THV system, final edition plus panca

Discussion in 'Forex' started by Blazer1965, Dec 2, 2008.

  1. Hello,

    I have added the panca indicator in the below system and the candle time. After the installation of the template add the indis.

    By Cobraforex

    want to present and share a system that I compiled in MT4.
    The original idea came from an experienced trader (since 1994)

    It isn’t like that, my only intention is to share something that I found to be highly profitable and that is all. I’m not a brilliant trader with my 50 years old but I know more than less what I’m doing. I know nothing else than scalping small TF’s, I never learned to trade fundamentals and so on larger TF’s. So let’s keep it like that, who is interested stay and who wants to skip, just do so.

    I found the THV setup very easy to observe and to work with and started to get everything together on the MT4 platform and finally added a Center of gravity indicator.

    The main rules:

    Entry: PA (price action) and blue (aqua) T3 line crosses the big hull line and the candle is in color of direction (red -> short, green -> long),
    We only enter short under the cloud and vice versa.

    Exit: Candle and OsMA change colors and price passes the blue (aqua) T3 line

    Indicators: The green and red "worms" in the indicator window are RSI and show overbought and oversold areas and it is a sign that the PA may stop ore reverse soon.

    The OsMA shows us trend change and divergence

    The green and red line in the indicator window (T3 Trix) show us early possible trend changes on cross

    The hull, the fat line on the main window, shows us the direction for the TF we are trading, a long yellow line shows that the market is choppy and we might want to wait for a clear breakout or hunting some pips on smaller TF. The settings for the hull differ between brokers, 6 digit broker have to be setup to: 55 and 2.0, 5 digit brokers is: 55 and 0.20.

    The Ichimoku cloud give us the decision to witch direction to trade, above only long, below only short.

    The Center of gravity lines in green and red:
    Once you see that the PA is closed to this lines or cross them (mostly accompanied by oversold or overbought RSI) you can expect a trend reversal on your TF, they are not valid entries regarding on this system but if you feel good with them you might want to trade it on cross of the blue line, that depends on your risk appetite .

    The blue T3 line is our main indicator and gives us entry and exit as PA cross

    Other reasons to take profit can be: Touch of a trend line, resistance or support line, horizontal psych level (00 - 20 - 50 - -80) or a black cat that cross your screen

    Stop Loss: please set your stop loss according to your money management plan, as higher your TF that you trade as lower you set the pip value and as higher the Stop Loss, also it depends on the currency pair that you are trading.

    This is a Multi timeframe setup, you don't need to change anything jumping from one TF to the other. The 1M TF is only for extreme scalping and needs good FX skills !!!

    These are the only rules; anything else depends on your basic knowledge on FX and your feelings.

    My special thanks to SpecialED, TradeWell and Eddiemiller for trying the first beta setups, Doblece for helping me in MT4 V220 compiling issues and AK4X to keep me always in good mood and suggesting to open this thread.

    And at the end to Turhovach to show his charts and settings and so making me suspicious what is behind of that and last but not least, my wife, giving me the time to get all this done.

    Thank you all


    May I violate the rules of the system when I trigger another buy or sale signal?

    A: yes you may, that depends on your trading skills. For example trading a long after touching first time an important support would be a reason after confirmation, but it has nothing to do with the system.
    Trading the THV you should wait for all parameters confirmed.

    Sometimes I see a clear entry signal and take the trade, after a move of some pips my trade goes in red pips, what is the reason?

    A: No system is perfect, that are those trades that we need to cover with a good MM.

    What is the SL for the THV system?

    A: that depends on the TF you are working, as higher the TF as higher your SL.

    You may declare me crazy but I don’t use system based SL while trading my favorite TF, the 1M. I lost more money on Brokers SL hunting than in bad positions. I have 50 pips fixed and a mental SL that I execute manually.

    Where I should set the SL?

    A: Find the amount of pips you are agreeing too lose depending on your MM, it should be set always some pips above or below important S&R lines.

    This system don’t show the shadows of the HA candles, how I can make to show them up?

    A: It is recommended to have a separate chart with real candlesticks on 4 different TF’s open to take additional trading decisions, the shadows in the THV are not shown for better overview, if you insist, you can go to the HA properties and color the 1 and 2 settings.

    I worked some weeks with the system and don’t need the rules shown on the chart anymore, how to delete?

    A: Right click on your chart, select indicators and delete the L THV indicator, right click again on chart, go to Object list and delete all objects named THV there, ready.

    May I add more indicators to the system?

    A: yes you can if you feel more secure but the system is made to have a clear, fast and stress less view to take a fast and correct trading decision.
    As more stuff you need to look at as slower your decision.

    What is the trading direction to avoid counter trend trades?

    A: The trading trend depends on the TF you are working with, in a 4H downtrend you find a lot of up and down trends in smaller TF’s. you should look to 15M and 1H if you trade the 5M to definite the trade direction.

    How long should I train myself on THV before going live?

    A: I would suggest for newbees to trade at least 2 month with positive results before trading any system live.
    Experienced traders will need may be less than a week to get firm on it.

    I hate to baby-sit the monitors waiting for a perfect entry, I want more action, may I go to hunt some pips on 1M?

    A: The 1M THV chart is for extreme scalping only and needs excellent trading skills, I don’t recommend it for newbees, if you want the action you might want to do it on a Demo account until being 100% sure to be profitable on that TF.

    What is the best time to trade the THV?

    A: The THV is a trend system and works best on high volumes during London and NY overlapping session but lately you have strong moves on the Asian session as well.

    What pairs are the best to trade the THV?

    A: all fast moving currency pairs, each pair has a different character and I would suggest trading it primary on you favorite pair, mine are the E/U and AUD/USD.

    What is the best pip value trading THV?

    A: that depends on your account equity; we don’t want to risk more than max.1 to 2% each trade. Let’s say you have a 5k account and accept to lose 1% each bad trade you can lose 50$, divided by for example 50 pips SL on 15M TF you get a 1$ pip value.
    In my website you find a MM calculator to find your best value.

    What else I should be aware of trading THV?

    A: All systems need good basic knowledge of FX, a system is like the hammer for a carpenter, if he doesn’t use it well he will always have bloody fingers. I recommend visiting the web page from acumen, he is a experienced trader and teaches Pivots, R&S and psych levels, a good page to get better trading skills.

    Very important: never get motioned from other trader’s calls, only trade what you triggered by yourself, it is the only way to learn mastering your system and be successful.
    During trading I never post or do anything else than concentrating my small brain on my chart.
    Spend some bucks and time on trading education; it will be the best inversion for your FX business.

    Is there an EA for the THV system?

    A: I’m sure that it is only a matter of time till RonaldRaygun, Tdion and others will come up with an EA.
    I don’t believe in EA’s, haven’t seen any that can replace the feeling of a human being, but who knows?

    Why don’t you answer my post or PM?

    A: Cobra is a busy man and can’t answer question that are already explained here in the thread, don’t be lazy, re-read the thread. All other question or suggestions will be answered as soon as I can.

    Here a brieve manual how to install

    Step By Step :

    1. Download/unzip/Copy/Save the MQ4/EX4 file into your C:\Program Files\(your broker)MetaTrader 4\experts\indicators folder
    2. copy and paste the template file .tlp in C:\Program Files\(your broker)MetaTrader 4\templates folder.
    3. Close your MetaTrader application (assuming it’s currently open … Ignore this if the application hasn’t been launched)
    4. Launch your MetaTrader application
    5. Open a new chart and right click on it, select the THV template, ready

    We had some issues with the MT4 V220 platform version, because of that I uploaded the basic version template, please execute the missing files in the chart manual. All are named xxxxx THV

    Download indis and template in