**Steinitz** Method Revealed Here - page 19
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fxsniper2, yes first post, but I've been a member of this forum longer than your good self. This strategy is sound, trade in the direction of the long term time frame, wait for a pullback, once price confirms the trend on a lower time frame you pull the trigger. The beauty of this method is you are not restricted to a certain timeframe, the entry could come on the daily, hourly etc.
Bingo! That's the secret sauce.
Fiday the 13th wrap up
Hello traders!
I received an overwhelming number of PM's. I believe I have about 100 in the first day. I have responded to each and everyone as promised. I was able to hear some experiences that traders had with their demo and live accounts. Many of you feel it's the best method that you have found to date. All of you like the simplicity of it.
Many traders I have learned don't post on here because of all the crap that one has to put up with, therefore they read and test drive the systems without ever knowing they exist.
That is fine. I don't blame them a bit. Many emails I received explained that they had never been able to make pips this easy and actually feel they can make money and possibly be part of the elite 5-10% of those successful traders.
Skeptics wonder if all this was for me to gather a list so I can charge them. Hardly. I just want to keep in touch with those that have a burning desire to network together and make money. I found this indicator by chance and saw the enormous potential it had. Only through persistence and drive I was able to put a very effective strategy in place through back engineering what a profitable trade looks like.
If you did not get an email back outside of the forum it was because you forgot to include your email address. Please re-send a PM with your email if this was the case.
So it has been 2 weeks and I am averaging 27 PIPS per trade without TP set-ups. I just make the trade and come back to see what I end up with. It seems that if I come back late to the computer and the move already occurred I didn't loose much of the profit as it seems the move was a bit parabolic and then went sideways.
Can you imagine what is going to happen when I trade using the fine tuning method. Less waiting for profit and less floating drawdown.
So the account is 37 trades with no actual losses. 99,000.00 at 10 lots each trade no variance of lot size.
Keep up the good work and let's chat next week.
KA CHING !
Incidentally, if you're the same FX Sniper I've come to know through the great indicators you've built, then I'm really flabergasted at your behavior here....it doesn't quite jell if you know what I mean.
They are not the same person mate.
Sniper2 saw Fxsniper’s name said he liked it, nicked it and stuck a 2 on the end.
Original or what ?
Mart
PS Newdigital, I dont want TSD to end up like FF, but cant you just ban the assole's that keep spoiling threads
strategy setup
I know this thread has turned in a slagging match recently, but for the benefit of those who are serious about this system, this is the best explanation I have seen from Steinitz:
********************************
1. I have the following indicators:
1a. HAS
1b. 4TF HAS BAR
1c. 4TF HAS BAR2
I start with the highest TF = monthly and scale down one TF at a time until I see a reverse color. If the monthly is blue I go down to weekly. If it is blue I scale down to the daily if it is blue I scale down to the 4hr.
Now let's say the 4hr is red. I stop and place a long trade. That's it.
No lets say we want to make this a safer trade. We would know that the 4hr is where we want to enter and consider as our TF of trading choice. But we would scale down ONE TF lower to the 1hr and wait for it to make it's first blue candle and enter there.
This way we get a little better entry without looking at the 4hr to turn thus giving up too many pips. I believe for now that ONE TF lower is good enough. If we loose too many pips that way we would look to go TWO TF's lower hence saving any precious loss of pips waiting for confiramtion.
See the correclation on lowering the TF's and finding a good entry. It makes good logical sense.
No for exits. I have been using arbitrary only at this point. Just make the TP adjustable. I have been using 25 pips or better. Not scientific at all.
But I do look how far the price is from the HAS candle to determin if I think it could go higher. This all a feel but not at all scientific.
I really don't ant to add RSI or anything that would indicate overbought as they are not reliable. If we can alter the PIP TP we could optimize this according to the currency pairs indvidual VOL.
__________________
Steinitz
Announcement
I am continuously receiving PM's which is great! Keep them coming. If this thread was filled with posts that were made up from the PM's you wouldn't recognize this thread. I am not asking for people to kiss up to me just honest comments and thoughts.
It is overwhelming how many people all around the world feel this is there first break after years of failures to finally have a real opportunity to profit from Forex. Its a shame that I have to work the thread this way. But who knows in the future I may end up with a web-site dedicated to this method.
I actually feel in this case contrary to popular belief that I would make more money trading my method then selling signals. Therefore, I am focused here to keep what we are doing and I ask that any programmer who comes up with an EA or alert to give it to me so I can email it to the list I have so far.
That's why I need all your email addresses. And I will not charge you a penny for this service. That's not what I am about. I think I can make much more money trading. If it comes down to paying for a programmer I will ask that we all chip in a small amount to pay for the service. With all the interested parties it would a ridiculously small payment.
I could pay for it but I want you as a team to feel involved in this journey. Anyway, I have one gentleman now that is working on an EA. Lets give him a chance to pull this off. Also, some of you feel manual trading is what you want. No problem I agree with that too. We will have both options.
P.S. Because if the large number of requests for more answers to questions and charts examples you will have to be patient with me as I can only do so much. Rest assured I will reply to all. Any chart requests will be posted on the forum.
The proof is in the pips!
Steinitz, great system! I have been following this thread and the ones at FF and had to post. This is by far the easiest HA trading system I have seen. If you can't make money with this you shouldn't be trading forex. Over the past 10 days I've been demo trading on 1 pair at a time. I prefer the 4 majors. On Friday I made 454 pips on 4 trades. I incorporated pivots to determine TP levels. I have attached my eur/usd chart from Friday. At the time seperator to the left, that's 5 pm my time in Chicago. The uptrend continued from Thursday so I'm looking long. I go long at 5:00 at 1.3482, 2 lots. I place a tp for 1 lot at the first pivot at 1.3514, and a second tp at the second pivot at 1.3546. Well just look at the price action, it speaks for itself. I used the same principle for my trades on usd/chf, cable, and usd/jpy, all with the same success. I know this won't work every time and you do need to use some discretion, but the pivots give you, I think, a good basis for looking when to get out. By the way, I banked 141 pips on the swissy alone. Not bad for 1 days work!
I plan to just have a 20 pip + spread T/P. So if trading the EURO, I'll have a 24 pip take profit and go on about my day. Long as I trade in the direction of the daily trend, I do just fine. Made about 80 pips in about 12 hrs. on Thursday. Like previous poster said, if you can't make money with this strategy, you shouldn't be trading.
Maybe I'll swing trade with the strategy as well and get more pips. Who knows. Trade on the 4 hr., drill down to the 1 hr. and wait for it come back in the direction of the daily trend. Get out when 1 hr. changes over. Use 30M as a warning.
Several currency pairs simultaneously will yield enough pips to, with the power of compounding included, make me wealthy many times over.
I want to post this compounding chart, however I can't seperate it from the rest of this e-book because it's in a .pdf. But I'm going to get it up today.
Thanks again Steinitz for the selflessness and compassion.
F.F.L.
P.S.
Using pivots/camarilla/fib's to take profit is a great idea. I just don't want to nor can I be a slave to the screen. Maybe in the future to maximize profits and take as many pips off the table as possible.
I place a tp for 1 lot at the first pivot at 1.3514, and a second tp at the second pivot at 1.3546. Well just look at the price action, it speaks for itself. I used the same principle for my trades on usd/chf, cable, and usd/jpy, all with the same success.!
Coolhand,
That was really a good one. Can you please tell us if you used an indicator to determine the pivot/support/resistance levels? If yes, can you please post the indicator or how you calculated these levels?
Thanks a lot.
I plan to just have a 20 pip + spread T/P. So if trading the EURO, I'll have a 24 pip take profit and go on about my day. Long as I trade in the direction of the daily trend, I do just fine. Made about 80 pips in about 12 hrs. on Thursday. Like previous poster said, if you can't make money with this strategy, you shouldn't be trading.
congrats to your way to your first million!
I just came across this method the other day, and I'm absolutley loving it. I've been messing around with the setups to try to tweak it exactly for me, but I'm thoroughly impressed with this whole setup as well as with Steinitz's generosity in sharing this AND responding to everybody's PMs/emails AND posting so much. Very appreciated, Steinitz. If I ever meet you, the beer's on me ;^)
MRE