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THV system, final edition

  • #14,581
  • Oct 13, 2009 2:57pm Oct 13, 2009 2:57pm
ab1, I saw on ther other thread which you are visiting frequently that you wan and later lost it triplified.

Set you a REACHABLE daily goal, once you filled it, stop trading hardcore and play with a nano lot account if you still want to be active.

Just a hint, it's your money.

Quoting ab1
Hey Guys, Cobra..Miss Pips..and everyone


ab1
  • #14,582
  • Oct 13, 2009 3:31pm Oct 13, 2009 3:31pm
Quoting cobraforex
This is what happened today.

The first red box is the 4H candle close, it's right on the pips a 4H Support, "they" tried to push it below in the last minutes without success. The result was a well formed bull flag and that PA jumped up like a coil.

Entries where taken on 1M and exits on psychlevel and S&R.

The fact that I went out of trade at todays high was luck, it could...
Hi Cobra,

Nice trading today - my respect!

Maybe You aren't right person for this question but,

How can Your candles be different then mines? Can it be broker or time zone. I'm GMT+1.

Thanks
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  • #14,583
  • Oct 13, 2009 3:31pm Oct 13, 2009 3:31pm
I'd like to add that my trading plan, I wrote it for me. It was not written as a tutorial on how you should trade with THV. I left some obvious things out that I would watch for even without my trading plan such as overbought/sold levels, candlestick patterns and avoiding trades after a long candles or sequential long candles. So please only use the trading plan as a guide that could give you a good start on writing your OWN trading plan, use what works well for you. Copying others, trying and failing with their plan and then copying someone else and never coming up with your own plan is an infinite cycle, I know.
  • #14,584
  • Oct 13, 2009 3:41pm Oct 13, 2009 3:41pm
Quoting cobraforex
ab1, I saw on ther other thread which you are visiting frequently that you wan and later lost it triplified.

Set you a REACHABLE daily goal, once you filled it, stop trading hardcore and play with a nano lot account if you still want to be active.

Just a hint, it's your money.
Hi Cobra

I dont visit the other thread that much, just like to be nosey, you obviously visit it a lot more than me ...lol

It just so happens that the trades that I entered were on Daily TF's using a different strategy completey. On those my signals are based on pure PA and candle formations, at the end of NY close. SL & TP are based on S&R.

Although Ive had a mighty drawdown my minus position overall has come down from -183 pips to -110 pips, still not great but getting better. I'm confident that I read those signals correctly yesterday and I was in retracements and everything is turning back to the trend...hopefully...

However my point was earlier that I thought scalping was a safer bet, as you teach !......GET IN....GET OUT..! it certainly has a very sound basis to that as theres less chance of being caught up in all sorts of news and other nonsense.

So although Im still experimenting with many good systems Im practicing like hell on THV as I see its hugh potential....it would just be nice to be able to start to call this a business at some time and put some food on the table !


ab1
  • #14,585
  • Oct 13, 2009 3:42pm Oct 13, 2009 3:42pm
Quoting Mihailo
Hi Cobra,

Nice trading today - my respect!

Maybe You aren't right person for this question but,

How can Your candles be different then mines? Can it be broker or time zone. I'm GMT+1.

Thanks
Different broker I guess
  • #14,586
  • Oct 13, 2009 3:44pm Oct 13, 2009 3:44pm
Correct, that's why I wrote in the first page A good trading plan and not THE THV trading plan.

It's just a very good sample how to organize your business.

Your plan can or not work for others.
Quoting decidence
I'd like to add that my trading plan, I wrote it for me. It was not written as a tutorial on how you should trade with THV.
  • #14,587
  • Oct 13, 2009 3:46pm Oct 13, 2009 3:46pm
As soon as you have a broker which server operates in a different time zone your candles will appear different, mine is GMT

Quoting Mihailo
How can Your candles be different then mines? Can it be broker or time zone. I'm GMT+1.

Thanks
  • #14,588
  • Oct 13, 2009 3:56pm Oct 13, 2009 3:56pm
Thanks ab1 and Cobra!

It can be problem sometimes because formation of candles are different. It could make wrong signal.

Welll, another thing You must fight with.
  • #14,589
  • Oct 13, 2009 4:10pm Oct 13, 2009 4:10pm
Quoting Mihailo
Thanks ab1 and Cobra!

It can be problem sometimes because formation of candles are different. It could make wrong signal.

Welll, another thing You must fight with.
Hi Mihailo

I suppose it depends on what you are doing, the system I use for my longer term trades on Daily charts works best on NY close brokers, such as FXDD.

I dont think it really makes a lot of differnece with THV...but maybe Cobra could confirm
  • #14,590
  • Oct 13, 2009 4:12pm Oct 13, 2009 4:12pm
Total +3.7 pips on EU .... did some aweful trading

I'll post some of it so others can learn from my mistakes.

-13 pip trade should never have been entered ... I based it on a break and bounce of a trend line ... volume was low and thv rules not followed ... I got what I deserved.

Other trades were ok?

Even though I was waiting for the 'big move' up ... I missed it!!! I was playing around on GBPUSD and lost 73 pips

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  • #14,591
  • Oct 13, 2009 4:20pm Oct 13, 2009 4:20pm
I wouldn't say that scalping is safer than longer term trading, if someone didn't make his homework he will fail anyhow.

To scalp you need to know the same as for day trading and a little more as you have to determinate your trading direction for your session on higher TFs.

What makes scalping interesting is that you have many trades which devides the risk and you can make a living with a smaller account size that a long term trader.

Let's make a comparation.

Let's say you are a restaurant owner, what would you prefer, 500 clients daily or 50 daily which pay almost the same in your exclusive restaurant after costs?

I prefere the 500 clients, if I lose some because they change there residence or simply found something they like more I still have a good income.

At the end it's more work but you always have customers that pay you the daily bread.

There are huge differences in the MM between short and long term trading but who has the money to suffer a 200 pips SL with good MM which get maybe hit after 3 - 5 days and can make a living with it?



Quoting ab1
However my point was earlier that I thought scalping was a safer bet, as you teach !......GET IN....GET OUT..!
ab1
  • #14,592
  • Oct 13, 2009 4:27pm Oct 13, 2009 4:27pm
Quoting ab1
Hi Mihailo

I suppose it depends on what you are doing, the system I use for my longer term trades on Daily charts works best on NY close brokers, such as FXDD.

I dont think it really makes a lot of differnece with THV...but maybe Cobra could confirm
Yes, there is no difference on lower TFs.

But if You use H4 for trend confirmation and candlestick formation for change directions, it can make little confusion
  • #14,593
  • Oct 13, 2009 4:39pm Oct 13, 2009 4:39pm
Hey Stratman, mind showing how you messed up on G/U?

I tend to have quite good luck on this pair and there was a nice trend up today with a few good entries.

Quote
Even though I was waiting for the 'big move' up ... I missed it!!! I was playing around on GBPUSD and lost 73 pips
  • #14,594
  • Oct 13, 2009 5:07pm Oct 13, 2009 5:07pm
I got into my head that GBPUSD had broken long term support (see weekly and daily charts) and needed to be shorted. I did 5 trades with stop loss to match my Money Management (1.5 % equity).

I revised all my trades from that session and have taken responsibility for my performance. (I'm pleased that I didn't get into 'revenge trading' as I have in the past )

I checked over what I did and learnt from it. Time to move on ... I'm going to stick to EU for now and only trade (read play) with other currencies on a different account.

Quoting mysterio
Hey Stratman, mind showing how you messed up on G/U?

I tend to have quite good luck on this pair and there was a nice trend up today with a few good entries.
  • #14,595
  • Oct 13, 2009 5:07pm Oct 13, 2009 5:07pm
Quoting cobraforex
I wouldn't say that scalping is safer than longer term trading, if someone didn't make his homework he will fail anyhow.

To scalp you need to know the same as for day trading and a little more as you have to determinate your trading direction for your session on higher TFs.
Yes it is a good analogy. It is slight torture to watch your pips going up & going down over serveral days...your confident that because your trading with the trend you will prosper in the long run, but the "Hit & Run" approach has a lot to be said for it.

I still find that I seem to get quite a few false entries at the moment with THV...I follow the rules but still it goes against me...so trying hard to work out how to combat that and read it better. Or do I just accept that there will be many losses but more wins ?
  • #14,596
  • Edited 6:07pm Oct 13, 2009 5:15pm | Edited 6:07pm
Hi Mr.Cobra,

If you come to Paris, give me a call, dinner and vine is on me.
Another good scalping day..
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  • #14,597
  • Oct 13, 2009 5:25pm Oct 13, 2009 5:25pm
Quoting ciro
Hi Mr.Cobra,

If you come to Paris, give me a call, dinner and vine is on me.
Another good scalping day..
Attachment
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Goes to show it all adds up !

Question : On some trades you pulled out quite early...did you just not like the way it was going or do you have some sort of timeframe or formula you use ?
  • #14,598
  • Edited 5:52pm Oct 13, 2009 5:39pm | Edited 5:52pm
Quoting ab1
Goes to show it all adds up !

Question : On some trades you pulled out quite early...did you just not like the way it was going or do you have some sort of timeframe or formula you use ?

..did just not like the way it was going...or losing trade I closed BE....

P.S. one position open (right now -27 pips)...
  • #14,599
  • Oct 13, 2009 6:20pm Oct 13, 2009 6:20pm
If you can come to that point you will get a trader, losing is part of the biz, take the loss, be hapy and look for another good oportunity without overtrading.

Quoting ab1
I still find that I seem to get quite a few false entries at the moment with THV...I follow the rules but still it goes against me...so trying hard to work out how to combat that and read it better. Or do I just accept that there will be many losses but more wins ?
  • #14,600
  • Oct 13, 2009 6:21pm Oct 13, 2009 6:21pm
Hi Cobra!

Many thanks again! You and your team are the best!

50 pips scalped for this day too, and I must say that despite scalping is used to be the hardest way to trade forex, with THV it just can't get any easier!

On the other hand, I'd like to ask anyone who trades THV to share all kinds of exit strategy, because my week point is still at the exits.
Entry signals are well taken, but I would like to ride the trend if possible and this way I wont have to take as much small trades.

Thx!
My trades are at pip dot ninja
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