 30, 2009 9:49pm
Quoting acumen
Money Management is the single most important aspect to staying in this game long term.

Every system... every one ever created will have a draw down. If you are applying simple MM rules to mediocre system you are going to win in the end.

I like 1% per trade. There are times when I load up and risk 2% but usually only a quick scalps.

I have several managed accounts and when we talk shop there is no such thing as a PIP. It's based on percentages.

Last month I was up 14%... not 530 PIPS.
Welcome to the thread acumen.
  • #3,843
  • Jan 30, 2009 9:55pm Jan 30, 2009 9:55pm
Quoting Gofer Pips
CC my broker closes at 4:00PM EST. Did my .2765 ever get tested?
Important to know for analysis, and my chart closed at 3:58 time.

Thanks ahead of time!
Price went as low as 1.2762 at 4:24pm EST (FxPro - Marketiva) 1.2763 (Alpari Demo - Oanda)
  • #3,844
  • Jan 30, 2009 9:56pm Jan 30, 2009 9:56pm
Quoting Gofer Pips
CC my broker closes at 4:00PM EST. Did my .2765 ever get tested?
Important to know for analysis, and my chart closed at 3:58 time.

Thanks ahead of time!
I double checked with two of broker charts, The lowest is .2761(Forex.com) / .2762(Fxpro) at 21:24 GMT, and finally closed at 1.28100.

Hope that helps..
  • #3,845
  • Jan 30, 2009 9:56pm Jan 30, 2009 9:56pm
Hi All,

Doblece kindly tried to explain the how to setup the time zone inputs on the SDX-TzPivot indicator on post #3783, but I must be dumb as a rock, because I still scratch my head on this. Are my settings below correct??????????

I am not really sure everyone fully understands the how to put the right settings into the SDX-TzPivot used in the THV template. However, I came across this link today that is supposed to explain it.

I also posted the directions here according to the webpage:

Time-Zone Inputs:

LocalTimeZone: TimeZone for which MT4 shows your local time, e.g. 1 or 2 for Europe (GMT+1 or GMT+2 (daylight savings time). Use zero for no adjustment. The MetaQuotes demo server uses GMT +2.

DestTimeZone: TimeZone for the session from which to calculate the levels (e.g. 1 or 2 for the European session (without or with daylight savings time). Use zero for GMT

Example: If your MT server is living in the EST (Eastern Standard Time, GMT-5) zone and want to calculate the levels for the London trading session (European time in summer GMT+1), then enter -5 for LocalTimeZone, 1 for Dest TimeZone. Please understand that the LocalTimeZone setting depends on the time on your MetaTrader charts (for example the demo server from MetaQuotes always lives in CDT (+2) or CET (+1), no matter what the clock on your wall says. If in doubt, leave everything to zero.

OKAY – So, I trade from 8 am EST (the open of the US session) and trade most of the US session. This means that I am trading the US/London session overlap until London closes at 12:00 PM EST and beyond until the close of the US session.

So, I wanted the pivot calculated for both the London Session and the NY session. I have 2 of the SDX-TzPivots on my template so that I get “valid” pivots for both sessions.

My broker’s MetaTrader server time is EST or -5 GMT. Here are my settings currently:

1st SDX-TzPivot Setting is for the London session pivots, I should have -5 for the Local Server (EST time is –GMT) and 0 for the Destination since I am calculating London pivots?

2nd SDX-TzPivot Setting is for the NY session pivots, I should have -5 for the Local Server (EST time is –GMT) and -5 for the Destination since I am calculating NY pivots?

The attached image shows the pivots plotted by both SDX-TzPivot indicators on my template for January 30 – London/US sessions. Again, my chart time is EST.
BUT – are my settings correct??????????

Thanks,

Going Crazy is Oregon!
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Without vision, the people will perish.
  • #3,846
  • Jan 30, 2009 10:17pm Jan 30, 2009 10:17pm
Quoting bythepound
1st SDX-TzPivot Setting is for the London session pivots, I should have -5 for the Local Server (EST time is –GMT) and 0 for the Destination since I am calculating London pivots?

2nd SDX-TzPivot Setting is for the NY session pivots, I should have -5 for the Local Server (EST time is –GMT) and -5 for the Destination since I am calculating NY pivots?
The first setting for London is correct. The second setting should be -5,2.

Thanks
  • #3,847
  • Jan 30, 2009 10:25pm Jan 30, 2009 10:25pm
To CC, TW, and Karun
  • #3,848
  • Jan 30, 2009 10:37pm Jan 30, 2009 10:37pm
Quoting bythepound

[font=Calibri][size=3]1st SDX-TzPivot Setting is for the London session pivots, I should have -5 for the Local Server (EST time is –GMT) and...
No.
Both settings are to calculate the daily pivots according to the session (all-day session) you want to use as start/end of day.

The first setting is to tell the indicator how many hours of difference there are at the server's 00:00 with GMT 00:00 (that would be -5 in your case).

The second setting is to tell the indicator how many hours of difference there are at the session's start (if NY, 5pm EST = GMT 22:00) with GMT 00:00.

The chart shows that you are starting your daily session at EST 00:00.
The correct settings for starting at NY close (which would place your "today/yesterday" vertical line at 17:00 on your chart = 5pm EST) are on the link I gave you, as well as the ones to start the day at 00:00 GMT.

In synthesis:
Start of day at NY close:
1st setting: -5 (hourly difference EST/GMT)
2nd setting: 2 (NY close is two hours ahead of GMT 00:00)

Start of day at GMT 00:00
1st setting: -5 (hourly difference EST/GMT)
2nd setting: 0 (GMT 00:00 is 0 hours ahead of GMT 00:00)

You can't calculate on a partial session (only one market) basis.
  • #3,849
  • Jan 30, 2009 10:44pm Jan 30, 2009 10:44pm
Quoting doblece
No.
Both settings are to calculate the daily pivots according to the session (all-day session) you want to use as start/end of day.

The first setting is to tell the indicator how many hours of difference there are at the server's 00:00 with GMT 00:00 (that would be -5 in your case).

The second setting is to tell the indicator how many hours of difference there are at the session's start (if NY, 5pm EST = GMT 22:00) with GMT 00:00.

The chart shows that you are starting your daily session at EST 00:00.
The correct settings for starting at NY...
I guess I assumed wrong, that he wants to maintain two different pivot settings for the London and NY.
Doblece, as always, very detailed explanation

Thanks
  • #3,850
  • Jan 30, 2009 11:29pm Jan 30, 2009 11:29pm
Thank you guys for the thoughts; I had no intentions of misdirecting the thread or speaking of pipe dreams. I understand the trials and hurdle's involved in this profession, I have been involved with trading for some time and respect anyone who doesn't lose their shirt within a week. I was bringing it up because 1) we are in the weekend and 2) I was curious about the different styles of MM you guys imploy. I have come to respect the professionalism of this thead and I have recently really focused on the MM side of the trade. I try to learn from the good and the bad. Gofer, I hope I didn't give the wrong impression.

Back to point...

Man that Trix is a good lookin indicator...
  • #3,851
  • Jan 30, 2009 11:53pm Jan 30, 2009 11:53pm
Hi guys

i am gonna take the next week off cause am having an amazing trip, that i have been waiting for, to luxor ...
i 'll make sure to take tons of pics and put them on my flickr for you to see.

wish you all a happy weekend
Attached Images
  • #3,852
  • Jan 31, 2009 12:07am Jan 31, 2009 12:07am
Quoting mentos
Hi guys

i am gonna take the next week off cause am having an amazing trip, that i have been waiting for, to luxor ...
i 'll make sure to take tons of pics and put them on my flickr for you to see.

wish you all a happy weekend
Have a safe and wonderful trip
  • #3,853
  • Edited 4:49am Jan 31, 2009 4:48am | Edited 4:49am
Quoting doblece
Exactly what I thought.
The candle you have where the start of the day indicator appears, is showing at your broker's 10:00am. This is not correct, as that would be equivalent to 12:00m EST... It should be showing on your 17:00pm candle, which is 17:00 EST.

So, if you want to start with the USA open/close, your setting would have to be -5, 2 (please do check anyway, the vertical line labeled "today" should appear at your 17:00 candle).

Just for info:
My broker is at GMT+2 which 00:00 start always coincides with the USA open/close (as both...

I want to have the same pivot calculation that Cobra is using. If I am using IBFX is my settings, 0,0 or -5,0 or -5, 2. My time zone is EST.
Goal #1 Make Money, Goal #2 Don't Lose Money, Goal #3 Remember Goal #1
  • #3,854
  • Jan 31, 2009 7:41am Jan 31, 2009 7:41am
Quoting rogueforex
Thank you guys for the thoughts; I had no intentions of misdirecting the thread or speaking of pipe dreams. I understand the trials and hurdle's involved in this profession, I have been involved with trading for some time and respect anyone who doesn't lose their shirt within a week. I was bringing it up because 1) we are in the weekend and 2) I was curious about the different styles of MM you guys imploy. I have come to respect the professionalism of this thead and I have recently really focused on the MM side of the trade. I try to learn from...
No, not wrong impression. Money management is key, and hopefully when a trader goes live the first time they understand this, many rookies do not, they don't understand how sometimes a loss is a good trade when there risk exposure is limited to 1-2% of account equity, not account balance. Every trade you open eats away at the balance and equity is reduced according to your leverage, i.e. 100:1, 200:1, 50:1, etc.
When traders speak of not risking more than 1-2% of your account, equity is what they are speaking about for every trade you open that moves against you, equity is diminished.
You will read, in the threads, of traders trading 2-3, or even more currency pairs at one time, about during an existing trade adding on to your position.
If you do not understand the "whole picture" and follow these "calls", you find in some threads, you may win for awhile, but without the education and discipline,rest assured, eventually, Mr. Margin Call will come a callin!If new to managing and trading currency, I would suggest you manage one trade on one currency pair at a time. Once trade is closed, then find another entry.

We all talk about money management.There are those who say, out loud and/or to themselves " Well ,of course , I manage my money!"
I like to think differently now,through my experiences," I manage my risk!"

With that thought, I look at a 1% loss of money as minimizing my risk.
That has helped me to emotionally separate myself from a trade, that has gone against me, and the fear of loss when entering a trade. No matter how good the system, there will be breakdowns.

Trading currency is not for the weak of heart.

It is good this topic was brought up before THV2.1 release.

What Cobra and team are wanting to be clear about is people need to understand it is not a Holy Grail.
Experienced traders know this already.
It's the newbies that thumb through the post, see the succesful trade posts we share with one another, as we are learning and teaching, and see that give cause for that concern.

So Thank you for breaching the subject Rogue!

And yes, that Trixie, ain't she a lovely lady!
  • #3,855
  • Edited 7:56am Jan 31, 2009 7:54am | Edited 7:56am
Quoting Namrettik
I want to have the same pivot calculation that Cobra is using. If I am using IBFX is my settings, 0,0 or -5,0 or -5, 2. My time zone is EST.
I will try to simplify as Doblece has very thoroughly discussed this matter ad nauseum, and I can do nothing better as I am simple-minded!

If you will try the settings at 0 and 0 you will find your numbers will be the same as Cobra's. ( within a few pips, as different brokers may have a slight difference in the OHLC on their daily candle)
Your time zone is not what the destination time zone is for. It is for determining what zone( London, Sydney, New York) you want your pivots to be calculated from.

The pivots are calculated using Open, High, Low, and Close of a DAILY candle--Hence the term Daily pivots.
Weekly pivots are based on weekly candle data, monthly on monthly candle data.

I hope this helps!
  • #3,856
  • Jan 31, 2009 8:03am Jan 31, 2009 8:03am
Quoting rogueforex
Thank you guys for the thoughts; I had no intentions of misdirecting the thread or speaking of pipe dreams. I understand the trials and hurdle's involved in this profession, I have been involved with trading for some time and respect anyone who doesn't lose their shirt within a week. I was bringing it up because 1) we are in the weekend and 2) I was curious about the different styles of MM you guys imploy. I have come to respect the professionalism of this thead and I have recently really focused on the MM side of the trade. I try...
Good thing I only lost my pants!
  • #3,857
  • Jan 31, 2009 8:07am Jan 31, 2009 8:07am
Quoting mentos
Hi guys

i am gonna take the next week off cause am having an amazing trip, that i have been waiting for, to luxor ...
i 'll make sure to take tons of pics and put them on my flickr for you to see.

wish you all a happy weekend
Have a great trip!
I would love to visit Egypt one day. I have always been fascinated with the many great contributions that society has made through history!
  • #3,858
  • Jan 31, 2009 8:11am Jan 31, 2009 8:11am
It's pretty cool being the only one in here posting on an early Saturday morning.
It's like having the house to yourself, and your parents are out of town!

I just hope I don't break anything as Cobra will be

Or better yet, walking around the house in your underwear when the kids are out!
  • #3,859
  • Jan 31, 2009 8:26am Jan 31, 2009 8:26am
Quoting Namrettik
I want to have the same pivot calculation that Cobra is using. If I am using IBFX is my settings, 0,0 or -5,0 or -5, 2. My time zone is EST.
Your own time zone does not enter the calculations. The pivot indicator takes into account the platform's time and the time you want to start the day.

To have exactly the same pivots as Cobra you should be using the same platform that he is using, because prices usually can differ even if by one pip and this will change the results.

However, Cobra uses GMT 00:00 as the start of the day, and I think that IBFX is at GMT (please someone who uses that platform confirm) so the settings would have to be 0,0 in your case IF effectively IBFX time is GMT.
  • #3,860
  • Jan 31, 2009 8:34am Jan 31, 2009 8:34am
Quoting doblece
Your own time zone does not enter the calculations. The pivot indicator takes into account the platform's time and the time you want to start the day.

To have exactly the same pivots as Cobra you should be using the same platform that he is using, because prices usually can differ even if by one pip and this will change the results.

However, Cobra uses GMT 00:00 as the start of the day, and I think that IBFX is at GMT (please someone who uses that platform confirm) so the settings would have to be 0,0 in your case IF effectively IBFX time is...
I am IBFX
Settings= 0,0
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