**Steinitz** Method Revealed Here - page 11
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What is your agenda?
Mr. Steinitz,
Many of us here are looking for something more profitable than what we now employ; we come here with perhaps a bit of naivete, no street savvy of these forums and tend to believe more than we should. In this case we see Mr Steinitz proclaiming a near "holy grail" method and after some initial investigation we become hopeful that maybe we have finally found a simple method that we could put to use with a fitting MM strategy and achieve our goals.
I see two of these same kind of people expressing a concern over contradictory trading practice by Mr Steinitz. For followers who hang on every letter of his direction, they must feel a sense of incredulity that some of his trades are taken in direct conflict to the rules that he so vociferously explained and punctuated in post 68 about "blindly following the rules...."
Then you have that kind of a response to legitimate questions, and yes Mr Stienetz it was rude and seemingly arrogant and leads one to wonder if that isnt the reason you're no longer moderating.
And just for the record, whether you know it or not, a black jack player does employ stops - he has the luxury of asking himself each hand if he's in or out and for what amount of risk. We all know markets are not that forgiving and once you're around long enough to be hammered by a BOJ buy down or a Bill Clinton sellout ('97), you'll realize the very basic reason for having a stop.
I personally have found your method very tradable from my perspective and simple to follow and would like to continue to follow the results of your efforts and your generosity in sharing this with fellow traders. But whatever the reason, I would respectfully request that members here be treated with respect and courtesy.
I wish you luck and much success in the development and implementation of your method.
WT
Mr. Steinitz,
Many of us here are looking for something more profitable than what we now employ; we come here with perhaps a bit of naivete, no street savvy of these forums and tend to believe more than we should. In this case we see Mr Steinitz proclaiming a near "holy grail" method and after some initial investigation we become hopeful that maybe we have finally found a simple method that we could put to use with a fitting MM strategy and achieve our goals.
I see two of these same kind of people expressing a concern over contradictory trading practice by Mr Steinitz. For followers who hang on every letter of his direction, they must feel a sense of incredulity that some of his trades are taken in direct conflict to the rules that he so vociferously explained and punctuated in post 68 about "blindly following the rules...."
Then you have that kind of a response to legitimate questions, and yes Mr Stienetz it was rude and seemingly arrogant and leads one to wonder if that isnt the reason you're no longer moderating.
And just for the record, whether you know it or not, a black jack player does employ stops - he has the luxury of asking himself each hand if he's in or out and for what amount of risk. We all know markets are not that forgiving and once you're around long enough to be hammered by a BOJ buy down or a Bill Clinton sellout ('97), you'll realize the very basic reason for having a stop.
I personally have found your method very tradable from my perspective and simple to follow and would like to continue to follow the results of your efforts and your generosity in sharing this with fellow traders. But whatever the reason, I would respectfully request that members here be treated with respect and courtesy.
I wish you luck and much success in the development and implementation of your method.
WTLook at the previous post. We post at the same time.
Holidays in France, tookto study sevral strategies.
I found, may be everybody seen it, an adaptation of this method to reduce risk for those who don't have 5 billions $ margin (like me).
Chart: M5 only.
1: Scroll back to check the trend in M30 and H1 (bullish bearish go with the trend).
2: Enter short (2Lots or 2mini) if H1 M30 and M15 (edit: M15 is not becessary) is red and M5, coming from blue; just TURNED red (2dots and wait for the close).
3: Put a stop on the previous high (+spread), it will rarely be higher than 10 pips because we just leave a consolidating phase. If the high is too high use the close.
4: put a TP for one lot of the amont of your SL.
5: Your TP is hit (often): TRAIL a Sl of the same amount for the second lot.
What is the (i don't know the word) of this adaptation:
1: you can catch big moves with your second lot, at a cheaper price (tight SL).
2: You will increase your entry signals because it's 5tf, always at cheaper price , it means that if you loose four, five, times in the row, you will catch a big move and see your money back with profit.
EDIT: Do the inverse if going long.
Now where to exit the second lot : Wait for the first opposit dot on M30 (edit, or the third on M15). Stay calm, you already pay your loss with the first lot, and you're trailing the second one .
I call this system THE FLY ASHI
Make an EA for it or backtest it manualy you'll see it may be profitable.
The fly.
Holidays in France, tookto study sevral strategies.
I found, may be everybody seen it, an adaptation of this method to reduce risk for those who don't have 5 billions $ margin (like me).
Chart: M5 only.
1: Scroll back to check the trend in M30 and H1 (bullish bearish go with the trend).
2: Enter short (2Lots or 2mini) if H1 M30 and M15 (edit: M15 is not becessary) is red and M5, coming from blue; just TURNED red (2dots and wait for the close).
3: Put a stop on the previous high (+spread), it will rarely be higher than 10 pips because we just leave a consolidating phase. If the high is too high use the close.
4: put a TP for one lot of the amont of your SL.
5: Your TP is hit (often): TRAIL a Sl of the same amount for the second lot.
What is the (i don't know the word) of this adaptation:
1: you can catch big moves with your second lot, at a cheaper price (tight SL).
2: You will increase your entry signals because it's 5tf, always at cheaper price , it means that if you loose four, five, times in the row, you will catch a big move and see your money back with profit.
EDIT: Do the inverse if going long.
Now where to exit the second lot : Wait for the first opposit dot on M30 (edit, or the third on M15). Stay calm, you already pay your loss with the first lot, and you're trailing the second one .
I call this system THE FLY ASHI
Make an EA for it or backtest it manualy you'll see it may be profitable.
The fly.A more agressive way to say in a winning trade is not to trail the sl for the second lot but put it at breakeven, or better, not move it at all (remember you have already paid half of your sl with the first lot).
Steinitz & Has Method
I followed STEINITZ from the other forum & I currently trade the HAS METHOD
& find it will produce the pips. Theres no doubt theres several ways to play this method & this should appeal to short term traders as well as the med & longer term traders. Steinitz has I think developed a really nice, simple &
clean method that should be easily understood by any trader that has been
trading the markets any length of time. Having made the above comments
there are several issued I'd like to address.
#1. Stop loss.....I totally agree with STEINITZ on this. It is good to use a
stop loss, but I would only have a mental one unless I was leaving a trade
unattented. From experience STOPS are run on a regular basis. The brokers
know where they are & so do the BIG GUYS. Some will say, well place a
100-200 pips stop & thats fine, but if you place one of that magnitude why
even bother. Plan your trade, stay aways from the NEWS TIMES & know your trade plan is a well layed plan, or don't trade. Stops have a purpose, but
be aware they can be targets as well. In defense of those that set a stop
on there platform I have got to mention a well know trader that in his book
said he didn't use stops for the same reasons I have stated, but this trader
did blow out in the late 90's, but has since made a come back. He has written
two books that are very good reads, but I will not mention them here for fear
of violating the rules. Will answer PM's if you what to know. I will only use
a mental stop & that has worked for me over 25 yrs, but you have got
to exercise that mental stop when reached.
#2. STEINITZ....his attitude......He is constantly answering the same questions over & over, trying to run a business & trade & yes that will cause
your nevers to be short. So, in his defense everyone read & reread the
other threads & then if you are still needing a question answered go for it &
let STEINITZ know you have read the threads, but still don't understand what
to do & knowing STEINITZ he will come forth with the answers in civil & concise matter.
#3. THE HAS METHOD.......This is a great method that is easy to understand
like one trade state earlier, BUY WHEN BLUE & SELL WHEN RED, what more
do we need? There are several ways to enter as some have stated & there
are probably more that have not been discovered so take the general rules
& make changes to fit you style & needs. Are there better method? I'm sure
there are, but to me this is so simple to put together & trade I for the life
of me can't understand how anyone couldn't make pips with it once they get
it down to their understanding.
I say HATS OFF TO STEINITZ for sharing & answering questions & thanks to
all that contribute to the method & its progress. These are just my thoughts
that are not being stated to offend anyone. Best of trades to everyone.
AceTrader
My charts:
As you can see, the MegaTrend indicator on main chart catches the beginning and end of trends much sooner than Heiken Ashi Smoothed on longer timeframes (30 min and up). I dont think its very reliable on faster timeframes as there's too much whipsawing. 30 minute is kinda suspect as well. Also allows one to trade on retracements and correction with more confidence.
*NOTE* IT DOES NOT REPAINT/REDRAW!
The FX Sniper Ergodic CCI mimics the MegaTrend but with a MA crossover type feel. Either one would work in getting as close to beginning and ends without headfakes as possible.
I personally like to trade on 4 hr charts, using 1 hr. as entry and 30 min. as warning.
Check it out.Two indicators uploaded:
MegaTrend
FX Sniper's Ergodic CCI w/ Alert
For all those med. to long term traders (1hr+) trying to catch the near beginning and get out on retracements or end of trend. NOT MEANT TO REPLACE STEINITZ'S HAS SYSTEM, ONLY ENHANCE IT!!! THANKS FOR EVERYTHING, STEINITZ!!!
Peace,
F.F.L.
Megatrend Indicator Question
Does this overlay somehow or do we replace the HA Indicator Smoothed? Any other advice on how to use it would be appreciated. Thanks!
Thank you.
Two indicators uploaded:
MegaTrend
FX Sniper's Ergodic CCI w/ Alert
For all those med. to long term traders (1hr+) trying to catch the near beginning and get out on retracements or end of trend. NOT MEANT TO REPLACE STEINITZ'S HAS SYSTEM, ONLY ENHANCE IT!!! THANKS FOR EVERYTHING, STEINITZ!!!
Peace,
F.F.L.Thank you!
Very helpful!
Either/or, its up to you.
I have the MegaTrend, FX Sniper's Ergodic CCI, and HA Smoothed indicators on my chart. That fact that indicators are more reliable the longer the timeframe allows you to have more confidence when using leading indicators on longer timeframes. In my experience, you'll rarely ever experience whipsaws when trading on 1 hr and up timeframes using oscillating indicators. MegaTrend is, if I remember correctly, 3 Hull M.A.'s combined into one line. The default period used to be alot longer but I decreased it until I found because of the aforementioned logic, to use as an entry/exit indicator for 1 hr+ timeframes. If the MegaTrend and HA Smoothed being so close together make you uncomfortable, the FX Sniper Ergodic CCI will do the same thing as the MegaTrend but with a M.A. crossover kinda feel AND it gives you an alert when the lines cross (alert w/ become irritating very quickly).
STEINITZ said that the original strategy is good for scalping and day-trading, which I agree with, and can be used for med. and longer term trading. However, I found that in its current state, it gets me, a swing trader, in and out of trades way too late. So this is just an enhancement for those swing and position traders out there. They rarely ever get shown love. Reachin out.
HA Smoothed and TF bar's are excellent confirmation indicators.
CAUTION: MEGATREND AND FX SNIPER'S ERGODIC CCI AREN'T RELIABLE ON FASTER TIMEFRAMES IN MY EXPERIENCE!!! CHECK FOR YOURSELF TO BE SURE!!!
Put on your chart and look at past. All timeframes.Does this overlay somehow or do we replace the HA Indicator Smoothed? Any other advice on how to use it would be appreciated. Thanks! Thank you.
Either/or, its up to you.
I have the MegaTrend, FX Sniper's Ergodic CCI, and HA Smoothed indicators on my chart. That fact that indicators are more reliable the longer the timeframe allows you to have more confidence when using leading indicators on longer timeframes. In my experience, you'll rarely ever experience whipsaws when trading on 1 hr and up timeframes using oscillating indicators. MegaTrend is, if I remember correctly, 3 Hull M.A.'s combined into one line. The default period used to be alot longer but I decreased it until I found a setting that coincided with aforementioned logic, thus establishing an entry/exit indicator for 1 hr+ timeframes. If the MegaTrend and HA Smoothed being so close together make you uncomfortable, the FX Sniper Ergodic CCI will do the same thing as the MegaTrend but with a M.A. crossover kinda feel AND it gives you an alert when the lines cross (alert w/ become irritating very quickly).
STEINITZ said that the original strategy is good for scalping and day-trading, which I agree with, and can be used for med. and longer term trading. However, I found that in its current state, it gets me, a swing trader, in and out of trades way too late. So this is just an enhancement for those swing and position traders out there. They rarely ever get shown love. Reachin out.
HA Smoothed and TF bar's are excellent confirmation indicators.
CAUTION: MEGATREND AND FX SNIPER'S ERGODIC CCI AREN'T RELIABLE ON FASTER TIMEFRAMES IN MY EXPERIENCE!!! CHECK FOR YOURSELF TO BE SURE!!!
Put on your chart and look at past. All timeframes.
statement
hi steinitz heres the problem i have i have seen it before on these forums and it does get kind of boring already if someone is going to post an outragous statement like the one you showed i am not saying you dont have 5 million dollars or not i dont care you posted it for a reason so when someone wants to check its validity of trades you made and see where they are on chart and cant why is it so hard to explain come either explain it or why bother posting at all if your goal is to help then help otherwise what is your goal?