Look for the best setups and you will be fine, discipline is the key.
Just risking the minimum to learn wit a live Account. Is not the same as playing Demo.
- #6,161
- Feb 17, 2009 11:22am Feb 17, 2009 11:22am
Just risking the minimum to learn wit a live Account. Is not the same as playing Demo.
- #6,162
- Feb 17, 2009 11:44am Feb 17, 2009 11:44am
- Joined Aug 2008 | Status: Sharpen the Scalper Razor | 4,704 Posts
Thanks Cobra and TW, The discipline is something that you get, with or without pain, Is up to you. By now for my it hurts a lot. But never give up.
Just risking the minimum to learn wit a live Account. Is not the same as playing Demo.
The emotional part of Live trading needs to be mastered.
When I started, I traded 10 cent/pip to get costumed and raised slowly the value according to the remaining fear and MM.
- #6,163
- Feb 17, 2009 12:23pm Feb 17, 2009 12:23pm
- | Joined Jan 2008 | Status: a small step to the future | 560 Posts
Nice trade...I added 2 things to your chart:
1.) 1 Min Hidden Bullish Divergence
2.) 5 Min break of Trix trendline...
Manage your risk accordingly and you're half done your home work.
- #6,165
- Feb 17, 2009 1:03pm Feb 17, 2009 1:03pm
- Joined Aug 2008 | Status: Sharpen the Scalper Razor | 4,704 Posts
no matter how many times I do it, I still find it amazing that price action respects these little yellow lines that we draw on the charts..
Granted this trade was close to the 1.2600 but I was watching the PA in the 1 min and drew this little triange around 20 or 30 candles and watched as price got tighter and tighter and tighter until it exploded out...it was not, at least not yet, a 20 or 30 pip run, but it was good for 5 - 8 pips... with a tight S/L...
and almost predictably that spike of the previous high was the first place PA paused...
- #6,166
- Feb 17, 2009 1:08pm Feb 17, 2009 1:08pm
- Joined Oct 2007 | Status: Pip Seer | 1,299 Posts
off a 1 min trend line break - There was a bear divergence (saw it before indy) on the 5 min also. Took it from 96 to 83 for 10 pips.
Pip what you see; See what you pip!
- #6,167
- Feb 17, 2009 1:26pm Feb 17, 2009 1:26pm
- Joined Oct 2008 | Status: Let the market come to you | 2,670 Posts
- #6,168
- Feb 17, 2009 1:40pm Feb 17, 2009 1:40pm
- Joined Oct 2007 | Status: Pip Seer | 1,299 Posts
Pip what you see; See what you pip!
- #6,169
- Feb 17, 2009 1:54pm Feb 17, 2009 1:54pm
- Joined Oct 2008 | Status: Let the market come to you | 2,670 Posts
- #6,170
- Feb 17, 2009 3:15pm Feb 17, 2009 3:15pm
- Joined Sep 2008 | Status: hardcore chartist | 2,173 Posts
Have been trading THV for a while now with mixed results and am wondering how important the Coral indicator is. 
I am looking to make a better set of rules based on tighter risk assessment, to (hopefully)
up my win ratio. Variables will include S/L, profit target, time of day, day of the week, trend/counter trend etc. and wonder if I need to consider the position of the Coral as a factor.
Hypothetical question.
Which one of these two 'imperfect' trades is most likely to succeed and why?
Trade 1 - Lets say that on
M15, PA is below Coral and both TRIX are red - rule says go short
M5, PA is also below Coral and both TRIX are red - rule confirmed here
but on M1, PA is above Coral and both TRIX are about to go red - rule not confirmed here
Trade 2 - Lets say that on
M15, PA is below Coral and both TRIX are red - rule says go short
but on M5, PA is above Coral and both TRIX are red - rule not confirmed here
M1, PA is below Coral and both TRIX are about to go red - rule confirmed here
Very interested to hear how you guys use - or don't use the Coral for entry/exits.
Thanks is advance.
I am looking to make a better set of rules based on tighter risk assessment, to (hopefully)
up my win ratio. Variables will include S/L, profit target, time of day, day of the week, trend/counter trend etc. and wonder if I need to consider the position of the Coral as a factor. Hypothetical question.
Which one of these two 'imperfect' trades is most likely to succeed and why?
Trade 1 - Lets say that on
M15, PA is below Coral and both TRIX are red - rule says go short
M5, PA is also below Coral and both TRIX are red - rule confirmed here
but on M1, PA is above Coral and both TRIX are about to go red - rule not confirmed here
Trade 2 - Lets say that on
M15, PA is below Coral and both TRIX are red - rule says go short
but on M5, PA is above Coral and both TRIX are red - rule not confirmed here
M1, PA is below Coral and both TRIX are about to go red - rule confirmed here
Very interested to hear how you guys use - or don't use the Coral for entry/exits.
Thanks is advance.
- #6,173
- Feb 17, 2009 5:07pm Feb 17, 2009 5:07pm
- Joined Aug 2008 | Status: Sharpen the Scalper Razor | 4,704 Posts
- #6,174
- Edited 5:32pm Feb 17, 2009 5:21pm | Edited 5:32pm
- Joined Aug 2008 | Status: Sharpen the Scalper Razor | 4,704 Posts
Have been trading THV for a while now with mixed results and am wondering how important the Coral indicator is.
I am looking to make a better set of rules based on tighter risk assessment, to (hopefully)
Hypothetical question.
Which one of these two 'imperfect' trades is most likely to succeed and why?
Trade 1 - Lets say that on
M15,...
As higher your target as higher the TF I would look at that the Trix hides to the same direction.
If you go only for 10 or 15 pips, 1M and 5M would be enough, but better always if 15M goes at least on the fast trix to the same direction.
The coral takes us away from choppy markets but if you look for a trade on 1 M I would not give too much value to the coral as long as 5M met the rules.
In my 1M chart the coral is disabled
Copy and paste from the manual:
The risk levels:
If you are a very experienced trader you can ignore the coral (risk level 1) when you think it will be still a good trade, for newcomers I recommend to stay with the coral rules (risk level 2) until you have min. 10% monthly gains for at least 3 month in row.
My first question would be: how many pips you want to cash?
Firstly, many thanks for the insight and for the great effort you put into the THV system, it is really appreciated.
For me it is all about trading temperament. I need strict rules as the hardest part of trading for me is sitting on my hands watching and waiting.
I see those tempting little trades go by and think 'heck I could trade that'. Likewise when I am in a trade I often get out too late as I am guilty of trying to get the ultimate trade, and will often get into a trade too soon, so I am rewriting my (loose) rule book and, amongst other things am setting profit targets based on the very useful ATR Min stop loss indicator. Something like - if today is Monday and the trade is a counter trade against the trend take profit at M5 ATR/3 - if the trade gets that far and don't go back into the same trade unless a retracement of xx pips. Still working on it.
Personally I use the M5/M1 chart for entries and prefer to follow trades on an M5 chart, if they are strong enough. Otherwise I am using M1 and Oanda's 5/10 second charts and looking for anything I can get. I use M15 as the 'local trend'. I look to average 45 pips a day - 225 pips per week.
Keep up the great work.
- #6,178
- Feb 17, 2009 6:11pm Feb 17, 2009 6:11pm
- Joined May 2006 | Status: Still here. | 2,602 Posts
the hardest part of trading for me is sitting on my hands watching and waiting.
- #6,179
- Edited 7:15pm Feb 17, 2009 6:19pm | Edited 7:15pm
Very interested to hear how you guys use - or don't use the Coral for entry/exits.
Thanks is advance.
Higher Risk (counter trend of TF taking trade with)
If taking a position to move towards the Coral with Trix signal and respecting Ichi cloud, meaning expecting for PA to close in on the coral, I take extra caution and lower target pips and tighter SL.
Only trade this way if there is sufficient pips between price and Coral.
Lower Risk
If taking a position to move away from the coral with Trix signal and respecting Ichi cloud, meaning expecting PA to move away from coral, I am more liberal with profit target and SL.
To mitigate risk, always trade in the direction of the next higher TF. Eg. If trade taken in M5, follow trend of M15 or higher. It is different from following Trix colors in higher TF because Trix colors also indicate retracements or bounce.
Just my 2 cents worth. Hope it helps.
