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THV system, final edition

  • #11,941
  • Jul 9, 2009 1:46am Jul 9, 2009 1:46am
Quoting cobraforex
Yes, I.
Wow, such a quick reply! Thank a lot!
Have a nice day and get plenty of pips.
C
  • #11,942
  • Jul 9, 2009 2:29am Jul 9, 2009 2:29am
Quoting macman
Actually I find very little difference trading any of these pairs on the London session, in my experience "a feel for a particular pair" does not really exist.

Also trading more than 1 pair in no way makes you tend to over trade, probably the opposite. If the setup does not look perfect there is always another pair.

Obviously this only applies to trading on longer TF's like M15 and above. If you are scalping M1/M5 then the pair you choose is much less relevant and obviously you can not realistically scalp more than 1 pair at a time.

Just my...
Agreed, I am purely looking at M1/M5 at the moment, so there is enough going on there. I would def. look at a few pairs if I traded the M15 TF, as there are maybe 2-3 signals per day per pay on M15.
Trading Makes Money!
  • #11,943
  • Edited 5:09am Jul 9, 2009 3:10am | Edited 5:09am
My favorite trade is to look for a THV trade inside an orderly rainbow (which is really just a graphic way of saying 'inside an orderly trend'. .(Remember I'm only looking for 10 pips, but if you find an orderly rainbow you can get more.) What do I mean by orderly? This is easier to show with a picture than with words. The yellow box is where I would look for one



Quoting Cencored
Thank you Miss Pips, great explanation.
Do you actually wait til the rainbow has fanned out after a reversal and only then trade? The rainbow seems to only fan out wide after the market has moved a considerate amount of pips in that direction...
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: disorderly rainbow.png Size: 86 KB
  • #11,944
  • Edited Jul 10, 2009 4:29am Jul 9, 2009 7:29am | Edited Jul 10, 2009 4:29am
Quoting markfx
Great information everyone! Really helps me to know how others are working.

Sorry Macman but my screen isn't clear enough for me to identify your filters and indicators you use to filter out your trade/no trade decision. What are you using to make your first call of the day? Not including the mug of coffee. Can't live without that!
Hi Mark,

The larger pic is of the 8 pairs as they show on my double 19" screens, which is why it is not very clear.

The smaller pic is a detail of one of the pairs only. I have attached a template and the indi's, if you want to play with this.

If it helps, I will describe my trading day - please note that I live in the UK/Europe and trade the London session, so much of this info may be of no use if you trade a different session. By the way, this only works after drinking TEA, not coffee -

Basically I trade the M15 and 1H TFs, so I am looking for a pair which will (hopefully) continue to trend in the same direction for the whole of the day. I am an intraday trader, so I almost never leave an overnight position open.

As explained in the earlier post the TREND/DONT TREND setup runs on M30. Often there is a lot of heavy PA action when London first opens, so I need to be ready and the M30 set-up needs time to adjust, so I have the EURGBP charts loaded and ready to go. I scalp the M1/M5 - pure THV - and take anything the market will give me. At that point I have no idea of longer term trend as the London session has a will of it's own. I choose the EURGBP as I have the most knowledge of fundamentals for this pair. After about 1 hour I start to look at the M30 TREND/DONT TREND set-up and look for a pair(s) which will run for the rest of the day. I do not trade any pair which has a high or medium news release coming up until after the news.

From then on, I use the M15 and 1H TFs. I take a position on up to 3 pairs, assuming they are available.

Hope this is food for thought - best of luck.

p.s. don't forget you may have to compile the two .mq4 files manually before adding them to your MT4, in case your MT4 does not compile automatically.
Attached Image (click to enlarge)
Click to Enlarge Name: no trade filters_audjpy.gif Size: 13 KB
Attached File(s)
File Type: tpl audjpy noise filter.tpl   6 KB | 555 downloads
File Type: ex4 Damiani_volatmeter v3.2.ex4   5 KB | 696 downloads
File Type: mq4 ADX MTF.mq4   16 KB | 675 downloads
File Type: mq4 multisymbol_color-RSI_LQ_1.0.mq4   5 KB | 676 downloads
File Type: ex4 THV3 CandleClock.ex4   5 KB | 675 downloads
  • #11,945
  • Jul 9, 2009 8:34am Jul 9, 2009 8:34am
Just took a trade on the E/J, went 7 pips in my direction, then turned around and stopped me out.
Did not look like a bad trade, what do you think went wrong here?
(obviously you can not win every trade, so it may have just been one of those trades)
Bounce off 130 psych level, trix cross below 0, div trade, break of cloud, break of coral.
Attached Image (click to enlarge)
Click to Enlarge Name: Picture 3.png Size: 606 KB
Trading Makes Money!
  • #11,946
  • Jul 9, 2009 8:54am Jul 9, 2009 8:54am
First off, let me say that I just enabled the voice alerts and now I get all the Arnold references earlier in the thread. Classic!

But I need advice. I am trying to emulate Cobra's method of scalping on the M1.

So far, this is what I have come up with as far as trading criteria:

I only trade this with EUR/JPY during Tokyo, and E/U whenever it is liquid enough (I prefer a spread of 2 or lower if working with E/U).

I use the coral on M1, if price is above coral look for longs, if it is below coral look for shorts. If coral is flat stay out.

Look for a trix cross in the direction you are focusing on, if HK candle closes clear of the cloud then enter.

SL - two thirds of whatever the ATR indicator is at the time.
TP - ??? experimenting with a couple of different methods, one is TP at half of whatever the ATR is + the spread. The other is not having a set TP and just exiting the trade when the trix starts to hook/change color.

Cobra or anyone who trades the M1 could you give me any advice?

I am still working my way through the thread (up to page 300ish). Thanks go to the team that made this possible.

Regards,
Travis
  • #11,947
  • Jul 9, 2009 10:50am Jul 9, 2009 10:50am
Hi Miss Pips:

Just a question: The Cloud Histo in MTF, should we consider it as 2 more lights? I mean, for an entrance we need 6 lights in the same colour, but the total is 8 (the 2 groups of trix histo) or 10 (adding the 2 on the cloud histo)?
Thanks a lot!

M.A.
  • #11,948
  • Jul 9, 2009 11:14am Jul 9, 2009 11:14am
Woohoo! I don't feel crazy for doing this now. LOL. Just found this a few hundred pages back. This thread is gold.

Quoting doblece
I don't set a fixed stop but usually close it under 20 which is my maximum stop. However, I wait until I can get the best possible entry so the trade goes my way immediately or barely goes back 5-10 pips max. My R:R is awful (average winner around 5 pips) but with a 85-90% win ratio is very acceptable. And only will I do that on a fast platform (would never scalp that way on Mt4).

The 3*ATR indication on the system is a good S/L because it will take account of the actual volatility at the moment you place the trade.
  • #11,949
  • Jul 9, 2009 12:20pm Jul 9, 2009 12:20pm
Quoting Cencored
Just took a trade on the E/J, went 7 pips in my direction, then turned around and stopped me out.
Did not look like a bad trade, what do you think went wrong here?
(obviously you can not win every trade, so it may have just been one of those trades)
Bounce off 130 psych level, trix cross below 0, div trade, break of cloud, break of coral.
The only thing that went wrong is you let a 7 pip gain on a 1m chart turn into a loss. Also I would not have taking the long when price broke back above the coral, I like to wait for a break and pullback to the coral before considering taking an entry signal.

If you watch it happens very often, on any time frame, when price breaks the coral it comes back and tests the area, then offers another signal.
  • #11,950
  • Jul 9, 2009 12:31pm Jul 9, 2009 12:31pm
Yes, you count the cloud.

Quoting masusana
Hi Miss Pips:

Just a question: The Cloud Histo in MTF, should we consider it as 2 more lights? I mean, for an entrance we need 6 lights in the same colour, but the total is 8 (the 2 groups of trix histo) or 10 (adding the 2 on the cloud histo)?
Thanks a lot!

M.A.
  • #11,951
  • Jul 9, 2009 12:33pm Jul 9, 2009 12:33pm
Quoting Jimmy Jones
The only thing that went wrong is you let a 7 pip gain on a 1m chart turn into a loss. Also I would not have taking the long when price broke back above the coral, I like to wait for a break and pullback to the coral before considering taking an entry signal.

If you watch it happens very often, on any time frame, when price breaks the coral it comes back and tests the area, then offers another signal.

I appreciate the feedback Jimmy.
I usually take profit at 10 pips, that is why I did not take profit at 7 pips.
Should I have done that?
Do you always scale out - take 50% at 5 pips and the rest at 10pips?
Trading Makes Money!
  • #11,952
  • Jul 9, 2009 12:38pm Jul 9, 2009 12:38pm
Quoting Cencored
I appreciate the feedback Jimmy.
I usually take profit at 10 pips, that is why I did not take profit at 7 pips.
Should I have done that?
Do you always scale out - take 50% at 5 pips and the rest at 10pips?
I really think setting hard profit targets gets you into more trouble than needed. The market is not rigid, so it is unreasonable to set rigid profit targets, IMHO.
  • #11,953
  • Jul 9, 2009 1:06pm Jul 9, 2009 1:06pm
Quoting Cencored
I appreciate the feedback Jimmy.
I usually take profit at 10 pips, that is why I did not take profit at 7 pips.
Should I have done that?
Do you always scale out - take 50% at 5 pips and the rest at 10pips?
The 64000 question! SL and TP. There is no right /wrong---you gotta do your own thing, your style , what you are comfortable with.

If you have a tight risk to reward ratio, you should be fine.....

But you need to find your comfort zone and stick with it.


Cheers
  • #11,954
  • Jul 9, 2009 1:23pm Jul 9, 2009 1:23pm
Quoting Cencored
Just took a trade on the E/J, went 7 pips in my direction, then turned around and stopped me out.
Did not look like a bad trade, what do you think went wrong here?
(obviously you can not win every trade, so it may have just been one of those trades)
Bounce off 130 psych level, trix cross below 0, div trade, break of cloud, break of coral.
Maybe upgrade to the 10 light system?
Don't know if it would have made a difference, but probably worth a look.

Check back a few posts for a template made by MissPips
  • #11,955
  • Jul 9, 2009 1:57pm Jul 9, 2009 1:57pm
Quoting macman
Hi Mark,

The larger pic is of the 8 pairs as they show on my double 19" screens, which is why it is not very clear.

The smaller pic is a detail of one of the pairs only. I have attached a template and the indi's, if you want to play with this.

If it helps, I will describe my trading day - please note that I live in the UK/Europe and trade the London session, so much of this info may be of no use if you trade a different session. By the way, this only works after drinking TEA, not coffee -

Basically I trade...
Macman, this is really interesting stuff you posted. One of the real problems someone can run into trying to scalp the 1m chart using thv3 is the periods of consolidation. I have downloaded your indies and template and set it to the 4 pairs I look at, 1m chart. Each one is saying Do Not Trade right now except EU, which I think is great because EU is the only one right not producing moves large enough to get in and take some pips before it reverses.

Very interesting stuff, will be looking more at this during tomorrows session...
  • #11,956
  • Jul 9, 2009 2:20pm Jul 9, 2009 2:20pm
Quoting macman
...
If it helps, I will describe my trading day - please note that I live in the UK/Europe and trade the London session, so much of this info may be of no use if you trade a different session. By the way, this only works after drinking TEA, not coffee -
...
... mine is coffee
  • #11,957
  • Jul 9, 2009 2:29pm Jul 9, 2009 2:29pm
Quoting Jimmy Jones
Macman, this is really interesting stuff you posted. One of the real problems someone can run into trying to scalp the 1m chart using thv3 is the periods of consolidation. I have downloaded your indies and template and set it to the 4 pairs I look at, 1m chart. Each one is saying Do Not Trade right now except EU, which I think is great because EU is the only one right not producing moves large enough to get in and take some pips before it reverses.

Very interesting stuff, will be looking more at this during tomorrows session...
Hi Jimmy,

Glad it is proving interesting. I have not looked at using it on M1 myself, but should work. I did hear of someone using tick charts for market direction who only traded when the 1M noise filter gave the OK.

For the longer TF trader the ADX figures are very useful.

As you probably know on average a currency pair is ranging for about 70% of the time and trending for only about 30%.

If we add that a good system like THV is about 70% accurate in a trending market, you can see how important being able to identify a trending market is.

Post back for the forum any goods bits you find about trading 1M.

Enjoy ...
  • #11,958
  • Edited 2:48pm Jul 9, 2009 2:35pm | Edited 2:48pm
Quote:
Originally Posted by macman http://www.forexfactory.com/images/buttons/viewpost.gif
...
If it helps, I will describe my trading day - please note that I live in the UK/Europe and trade the London session, so much of this info may be of no use if you trade a different session. By the way, this only works after drinking TEA, not coffee -
...

Quoting fosgate_r
... mine is coffee

OMG no wonder you guys can't get to grips with this Forex stuff .. you are all starting your day with the wrong beverage ...
Has no one studied rule 1 from the traders bible "Trading outside the Zone" ?
  • #11,959
  • Jul 9, 2009 3:00pm Jul 9, 2009 3:00pm
Quoting macman
Quote:
OMG no wonder you guys can't get to grips with this Forex stuff .. you are all starting your day with the wrong beverage ...
Has no one studied rule 1 from the traders bible "Trading outside the Zone" ?
LOL, that's funny

I'm from the Caribbean and we were once under British rule so I know about starting the day off with tea...
  • #11,960
  • Jul 9, 2009 3:09pm Jul 9, 2009 3:09pm
Quoting cobraforex
Yes, I.
First Thank you for your effort to make THV and helping many guys here and I'm sure you also great person.

I just download it few days ago always check it beside my system and will keep checking and will feed you back if there is a case.
Thank you
PS: I use 1H TF
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