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THV system, final edition

  • #9,681
  • Apr 16, 2009 4:59pm Apr 16, 2009 4:59pm
Quoting karun
Thank you Personalme and Macman. What I meant was, when I trade I usually have my current TF chart (say 5M) and 1 higer/analysis chart. If I trade another currency that means I'll have four charts and I dont like to keep flipping it up? Also when trading multiple pairs, I find it kind of difficult to analyse / follow the PA, wondering how to mange it.

Thanks
Karun
OK, understand the question now. I use two charts per pair being M5 and M15 on two 21" screens. Maximum open charts is eight (4 pairs) plus two analysis charts.

I only use Metatrader for charting, not for placing orders, so I have another screen just for my broker software (Oanda). When I have taken a position I have a nice little window showing me the current price, my SL and TP and my current position in pips. If I have taken a position on say three pairs I just have three windows next to each other. I then watch the pips indicator which tells me the position. When it starts to get near TP or SL or a support / resistance area I bring up the full charts on the other screens to decide what action to take. I try not to constantly watch PA as this sometimes makes me question my original decision.

Takes a little practice but I do have a reasonable idea of which way PA will go when I take the trade and the distance in pips for support / resistance.

Hope this helps.
  • #9,682
  • Apr 16, 2009 5:08pm Apr 16, 2009 5:08pm
Quoting macman
OK, understand the question now. I use two charts per pair being M5 and M15 on two 21" screens. Maximum open charts is eight (4 pairs) plus two analysis charts.

I only use Metatrader for charting, not for placing orders, so I have another screen just for my broker software (Oanda). When I have taken a position I have a nice little window showing me the current price, my SL and TP and my current position in pips. If I have taken a position on say three pairs I just have three windows next to each other. I then watch the pips indicator which tells...

Thanks Macman, it did help.
  • #9,683
  • Apr 16, 2009 7:03pm Apr 16, 2009 7:03pm
Quoting personalme
The hardest part as a noob is all about psychological mater. ....
That is something you always have to be vigilant about - not just as a new trader but throughout your entire trading career. Your mind must be kept focused and disciplined. Even the most experienced traders can make mistakes due to distractions.
  • #9,684
  • Apr 16, 2009 7:06pm Apr 16, 2009 7:06pm
Quoting alsmith
You can't use the same settings for the trix histobars in different TF's-ESPECIALLY smaller TF's into bigger TF's

What I have on my 1 and 5 only because it forms a clearer pattern, official THV settings found in *.PDF with system

1M chart

1M Fast
5M Fast
15M Fast
1M slow


5M slow
30M fast
15M slow
30M slow

5 Minute

5M fast
5M slow
15M fast
60M fast

15M slow
30M fast
30M slow
60M slow
AlSmith,

PLEASE - explain your entry rules as far as the lights are concerned. Your lights/time frames are not in order and this is very confusing. What is the purpose of not listing in order? Why not list them 5,5,15,15,30,30,60,60?

BTW - it seems your settings as listed in post #9491 work well (5f,5s,15f,60f) with a trix cross. BUT - do you wait for the 60 min trix to confirm/lock in color before considering the trade valid on the 5 min due to the issue of repainting on the histograms?

The attached image shows two longs. While both would have worked out, the 1st trade actually had red lights (not green as shown) in the fourth row. The second trade - all lights were as shown. You can confirm the QUALITY of the trix histogram lights/signal by confirming with the ACTUAL trix on the respective TFs (in this case the 60m.

Thanks in advance.
Dan
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 46 KB
Without vision, the people will perish.
  • #9,685
  • Edited 8:00pm Apr 16, 2009 7:47pm | Edited 8:00pm
Quoting bythepound
AlSmith,

PLEASE - explain your entry rules as far as the lights are concerned. Your lights/time frames are not in order and this is very confusing. What is the purpose of not listing in order? Why not list them 5,5,15,15,30,30,60,60?

BTW - it seems your settings as listed in post #9491 work well (5f,5s,15f,60f) with a trix cross. BUT - do you wait for the 60 min trix to confirm/lock in color before considering the trade valid on the 5 min due to the issue of repainting on the histograms?

The attached image shows two longs. While both would...
Dan-

I'm a huge fan of patterns-- and I think those settings which I have are optimal for setting a trend pattern in my eye--- like in the 5M chart settings for a "normal" market [if there is such a thing] the lights will start changing from top to bottom.

On my 1M chart, I take the very first signal after the candle closes [for me this is at least entire top trix lights same color--more the better--[histo repaint? I haven't had that much of an issue with it since I updated my Metatrader to 223 build... I was wondering what the heck my computer was lagging so much for---darn Vista] when all 4 lights in the top histo bar are lit [and all other indicators correspond, I have a few that I am using/testing outside the THV system]

My best trade on 1 MTF with my settings are the 1st 6 lights--

and again, in "normal" market conditions, the same pattern applies for this, the top bar will start to change and the others will follow in succession.

I've done a lot of face time with different settings, and this is what works for me. I don't recommend anything outside of what the THV developers post for settings---if all you're looking for is a 6 light [or better] signal.

I just happen to like patterns and order, and it also helps me to see the trend change as is develops and where it might go in the future.


And to validate my on 5M I cheat a little bit with other indicators on a different chart that show me warning candles and volume average. I also like to take trades on this when the 1st 4 rows [entire top trix indicator] is same color--not necessarily waiting for 6--sometimes I enter when top 3 are lit

I hope this answers your question[s]
  • #9,686
  • Apr 16, 2009 8:12pm Apr 16, 2009 8:12pm
Here is my trade on EU [yes, I know it's not the best pair to trade during the night... but I saw a strong downward trend forming, so on my full tummy and before TV time I took it]

I did not enter according to THV rules.... I am currently testing an indicator that shows me "warning candles" notice how the PA whipsawed back to the "norm"--- I took it after the confirmation of all 7 corresponding lights, and the confirmation of the downward "ok signal" candle
Attached Image (click to enlarge)
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  • #9,687
  • Apr 16, 2009 8:19pm Apr 16, 2009 8:19pm
Quoting alsmith
Here is my trade on EU [yes, I know it's not the best pair to trade during the night... but I saw a strong downward trend forming, so on my full tummy and before TV time I took it]

I did not enter according to THV rules.... I am currently testing an indicator that shows me "warning candles" notice how the PA whipsawed back to the "norm"--- I took it after the confirmation of all 7 corresponding lights, and the confirmation of the downward "ok signal" candle
whats your tp on this/
  • #9,688
  • Apr 16, 2009 8:20pm Apr 16, 2009 8:20pm
Quoting behman8850
whats your tp on this/

20 closed manually
  • #9,689
  • Apr 16, 2009 8:23pm Apr 16, 2009 8:23pm
Quoting alsmith
20 closed manually
thank you.
  • #9,690
  • Apr 16, 2009 8:34pm Apr 16, 2009 8:34pm
I didn't realize that I didn't change the trix settings on my chart wth the template I applied.

I changed it just now [doubt there's a lot of repaint as it's a pretty strong trend ATM]

you can compare the settings of the trix top indicator [which is the actual default settings for it] and the bottom bar, vs. my preferred settings
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 39 KB
  • #9,691
  • Apr 16, 2009 8:54pm Apr 16, 2009 8:54pm
Hi to everyone trading the THV system or just browsing this great source of trading information.

I have been reading this thread from the start and haven't caught up to the end yet (up to page 555 :-)). I am finding the setups great for scalping and even for helping me choose long-term entries on H4 charts.

I guess the main question I have is how much importance do other traders here place on higher time frames? I mean if I want to trade M5, should I first be waiting for an entry on a higher time frame and going from there?

I get confused as the moves begin on the lowest timeframes and I always find myself thinking when a setup is occurring on M5, even when the opposite move is happening on a higher time frame, "maybe this is the reversal" etc etc and this noise in my brain means I cannot trade with confidence.

I want to choose a system to stick to; for example waiting for a setup on M15 then trading from M5; but I'm always scared when I get down to M5 that maybe the move is already over...

The other question I have is regarding risk:reward ratio. As I understand it, most traders here use ATV as a stop loss and half this for take profit. I know this is a vast generalisation but I would like to hear people's opinions on rr ratios in their own trading.

I hope I have made myself clear, and look forward to catching up to the end of this thread, keeping on top and refining my trading skills!
  • #9,692
  • Apr 16, 2009 9:55pm Apr 16, 2009 9:55pm
Quoting forexample
the main question I have is: how much importance do other traders here place on higher time frames?
My reply: a lot.

Before I start to trade my favorite session I look back the monthly THV analyze candlestick chart and go down till 5M.

I do that with E/U (the to trade pair) E/Y and USDÇHF and I repeat it until I have a clue what's the actual trend.

Than drawing TL's, HL's and fib's to define to where bull and bear may walk.

Once I have the direction I wait for a valid entry on THV on my prefered TF.

The R/R question depends on the TF you trade, I take what the market wants to leave on my desk without fixed rules.
  • #9,693
  • Apr 16, 2009 10:04pm Apr 16, 2009 10:04pm
Thanks Cobra...I will work on doing the same! I guess I get lost sometimes as W1, D1, H4, H1 may all look to be moving in different directions, but I will zoom out the chart more and feel for the overall trend...I have just started using the THV analysis chart, missed it the first time I installed the files.

I am already drawing fibs and trend lines on my guide chart so getting a feel for trends is what I'm missing to pull the trigger with confidence...I like to trade valid setups in one direction.
  • #9,694
  • Apr 16, 2009 10:47pm Apr 16, 2009 10:47pm
This is a bit out of topic but i'm a newbie, I just wonder is CCI divergence indy valid enough you use to see the divergence on a chart
Attached File(s)
File Type: mq4 CCI_Divergence_V1.1.mq4   12 KB | 735 downloads
  • #9,695
  • Edited Apr 17, 2009 12:27am Apr 16, 2009 11:27pm | Edited Apr 17, 2009 12:27am
Hey Forexample,

Has been a while since I last posted here. Like to add my 2 cents worth here.

Looking at trend on a chart is something very visual and easy. Don't blindly believe that the trend is your friend. The key is in analyzing where Price Action (PA) will be in the next few hours if you are trading intraday. I have attached 3 charts here for illustration. They are H4 EU charts. I shaded the 2 areas where if you follow the major down trend on H4, there will be few if not no trade setup possible on the M5 for those 2 areas.

Key is not just know and follow major trend but analyze using tools like Fibo or Pitchfork and decide how you want to trade them. On the charts, I have 2 Fibos and a pitchfork as examples. You can see bounces reaching 38.2% on 1st Fibo and 61.8% on 2nd Fibo as well as meridian lines of the pitchfork. If fact, the 2nd Fibo confirms the first bounce on 50% too. With this analysis or more on H1 or M30, you can move on to let's say M5 and trade knowingly or wait for a nice setup to be in with the major trend at end of those 2 bounces, both using THV for setups.

Hope I make sense here. The above would have been classic trades with basic Fibo and Pitchfork analysis.

For me, when I do trade, I trade both directions with analysis on the H4 and M30 chart.

Cheers,
CaveMan
Quoting forexample
Thanks Cobra...I will work on doing the same! I guess I get lost sometimes as W1, D1, H4, H1 may all look to be moving in different directions, but I will zoom out the chart more and feel for the overall trend...I have just started using the THV analysis chart, missed it the first time I installed the files.

I am already drawing fibs and trend lines on my guide chart so getting a feel for trends is what I'm missing to pull the trigger with confidence...I like to trade valid setups in one direction.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu.gif Size: 28 KB
Click to Enlarge Name: eu2.gif Size: 27 KB
Click to Enlarge Name: eu3.gif Size: 23 KB
  • #9,696
  • Apr 16, 2009 11:46pm Apr 16, 2009 11:46pm
Hey Caveman,

Thank you for the charts. I can relate to this, as it is I am drawing fibs similar to these on my charts; following Skunny's method from this forum a while ago using fib breaks, retraces and extension targets, and what you have drawn here reminds me of these (minus the 38.2 extensions...I see most of these fib breaks hit extensions with or without a retrace). I have never drawn a pitchfork before, I like the look of them, they remind me of Gann lines but simplified. Do you draw them by hand?

I understand what you are saying here; I think till now I have been looking at too many charts of different pairs trying to pick up pips all over the place and I need to strip it back to a few pairs, focus on these, get feels for their direction on a larger timeframe and then use that info to scalp M5 with confidence.

I guess what I will need to do is decide if I am more comfortable using H4 for fib drawing and analysis or H1 to trade M5...

"Don't blindly believe that the trend is your friend. The key is in analyzing where Price Action (PA) will be in the next few hours if you are trading intraday." I will write this down and remember it.
  • #9,697
  • Apr 16, 2009 11:53pm Apr 16, 2009 11:53pm
hi anyone knows why indicator THV sonic cannot show properly even i was updated my MT4 build 214?

plz help

http://i547.photobucket.com/albums/h.../trading-1.gif
  • #9,698
  • Edited 12:15am Apr 17, 2009 12:00am | Edited 12:15am
Hi Caveman:

http://www.forexfactory.com/showpost...postcount=9077

For your info.

Edited: These forks described price actions in a much better light. Notice the "test and re-test" for short entries

Have a good one
Jeff


Quoting caveman
Hey Forexample,

Has been a while since I last posted here. Like to add my 2 cents worth here.

Looking at trend on a chart is something very visual and easy. Don't blindly believe that the trend is your friend. The key is in analyzing where Price Action (PA) will be in the next few hours if you are trading intraday....
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EUR Median Lines 04172009 (i).jpg Size: 139 KB
Click to Enlarge Name: EUR Median Lines 04172009 (ii).jpg Size: 125 KB
~*~You are only one trade away from humility~*~
  • #9,699
  • Edited 12:33am Apr 17, 2009 12:20am | Edited 12:33am
Jharteam,
Ops. I drew up the charts in a jiffy to illustrate to Forexample about using other tools for analysis rather than just blindly follow the trend. Thanks for pointing that out.

Forexample,
The last chart has the points wrong. I have since uploaded the correct one. To draw pitchfork, on MT4 go to Insert and you will see Andrew Pitchfork.

Edit: I uploaded the correct chart now.
Edit: Yeap. Pitchfork does have magic in them and scarily accurate at times.

Quoting jharteam
Hi Caveman:

http://www.forexfactory.com/showpost...postcount=9077

For your info.

Have a good one
Jeff
  • #9,700
  • Apr 17, 2009 3:25am Apr 17, 2009 3:25am
EJ attempt to break 130.00 number for the third time. Note that 131.50 - 130.00 ranging area also happened on March 31st - Apr 02nd. Looks like it will make it now. This bear move still has enough steam and not like Apr 16th move.

Cheers to you all who made a short call.

Attached Image (click to enlarge)
Click to Enlarge Name: meta15m.gif Size: 41 KB


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Manage your risk accordingly and you're half done your home work.
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