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THV system, final edition

  • #11,441
  • Jun 15, 2009 12:05pm Jun 15, 2009 12:05pm
hi miss pip .thank you a lot for your reply .but maybe the problem i don't explain my meaning very well .i had mean i want the indicator i saw down side the chart each give red and green careaux .they wrote over it name thv mtf .
or ssi fast bar entry .each give a 3 lines careaux different color as the market
move .and again thank you too much for your help .
  • #11,442
  • Jun 15, 2009 12:10pm Jun 15, 2009 12:10pm
I've been using THV with good success lately..but wanted to post a question about exits. I've been waffling lately on exits... between should I just take my guaranteed 10 that's in the bank..or wait longer to break some other barrier (major psych, s/r, fib, et). I keep switching between the two..often times booking good gains of 20, 30, 40+pips with the latter method...these exits obviously take more patience and an ability to suck up the retracements... or do I just pick off 10 pips at a time like a robot. I think I have an issue mentally with this method because I often look at the move that follows and say, I shouldn't have been spooked out of my position so easily. So it's the fear of missing out on a big move. I know this is all my internal trader dialogue going back and forth and I will have to resolve it but I'm just curious if anyone has a system that you use that you dont deviate from, that works for you consistently regarding exits. And on occassion if PA stalls for 10 time periods (I trade 5MTF) then I will exit..sometimes).

If someone said to me, I take the the 10 consistently and when the big move happens right after that I just happily sit on the sidelines but I make my scratch everyday, and I'm thrilled because I'm killing the market..then I would love to hear that. I'm interested if this is a less stress free way to exit. Personally, I'm done with the market being "exciting" or "fun" to trade. I'm working on removing that element from my trades..making progress on that.


(I've looked at the fast trix color change after a closed time frame as the signal..but I've pretty much ruled this one as my signal).

All feed back appreciated. And thank you to everyone who participates in this thread... the people here are amazing and very generous with your advice and time.
Pipnosis "Mistakes are the portal of discovery." - James Joyce
  • #11,443
  • Jun 15, 2009 12:27pm Jun 15, 2009 12:27pm
Quoting MissPips
You need to set autotf to false. In post 9020 Bart21 posted a template with examples of how to set all the tfs.
Thank you for your reply. I appears to be what I was looking for. I have downloaded and installed it. Will be trade/testing it to verify.

Thanks again for your help
  • #11,444
  • Jun 15, 2009 12:52pm Jun 15, 2009 12:52pm
For the past 3 weeks I have been trading the 4H trend/momentun. I have been placing greater emphasis on the lower time frame than the upper. When most of the lights from 5M to 4H are the same colour I enter a trade in the direction of colour. To keep R/R 1:1 minimum I place SL at 40 pips and TP at 40 pips.
I get appox. 2 trades in 24 hrs. period. Have had 2 loosing trades over 3 weeks. Having said that I bet I shall be having all loosing trades going forward. All the same I thought that I would put it out there for comments.
If I was able to track drawdown after entry I would proably use a different SL figure
  • #11,445
  • Jun 15, 2009 1:18pm Jun 15, 2009 1:18pm
Quoting Pipnosis
I've been using THV with good success lately..but wanted to post a question about exits. I've been waffling lately on exits... between should I just take my guaranteed 10 that's in the bank..or wait longer to break some other barrier (major psych, s/r, fib, et). I keep switching between the two..often times booking good gains of 20, 30, 40+pips with the latter method...these exits obviously take more patience and an ability to suck up the retracements... or do I just pick off 10 pips at a time like a robot. I think I have an issue mentally with...
Pipnosis, that was an excellent post, a question that haunts all of us, I suspect. I too have gone back and forth on it, and cannot make that determination for sure. One thing I would suggest though - set yourself a daily goal of say 20-25 PIPs. Until you hit that goal, use the 5-10 pip TP that is common among many THV traders. Once you've hit your goal, then you're basically playing with house money. Suggest you look for the best trade set-ups. When you get to +5, +7 or +10, set your SL to break-even - or even +1. If the trade reverses on you, you haven't lost anything. If it runs favorable, then you make a lot of PIPs. You could then make yourself another rule to move SL in increments of 5 as your trade runs more and more positive.

This approach would allow you to (1) use the conservative THV approach to get your daily goal; and then, (2) experiment with other trades at basically no loss. I think taking this approach will enable you to learn over time what a long-term trade looks and feels like. Then you can adjust all your rules a bit.

If you decide to take this approach, I suggest that you use Caveman's "Cavemanager" for managing the movement of TPs and SLs.

That's about all I have on the subject, but as I say, it's haunted me for a long time. Like everything in FX, no fixed answer.

Good luck,
Ed
Up or down, gimme a ticket
  • #11,446
  • Jun 15, 2009 2:04pm Jun 15, 2009 2:04pm
Following up on the Pipnosis question earlier, here is a book that someone recently recommended to me. I just started reading it, and it appears to be the best trading book that I've ever bought.

Name of Book: "High Probability Trading Strategies"
Author: Robert C. Miner

Hope it helps us find better long-term trade set-ups.
Up or down, gimme a ticket
  • #11,447
  • Jun 15, 2009 2:10pm Jun 15, 2009 2:10pm
Hi Ed

There can't be a fixed answer as every trade is individual and the situation is different.

I'm splitting the positions in 4 parts and TP on x pips, S&R hit, Psych level hit or color change of fast trix, whatever happens first.

In case that PA hits a strong S&R on higher TF's I might close all remaining parts at the same moment.

After second TP I move to BE.

This is a way to TP which fits my actual trading stile but there are always exeptions.

Quoting SpecialEd
That's about all I have on the subject, but as I say, it's haunted me for a long time. Like everything in FX, no fixed answer.

Good luck,
Ed
  • #11,448
  • Jun 15, 2009 3:03pm Jun 15, 2009 3:03pm
Quoting Pipnosis
I've been using THV with good success lately..but wanted to post a question about exits. I've been waffling lately on exits... between should I just take my guaranteed 10 that's in the bank..or wait longer to break some other barrier (major psych, s/r, fib, et). I keep switching between the two..often times booking good gains of 20, 30, 40+pips with the latter method...
The best way to look at it is whether your specific trade is going with the H4/Daily trend or against (assuming you trade the smaller time frames). With the bigger trend I let it run (move my SL to BE once I get +30 or +40 in profit). Also if you know the bigger trend is turning, it is also good to let it run as those are the very big moves you can catch. Counter trend trades, I aim for near support/resistance or a specific pip number I set prior to taking the trade.

On a side note, you may notice sometimes on the counter trend trades you will get 100+ pip moves. Don't get mad at yourself that you didn't see it coming. It was against the trend and you played it the best way possible. Trading is like life. You can't grab ahold of every great opportunity but the ones you do, take advantage of them.
  • #11,449
  • Jun 15, 2009 3:31pm Jun 15, 2009 3:31pm
Quoting Pipnosis
I've been using THV with good success lately..but wanted to post a question about exits. I've been waffling lately on exits... between should I just take my guaranteed 10 that's in the bank..or wait longer to break some other barrier (major psych, s/r, fib, et). I keep switching between the two..often times booking good gains of 20, 30, 40+pips with the latter method...these exits obviously take more patience and an ability to suck up the retracements... or do I just pick off 10 pips at a time like a robot. I think I have an issue mentally with...
The best way to take advantage of longer movements is either have 2 trades or close half your position after an x amount of pips, I find on G/U if I get an entry with say 60,30,15&5m trix's lined up it will be good for at least 20, then set the second trade at BE.
  • #11,450
  • Jun 15, 2009 3:46pm Jun 15, 2009 3:46pm
Dear Cobraforex Team one question: how much fundamental stuf do you use if any during trading or do you trade straight of the chart. The charts look great
Warm Regards Csanyi
  • #11,451
  • Jun 15, 2009 6:29pm Jun 15, 2009 6:29pm
Quoting caveman
For me, I trade the H1 TF using the above 3 basic tools plus Andrew's Meridian Lines....
Hi Caveman, would you mind posting the AML indicator? I had a look but could not find it.
Thank you
Trading Makes Money!
  • #11,452
  • Jun 15, 2009 7:18pm Jun 15, 2009 7:18pm
Quoting SpecialEd
Following up on the Pipnosis question earlier, here is a book that someone recently recommended to me. I just started reading it, and it appears to be the best trading book that I've ever bought.

Name of Book: "High Probability Trading Strategies"
Author: Robert C. Miner

Hope it helps us find better long-term trade set-ups.
I have read that book as well (partly at least) and Miner advocates to not use TP's at all but constantly adjust your stop loss (maybe even use a trailing stop). This way you may never receive the full profit of a trade, but you certainly do not miss out on the big moves, which Miner says will pay off in the long run.
Something to think about.
Trading Makes Money!
  • #11,453
  • Jun 15, 2009 7:34pm Jun 15, 2009 7:34pm
Quoting Cencored
I have read that book as well (partly at least) and Miner advocates to not use TP's at all but constantly adjust your stop loss (maybe even use a trailing stop). This way you may never receive the full profit of a trade, but you certainly do not miss out on the big moves, which Miner says will pay off in the long run.
Something to think about.

Yep, I could see that. I have two things to do: (1) finish the Miner book; and (2) figure out the question at hand (what we've been discussing). In the meantime, gotta get those daily pips!
Up or down, gimme a ticket
  • #11,454
  • Jun 15, 2009 10:33pm Jun 15, 2009 10:33pm
Quoting SpecialEd
Pipnosis, that was an excellent post, a question that haunts all of us, I suspect. I too have gone back and forth on it, and cannot make that determination for sure. One thing I would suggest though - set yourself a daily goal of say 20-25 PIPs. Until you hit that goal, use the 5-10 pip TP that is common among many THV traders. Once you've hit your goal, then you're basically playing with house money. Suggest you look for the best trade set-ups. When you get to +5, +7 or +10, set your SL to break-even - or even +1. If the trade reverses on you,...

Thank you Ed and everyone for the great feedback. I've got to get to pippin her shortly but I will take it all in, synthesize the info and get testing with some of the suggestions. I'll be on the board again soon with some feedback.

With gratitdue!
Pipnosis "Mistakes are the portal of discovery." - James Joyce
  • #11,455
  • Jun 15, 2009 11:39pm Jun 15, 2009 11:39pm
This could be interesting
Attached Image (click to enlarge)
Click to Enlarge Name: gu 4hr.gif Size: 33 KB
  • #11,456
  • Jun 15, 2009 11:59pm Jun 15, 2009 11:59pm
Quoting poki
This could be interesting
poki, there are some things that talk against it:

one is that the PA is glued with your MA that should act like a S&R

the fast trix starts to incline to change color

you see a typical 1-2-3 formation and a H&S formation on slow trix (which is less important).

At that moment I would sit on my hands and wait for a market decision, it's too early (in the moment of the screenshot) to take a trade in my opinion.
Attached Image (click to enlarge)
Click to Enlarge Name: gu 4hr.gif Size: 36 KB
  • #11,457
  • Jun 16, 2009 12:07am Jun 16, 2009 12:07am
I'm not trading fundamentals, I'm not clever enough to understand the reactions on the news.

Sometimes you have news and the pair moves contrary on what would be logical (for me).

I prefere to trade the technical chart.

Quoting csanyi
Dear Cobraforex Team one question: how much fundamental stuf do you use if any during trading or do you trade straight of the chart. The charts look great
Warm Regards Csanyi
  • #11,458
  • Jun 16, 2009 12:14am Jun 16, 2009 12:14am
Hi Radi,

I still don't understand what you want. Can you post a screenshot with what you want circled?

Quoting radi164
hi miss pip .thank you a lot for your reply .but maybe the problem i don't explain my meaning very well .i had mean i want the indicator i saw down side the chart each give red and green careaux .they wrote over it name thv mtf .
or ssi fast bar entry .each give a 3 lines careaux different color as the market
move .and again thank you too much for your help .
  • #11,459
  • Jun 16, 2009 12:27am Jun 16, 2009 12:27am
It was just a projection if price breaks previous low, what gave me the idea was after playing around with a MA EA useing crossover of 5/53 SMA's on 4hr chart for entry, it had one loss from Janauary this year, got to make trading fun and interesting??? lol
Attached Image(s) (click to enlarge)
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  • #11,460
  • Jun 16, 2009 1:57am Jun 16, 2009 1:57am
http://3.bp.blogspot.com/_k6F43dJdrX...1+short+gj.gifThanks Bro Cobra..
I'm likes this system,specially THV trix
not bad scalping with at TF M1-M15
Attached Image (click to enlarge)
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