**Steinitz** Method Revealed Here - page 35
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Something to think about
What am I doing wrong? Everyone seems to be doing well using this method except me, so I am screwed up somewhere. I have read this thread back and forth like 5 times as well as the word doc.
I went long at the green vertical bar because of the 1st blue bar in the 30M time frame. Was that correct?
HELP!You were correct and you followed the rules. Remember there are different attitudes towards this method. In my original word doc there will be times that you take these seemingly ridiculous double row same color trades against an upper TF's that show the wrong color.
What I found is you will have a few losers trying this but eventually you will pick the beginning of a new trend. This new trade should net you a winner since the other trades we quick to get you out using the rules.
If you want a better chance of success and don't care about picking near tops for shorts and bottoms for longs try picking the same entry with the upper TF's showing the correct colors. This way you are actually following my scalping method.
If you think about what I just said you will see that you are getting in from bottom to top instead of top to bottom. Same thing really just different semantics.
That is why I abandoned the first method in favor of scalping using either method to enter.
Look this method has evolved. I would be lying if I has some excuses why the original method was and is great. I think there is a better way to assure more consistent wins.
If I gave you a strategy for picking horses to bet on and I offered two methods which one would you choose?
1. Long shots that pay out big returns but lots of losers while waiting for the payday or
2. The favorites that pay less then even money but you are winning all the time.
Human nature is such that we as a species need to be correct. That is why we feel better to hold on to a losing trade even if you are sure it's a bad entry. We just want to be right. That why this scalping method fits my personality. I like being right.
Plus if you are winning all the time you could afford to apply a compounding trading scheme to excellerate your profit potential. Couldn't do that with the longshots.......
Here is the indicator. I only use it on 4 hr time frame. I do believe I downloaded it from TSD or over at FF can't really remember.
prosource.ex4
I also like how the macd (5,13,1) crosses the zero line at the same time as the HAS candles change colors. This helps me with timing as until the macd crosses the zero line the bars will not be changing.------------------------------------------------
TommyD: Hello!
What is the name of the indicator on YOUR CHART, overlaid on MTF HAS indicator. It looks like a william% range indicator. I would like to have this indicator.
Would you post this indicator for me, please. Thank you!
Sincerely,
rswamy4449
Opened at 161.54, exit at 161.12.
I meant what happened where you decided to exit? (example: one of the red bars turned blue again, I had a stop loss hit, etc.)
What are your exit rules?
I meant what happened where you decided to exit? (example: one of the red bars turned blue again, I had a stop loss hit, etc.) What are your exit rules?
I had a S/L hit...it was set to 40. I am still demoing...no harm, no foul.
I have been making some nice money on the original method, although I use it in conjunction with pivots. I use a 5 min timeframe. I am curious why we call the new method "scalping". I feel like the original method was a quick type of trade, while the new method involves waiting for the actual turnaround. Under the new method, depending on how you choose to enter you could have to wait out a retractment.
Also, under new method how do we know its not the beginning of a new trend? Exits will be very important. DOnt get me wrong, I love these methods, just want to thin more and make better
------------------------------------------------
TommyD: Hello!
What is the name of the indicator on YOUR CHART, overlaid on MTF HAS indicator. It looks like a william% range indicator. I would like to have this indicator.
Would you post this indicator for me, please. Thank you!
Sincerely,
rswamy4449Well that indicator overlayed on the MTF bars is an "overbought / oversold" indicator (TFX OBOS)but it actually belongs to someone that charges for their service so I can not post it here . Sorry.
I do find it's usefullness in that on a good setup at a trend turn it seem to nail the turn when coming out of an over sold or overbought condition. Of course in a prolonged trend it can remain in overbought or oversold territory like any other oscillator but that's really not it's function.
Probably some other oscillator would work as well..
Well that indicator overlayed on the MTF bars is an "overbought / oversold" indicator (TFX OBOS)but it actually belongs to someone that charges for their service so I can not post it here . Sorry.
I do find it's usefullness in that on a good setup at a trend turn it seem to nail the turn when coming out of an over sold or overbought condition. Of course in a prolonged trend it can remain in overbought or oversold territory like any other oscillator but that's really not it's function.
Probably some other oscillator would work as well..NO problem I can do.
Specially when someones want to earn money stolen other people work.
The indicator is J_TPO, freely available on forum.
There are several versions. It could be JTPOFast developed on Strategy Bulder forum or J_TPO_Velocity.
The link to the stolen indicators website is http://theforextruth.com/TFX.html
http://todaysforex.com/tfx1.htm
TFX Trend Bars is ASC Trend
TFX Reversal is (also) ASC Trend
TFX Pivot Pro is
TFX Pivot Points is LivChartFibPivots
Anyway, sometimes the seller is the problem but the buyer is also guilty or worst.
Renaming the two HAS methods
I have been making some nice money on the original method, although I use it in conjunction with pivots. I use a 5 min timeframe. I am curious why we call the new method "scalping". I feel like the original method was a quick type of trade, while the new method involves waiting for the actual turnaround. Under the new method, depending on how you choose to enter you could have to wait out a retractment. Also, under new method how do we know its not the beginning of a new trend? Exits will be very important. DOnt get me wrong, I love these methods, just want to thin more and make better
I couldn't think of a better name for them. Maybe I can ask you guys what names we should assign to these two different methods. Please post your comments on possible names for the two HAS systems.
Ok. On to your question. All trends must end. If we take a 4hr countermove and we confirmed that the highest TF on your platform that shows the desired direction is the monthly then I would exit on the monthly when it turns the first indication of an opposing color.
So in order to get stopped out that 4hr Tf entry must have gone one direction and never looked back to cause the monthly chart to turn opposite color. Yes you could argue this is suicide. I disagree.
Remember this event is so unlikely that by the time it happens I will already be up so many thousand pips. I also trade 10 currencies at once. If one trade goes sour I will probably lose a lot back but not all my profit.
This is what I think could happen:
1. We take a 4hr position and it was entered when the longer TF's were over extended. I believe some of us can tell when this is and some of us can't. If we do an EA the program will not look for these nuisances. So if the upper TF's are over extended it will be in a relatively shorter time before we get our exit signal hence a less impact on losing pips.
2. Look at your charts and see how many times the 4hr (medium TF) was the beginning of the end? I think if we trade off of the daily TF then this is more realistic.
Linuxser, thank you!rswamy4449
NO problem I can do.
Specially when someones want to earn money stolen other people work.
The indicator is J_TPO, freely available on forum.
There are several versions. It could be JTPOFast developed on Strategy Bulder forum or J_TPO_Velocity.
The link to the stolen indicators website is http://theforextruth.com/TFX.html
http://todaysforex.com/tfx1.htm
TFX Trend Bars is ASC Trend
TFX Reversal is (also) ASC Trend
TFX Pivot Pro is
TFX Pivot Points is LivChartFibPivots
Anyway, sometimes the seller is the problem but the buyer is also guilty or worst.
-----------------------------------------------------------------------
Linuxser: Good evening!
I got J_TPO Indicator on this forum (from your source). Great!
Thank you for your prompt help and guidance.
Sincerely,
rswamy4449
The first one in your list if you change the input to 14 is exactly the same..
So there it is .....