**Steinitz** Method Revealed Here - page 44
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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.
$Trader$trader,
Thanks for explaining the method. Can you please clarify the RSI(14) threshold for entering Long and Short?
Thanks.
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.
$Trader$Trader I have a couple of questions:
1. Did you have small losses that was part of the overall gains that you netted?
2. Do you ignore the previous colored bars when you take your trade based on the rules? This is a key question. I ask because by nature of my two methods it makes all the difference in the world what occurred earlier.
What I am getting at is this. If I see 2 bars of the same color like 15M & 30M and the upper TF's are opposite. Two things will happen. I will try to pick up the beginning of a new trend or I will be scalping because I am fading an opposite upper TF trend.
So to re-cap when you find two lower TF's with the same color you really need to decide what method you are following. I could spend the rest of our days together discussing this concept. By scalping it is crystal clear what I am trying to accomplish.
To use the original method we need to focus out discussions what the colored bars are doing on the earlier move and the upper TF's. This is more complicated then scalping 10 fold.
$Trader please ask us any questions you have to assist you in understanding image uploads.
Cool Hands
Nice entry Cool Hand. It looks like you have combined both methods, the scalping working from 4 hour top down method, with the HAS original method, but starting, not with the 5min but 15min (still top up method). But you got an earlier entry than if you had used the the scalping method.
Perhaps we need a third method where we take the main trend from the 4hour and rather than scaling down time frame by time frame until you see a different colour bar then waiting for the trend colour (which I understand the scalping method suggests). You simply whip it down to the lower time frames (but not too low to avoid whip-saw, unless the main trend appears on consecutively lower time frames.
Your comments please
Now to blow your mind!
Coolhand entered on the original method. But guess what. I see it as a Scalping method. We might have been off a few minutes from each other or maybe exactly the same. Hard to tell when you look backwards.
I have attached 3 images showing the top down approach which is reall the same as the bottom up. Look at the entries and upper TF trend. You basically did the same thing (ON THIS EXAMPLE).
These are the subtle nuances that need to be explored.......
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.
One last thing before I run for the afternoon. If you look at Coolhands chart and mine the rules would have stopped you out because of the three rows of blue bars. 15M & 30M & [1hr] went blue so you switch to the 30M and you stay in ONLY if you have a 1hr red. You don not here so you exit.
Im outta here......
Confused
Don,
The last chart shows entry off the 30 min. From my understanding of the top down scalping method, you work top down until a colour bar, that is the opposite colour to the 4hour. You then wait on the opposite coloured time frame for a bar to change to the 4 hour trend.
However, your entry shows that you have scaled down to the time frame to below the opposing colour.
Is this your modified entry or was this entry, to drop 1 TF below the TF of the opposite colour, part of the original scalping method (which I might have missed)?
Pete
Don,
The last chart shows entry off the 30 min. From my understanding of the top down scalping method, you work top down until a colour bar, that is the opposite colour to the 4hour. You then wait on the opposite coloured time frame for a bar to change to the 4 hour trend.
However, your entry shows that you have scaled down to the time frame to below the opposing colour.
Is this your modified entry or was this entry, to drop 1 TF below the TF of the opposite colour, part of the original scalping method (which I might have missed)?
PeteYes sir!
You drop 1 TF lower then the desired TF found. You apply your hand dandy alert that I have given out that was kindly coded for us and when you get your first color bar (main trend) you get in.
Cheers
i think that in the scalping method one thing that needs to be handled is when the trend changes at the highest level time-frame, which is usually the last to change when the three lower time frames have changed colors, especially since no stops are being used.
i think that in the scalping method one thing that needs to be handled is when the trend changes at the highest level time-frame, which is usually the last to change when the three lower time frames have changed colors, especially since no stops are being used.
By definition as you described your are exiting with a loss. I haven't seen that scenerio take place yet. I am hoping I will have made enough to offest any exit from that extreme.
Will see
Steinitz, thanks for the input
But there are a couple of reasons why I stayed in this trade even though three blue squares appeared. The attached chart is from the previous day. You will notice that the 1.1300 level revealed to be very strong resistance. Notice how many times the price was repelled. Also, there was no major news announcements Friday to cause any extreme price moves. For me, as long as the price did not make a convincing move above 1.1300 I was staying short.
Thanks for the great thread both here and on FF and also for the awesome trading method!
One last thing before I run for the afternoon. If you look at Coolhands chart and mine the rules would have stopped you out because of the three rows of blue bars. 15M & 30M & [1hr] went blue so you switch to the 30M and you stay in ONLY if you have a 1hr red. You don not here so you exit. Im outta here......