**Steinitz** Method Revealed Here - page 43
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Weekly Update
STEINITZ & everyone
I'm done for the week with +165 on 3 trades @ 1 lot ea. Some will say thats not much & you might be correct, but I satisfied. The bottom line is this
method works once you understand it.
If a trader cannot make money with this, well maybe they need to get out of
trading since this is a real simple & clean method to trade.
A Geat Weekend To All.
$Trader
Good job!
Anytime you can make that many pips on only 3 trades you've done a good job. The less trades you place the less chance of a loss. All you need to do is add lots to your positions. By making just 5% of your balance a day can get you millions in less than a year.
STEINITZ & everyone
I'm done for the week with +165 on 3 trades @ 1 lot ea. Some will say thats not much & you might be correct, but I satisfied. The bottom line is this
method works once you understand it.
If a trader cannot make money with this, well maybe they need to get out of
trading since this is a real simple & clean method to trade.
A Geat Weekend To All.
$Traderthank-you Johnny
3?
Just three trades $trader? Are you following just a couple of pairs? I take it thats three trades with the original method? Are your entries as per the original rules or have you modified them? You are obviously very disciplined.
thanks for the pictures. that clears it up.
have attached two images to look at since this should clear up a lot of confusion what these two different methods look like. The first "Original Method" is defined as taking two like color bars on the lowest TF's and the "Scalping Method" takes into account the trend already in place and takes counter trend trades.
I want to thank $Trader for his continuous support and contributions. We used to speak on another forum about trading and back then without even having a method or forum I knew he was good people. Now I come to know him better as we have bumped into each other on these forums.
He is very serious and passionate about trading and keeping accurate scores. He only trades live when he has thoroughly test and feels confident about his back tests.
I ask that $Trader please post some of his charts that show us what he is looking at when he enters his lower TF trades. I would be interested to see if he is trading the original method or the scalping method. I what like to make the judgment call be looking at his charts.
TIAA chart is better of thousand words.....
I have a question: in Scalping TS when exit? at change of lower TF (for example i'm long on E/U on 30min, when TF 30min turns red I exit?)
Thanks...
Steinitz, your opinion please
Attached is a usd/cad 15 min chart from today. I see the 4hr trend is down, so last night I see the 15 min is red but the 30 min and 1 hr are blue. You can see the 30 min shows 2 consecutive red with blue dot squares and finally a solid red, then I go short on the next candle. I'm still in short now for +56 pips. I might have closed this trade earlier except for the fact the 4 hr never went blue.
Steinitz, what would be your take on this trade? And I sure would appreciate anybody who wants to comment, good or bad.
HAS Method
Peter JFX
I am using the original version & have modified the rules somewhat,but for the
most part its original. There are several ways to play it, but I start on the
15M & look @ the 30M & if they & RSI @14 agrees I'm in. Now, for the
part that is really tricky. After entering I will look for signs of a change from
RSI & the 15M & 30M tf's. If I see any idication of a change & the trade is
already into some pips I will close. I do use the pivots as a guide as well.
Price will react to the pivot levels, so I take them into consideration before
taking a trade. We all know nothing is ever 100%, but this is a very tradeable
method. My exits will cause you to miss some pips, but if you are already up
20-25 why take a chance. Look @ the charts STEINITZ just posted & note
the 15M & 30M tf's.....I see some pips made before a change appeared. This
is a method that needs to be demo traded before you dig in live so as to see
how it can best work for your trading style. I have found that if you have 3
tf's in agreement, RSI agreeing & your @ the correct PIVOT LEVEL you will
profit. My trades are always 1-2 lot trades & I never trade more than 2 pairs
@ a time & 95% of the time I'm only into on pair @ a time. I just stay more
relaxed & stress free that way. Fellows I have been into forex over 8 yrs
as STEINITZ has & only getting into a real profit groove in the last 5, so I try
to trade with caution. Never blown an account, but have taken major losses due to MY MISTAKES.
coolhand
I will try to post some of my chart examples early next week as I am out for
the weekend shortly. Not to good @ posting charts, so may need some help. What I am explaining would be better seen on the charts.
STEINITZ
You have truely shared a great method & all that is needed is some practice
to better understand how the HAS works & it will provide the PIPS. I have
tried to explain what works for me, but the charts speak louder & would
present a much clearer picture. I appreciate your all your comments, views
& the fact you shared your findings. Some may never get this method down
& thats OK as what works for one may never work for another. We have all got to trade a method or system that we can related to & understand if we
are to ever be profitable in this business. Tks again for all you do & share
with your followers. Your Friend In Pip Land.
The gains this week from the....EUR/JPY, USD/CAD & EUR/USD.
$Trader
A chart is better of thousand words.....
I have a question: in Scalping TS when exit? at change of lower TF (for example i'm long on E/U on 30min, when TF 30min turns red I exit?)
Thanks...I exit with two things in mind.
1. How far away is the price in respect to the HAS candle. Retraction always happens and I just eyeball this.
2. Did I get my 25 pips minimum.
That's it. Remember I am making this simple. I don't rely on indicators for taking profit. Maybe there is a better way. Right now I am focusing in the best entries for the original method. I am satisfied with the scalping method.
Your Latest Chart
COOLHAND
You have just posted a masterpiece of a trade I would have taken. Look
@ the 15M & the 30M.....when they both are RED get IN SHORT. Now look
@ the results of that entry. I see PIP GAINS in the near term. That is
basicly what I do. Tks for that post. If you have made 20-25 pips on a
trade like that & it starts looking like its turning tp & close. Sure sometimes
its a fake signal, but I'm not risking it if I'm into the profit zone.
I'm out now. A good weekend to all.
$Trader