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THV system, final edition

  • #14,621
  • Edited 12:47am Oct 14, 2009 12:34am | Edited 12:47am
Morning Cobra & Everyone

Good news to report, well for me anyway !

My longer term trades turned into 50 pips profit last night whilst I was asleep and my position that was once -180 pips is currently running at -40, so my long term analysis was good and going in the right direction. Never anybody say I dont have nerves of steel to ride that draw down !....lol

So onto scalping for today then, I'm trading two pairs EURUSD, only Long ?, & GBPUSD, only short......... maybe? Daily show that is the long term view.....good luck !

ab1
  • #14,622
  • Oct 14, 2009 1:19am Oct 14, 2009 1:19am
Hi Cobra, I read from previous post that you use Oanda to trade and a MT4 platform to chart. Where is your MT4 from? Somehow the price on my Oanda demo a/c do not match the MT4 platform from IBFX.

Thanks for advising.
  • #14,623
  • Oct 14, 2009 1:22am Oct 14, 2009 1:22am
LAST KISS

One of the cobra team posted a trade similar to this a few weeks back, I saw the same scenerio today so I took the shoot. expect it to run untill R1 have SL @BE
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  • #14,624
  • Oct 14, 2009 1:33am Oct 14, 2009 1:33am
I'm pretty sure Cobra uses ODL ... I use that too.

Quoting protyne
Hi Cobra, I read from previous post that you use Oanda to trade and a MT4 platform to chart. Where is your MT4 from? Somehow the price on my Oanda demo a/c do not match the MT4 platform from IBFX.

Thanks for advising.
  • #14,625
  • Oct 14, 2009 1:55am Oct 14, 2009 1:55am
Quoting rebelheart
LAST KISS

One of the cobra team posted a trade similar to this a few weeks back, I saw the same scenerio today so I took the shoot. expect it to run untill R1 have SL @BE
Hi rebelheart

I not the greatest expert on here, but for what its worth.....

Hopefully you got your R1 TP hit if you had it in place, otherwise ?...

The reasons I wouldnt have got into that trade is as follows:-

Picture 1 shows my M5 chart which looks like there may have been several possible entries over the past few hours... but my M1 rainbow chart shows me very choppy conditions....

I am waiting for my rainbow chart to look like picture 2, with emas well spread (between the two vertical red lines), showing a trend direction/wave etc and Im looking to enter when that shows me the next good pullback.

In picture 3 which is current the rainbow is all over the place (between the two vertical red lines), so until it settles down and forms a good wide fan of ema's, I would stay out.

Only my thoughts....
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  • #14,626
  • Oct 14, 2009 2:43am Oct 14, 2009 2:43am
Quoting stratman
I'm pretty sure Cobra uses ODL ... I use that too.
Hi stratman, are you refering to this ODL - http://www.odlmarkets.com/ ?

Thanks!
  • #14,627
  • Oct 14, 2009 2:46am Oct 14, 2009 2:46am
Hi rebelheart

I not the greatest expert on here, but for what its worth.....

Hopefully you got your R1 TP hit if you had it in place, otherwise ?...

I got 30 pips on that trade, thanks for your input tho..

Rebel

  • #14,628
  • Oct 14, 2009 3:57am Oct 14, 2009 3:57am
Hi Ab1,

Don't make the mistake of thinking that trend trades with the rainbow are the only good THV trades. All the posts I did about the rainbow were not intended to negate other styles of trading THV but just to help beginners find an easy to identify, and relatively very safe spot to enter a THV trade. But those are not the only kinds of trades you can do with THV.

When the market is choppy and has a lot of divergence (like now), trading trendline breaks is a good way to trade. You can refer to Cashmeer's posts for lot's of examples - he is the master of trendline breaks with divergence. The only problem with these trades is that you have to be a good trader to do them, because you have to be able to recognize the market is choppy, recognize divergence in time, recognize if it's a high probability divergence (because a lot of them don't work for more than a few pips), know how to draw meaningful trendlines, make sure not to let one of those trades get away from you if the divergence or break was a fakeout, and also be patient enough to hang onto it long enough to pay for all the ones that didn't work out.

Whereas, with a trend trade, even if you didn't get your entry exactly right, unless you picked the very last retracement before the trend change to enter (and there's only one of those in a trend) or you picked a place where the trend was very overextended ( and you should be able to see that on the rainbow) then you'll probably be ok.



Quoting ab1
Hi rebelheart

I not the greatest expert on here, but for what its worth.....

Hopefully you got your R1 TP hit if you had it in place, otherwise ?...

The reasons I wouldnt have got into that trade is as follows:-

Picture 1 shows my M5 chart which looks like there may have been several possible entries over the past few hours... but my M1 rainbow chart shows me very choppy conditions....

I am waiting for my rainbow chart to look like picture 2, with emas well spread (between the two vertical red lines), showing a trend direction/wave...
  • #14,629
  • Oct 14, 2009 4:51am Oct 14, 2009 4:51am
Quoting cobraforex
Do you mean Long or Short?

Looks like you want to buy the top of the move.
Yup, it was a Long, but I kept waiting for better retracement before taking it, and did ended up with one. Not the prettiest, but it did the job of reaching my TP. I just saw overall today that going Long at the time was the safer bet than short to scalp, even though it was already near the top as you've mentioned. 1.49 is extremely high for EURUSD, highest since March-August 2008 when we saw record high of reaching almost 1.6. Overall though... could have made profit both ways since we're still stuck in this tight range. ^^" I'll have to learn this system better though if I want to take more trades like you guys each session. But you're right though, we're at a very very strong resistance on the daily of 1.49 from the look of it, but I never aimed my TP higher than 1.49 earlier today either. ^^
  • #14,630
  • Oct 14, 2009 4:57am Oct 14, 2009 4:57am
This session is a sucker, I'm not going to work against divergence in almost all TFs and for a short I wanna see a broken R1.

No trade token till now.
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  • #14,631
  • Oct 14, 2009 5:00am Oct 14, 2009 5:00am
Yes he does

Quoting protyne
Hi stratman, are you refering to this ODL - http://www.odlmarkets.com/ ?

Thanks!
  • #14,632
  • Oct 14, 2009 5:07am Oct 14, 2009 5:07am
Quoting cobraforex
This session is a sucker, I'm not going to work against divergence in almost all TFs and for a short I wanna see a broken R1.

No trade token till now.
Got some big news coming for the dollar, perhaps that'll help your cause afterwards. ^^ This session was not an easily one to trade, chart was saying long for me, but we're very near 1.49, short didn't look good because of all the divergence. =S But I'm sure you still made pips either way as always. Now I'm waiting for the short to happen as well.
  • #14,633
  • Edited 5:24am Oct 14, 2009 5:13am | Edited 5:24am
Today the market is moving very ridiculous.

I can not find even a location for the taking.

Quoting cobraforex
This session is a sucker, I'm not going to work against divergence in almost all TFs and for a short I wanna see a broken R1.

No trade token till now.
We are here to help each other... We Learn Forex Together!
  • #14,634
  • Oct 14, 2009 5:21am Oct 14, 2009 5:21am
Hmmm... what will it do... It's still up for now...
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  • #14,635
  • Oct 14, 2009 5:33am Oct 14, 2009 5:33am
Yeah, it's up but isn't cause of the divergence.

Should have done something else tonight but you never know before.

The other problem is that the actual S&R are over a year old and I wasn't very confident if they work well but yes, I should have traded them.

Will come better times.

Quoting Nobitacu
Hmmm... what will it do... It's still up for now...
  • #14,636
  • Oct 14, 2009 5:40am Oct 14, 2009 5:40am
Quoting cobraforex
Yeah, it's up but isn't cause of the divergence.

Should have done something else tonight but you never know before.

The other problem is that the actual S&R are over a year old and I wasn't very confident if they work well but yes, I should have traded them.

Will come better times.
Yup, new trades will keep comings even after we die from old age, haha. No trade is better than risky/uncertain trade. I haven't seen anything I REALLY like as well so far today. News overall good for the dollar, but price still going up and down without much direction so far.
  • #14,637
  • Oct 14, 2009 5:50am Oct 14, 2009 5:50am
I bet a bottle of Single Malt that if I give up this session and shut down everything we will see a heavy drop.

Quoting Nobitacu
Yup, new trades will keep comings even after we die from old age, haha. No trade is better than risky/uncertain trade. I haven't seen anything I REALLY like as well so far today. News overall good for the dollar, but price still going up and down without much direction so far.
  • #14,638
  • Oct 14, 2009 5:54am Oct 14, 2009 5:54am
Not to trade when there's nothing to trade is also trading Masoud.

Quoting masoud123
Today the market is moving very ridiculous.

I can not find even a location for the taking.
  • #14,639
  • Oct 14, 2009 5:56am Oct 14, 2009 5:56am
Quoting MissPips
Hi Ab1,

Don't make the mistake of thinking that trend trades with the rainbow are the only good THV trades. All the posts I did about the rainbow were not intended to negate other styles of trading THV but just to help beginners find an easy to identify, and relatively very safe spot to enter a THV trade. But those are not the only kinds of trades you can do with THV.
Thanks for the detailed post. I agree the trend is your friend. All I was saying was that the entry point that was selected in my earlier example is not one I would have chosen.

I have a lot to learn myself, but what I do know is that entering with the trend will greatly increase your chances of sucess....nothings a definate but Im talking about increasing your odds
  • #14,640
  • Edited 6:29am Oct 14, 2009 6:09am | Edited 6:29am
Quoting cobraforex
I bet a bottle of Single Malt that if I give up this session and shut down everything we will see a heavy drop.
Haha, yup, that seems to happen all the time with me! I'd wait hours for a trade to confirm, but after 5-6 hours, I'll leave, only to come back and see the huge movement on the chart, missing the trade.

EURUSD still having a hard time deciding which way it wants to go. =P
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