**Steinitz** Method Revealed Here - page 77
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I dont know what is so amazing about finding a setting on the MACD that corresponds to the candles changing colors, you can find a setting for MACD that will correspond to about anything.
and I would gues if the colors revert back you get a zero line reject on that MACD.
Trading statement attached
Hello again...
I am checking in to tell you that I opened a new trading account (demo) so that I can start off clean with no trade losses due to my errors in placing a trade incorrectly due to lack of experience with Metatrader. Once understood its a piece of cake. Every platform has its own nuisances.
I am staying with the "scalping method" as it fits my personality. I enter a trade and forget about it (Sapranos dialect). I shoot for 25 pips. Ok I am sure you guys want to here what is happening with the EA.
It is coded and working. I have seen the trading statements. I am not happy until it has all the bells and whistles that are needed to assure it is something that I can be proud of. Everyday Lee and myself think of just another piece of logic that we think is clever to add to the EA. The only way one thinks of these obscure scenarios is to run the darn thing and see something you would have never thought of manually.
This program is going to self check itself on multiple TF's before entering to make sure the conditions that were seen from the onset of an alert remain that way before the actual entry. It's cool code. In fact I am going to have a user defined TP amount that is going to be different for every TF found that became an alert to enter on. Higher TF's more TP to be expected and visa versa all done automatically.
So for those of you that are impatient (not many actually) I am sorry but if it has my name associated with it expect the best.
See new statement. Just 100 pips closed so far in one day. Sorry I couldn't do better.
perfect
Don, Glad to hear that you are taking your time and getting it done right. Thanks for your focus on this project.
Hello Steinitz
I followed you from FF. I'm having good success with your scalping strategy using M W D 4H time frames.
In putting together your EA and alert, would it be possible for the TP to be based on the ATR of the currency pair as well as the time frame?
For example, for a pair such as the GBP/USD with a ATR of 117, you would want a larger TP than for a pair such as the AUD/USD which has a ATR of only 74.
Could your TP be a percentage of the ATR, such as 25-30%? ( That would be for the 4H Chart).
Charlie
Hello Steinitz
I followed you from FF. I'm having good success with your scalping strategy using M W D 4H time frames.
In putting together your EA and alert, would it be possible for the TP to be based on the ATR of the currency pair as well as the time frame?
For example, for a pair such as the GBP/USD with a ATR of 117, you would want a larger TP than for a pair such as the AUD/USD which has a ATR of only 74.
Could your TP be a percentage of the ATR, such as 25-30%? ( That would be for the 4H Chart).
CharlieIf you want to expand on that I will be happy to look at the information. If you want to attach your ATR indicator please explain how to interpret the data. What I know about ATR has been written by Wilder. Keep in mind this will be user defined. If you set the pip amount and find your are being unrealistic or short changing yourself you can change the settings anytime. You can set it for every TF from 5M to 1month.
If you could vary the TP for each currency pair in #pips, that would be good as well. I was thinking using a % of the DAILY ATR would be easier ( for the trader, maybe not the programmer) since it could be a constant instead of changing it from pair to pair.
My experience with the HAS system has been limited to the scalping stategy using the 4H and H time frames. Since I am interested in grabbing just a portion of the entire move with a extremely high probability of success, I would think that 27% for the 4H chart and 15% for the H chart would be very realistic default settings.
GBP/USD Daily ATR 111 4H TP 30 pips H TP 17 pips
EUR/USD Daily ATR 68 4H TP 18 pips H TP 10 pips
USD/CHF Daily ATR 79 4H TP 21 pips H TP 12 pips
EUR/CAD Daily ATR 104 4H TP 28 pips H TP 16 pips
EUR/JPY Daily ATR 98 4H TP 26 pips H TP 15 pips
The advantage of using ATR would be that the TP would be proportionate to the daily range of the pair and it could be a constant from pair to pair. The trader could adjust the % based on his demo trading and risk tolerance.
Perhaps I am overcomplicating things .
If you could vary the TP for each currency pair in #pips, that would be good as well. I was thinking using a % of the DAILY ATR would be easier ( for the trader, maybe not the programmer) since it could be a constant instead of changing it from pair to pair.
My experience with the HAS system has been limited to the scalping stategy using the 4H and H time frames. Since I am interested in grabbing just a portion of the entire move with a extremely high probability of success, I would think that 27% for the 4H chart and 15% for the H chart would be very realistic default settings.
GBP/USD Daily ATR 111 4H TP 30 pips H TP 17 pips
EUR/USD Daily ATR 68 4H TP 18 pips H TP 10 pips
USD/CHF Daily ATR 79 4H TP 21 pips H TP 12 pips
EUR/CAD Daily ATR 104 4H TP 28 pips H TP 16 pips
EUR/JPY Daily ATR 98 4H TP 26 pips H TP 15 pips
The advantage of using ATR would be that the TP would be proportionate to the daily range of the pair and it could be a constant from pair to pair. The trader could adjust the % based on his demo trading and risk tolerance.
Perhaps I am overcomplicating things .I have come up with an idea that uses your suggestion. The EA will have two exit options.
1. Exit at a fixed pip amount for each TF OR
2. ATR period setting to be "X" periods
2a Each TF will be user defined to TP at 1 to 100% of ATR
This is a good addition to the software. If you have any comments that you want seen on the EA please post it here or privately. I will be keeping names of those who have done one or more of the following:
1. Created an indicator
2. Modified the indicator based on my needs
3. Suggested an idea for the EA that I will be using
4. Written an e-book of my methods
5. Compiled a word doc of prior threads on one or more forums
If this is you please PM me as I want to make sure I have not forgotten anyone who has contributed. There is a good reason for all this........
Pairs Traded
Drayco
The pair I trade are E/$, E/JPY, GBP/$ & $/CAD. These are short term & some
would call them scalp trades.
Since another trader posted a response about MACD may I add that MACD,
RSI, Stochastic & any other indicator is just that an INDICATOR & nothing more. Now uisng MACD with HAS seems to give some benefit, but you would
need to give it a go & see for yourself.
PRICE ACTION is what we as traders need to learn & not use so many indicators that will only clog up your charts & confuse your decision making
process. HAS METHOD is a stand alone METHOD if you understand PRICE ACTION. Well enough about PRICE ACTION as you could write a book about
that. I hope your week is a PIP Gaining one.
What you mean by "prior threads on one or more forums"???
I have come up with an idea that uses your suggestion. The EA will have two exit options.
1. Exit at a fixed pip amount for each TF OR
2. ATR period setting to be "X" periods
2a Each TF will be user defined to TP at 1 to 100% of ATR
This is a good addition to the software. If you have any comments that you want seen on the EA please post it here or privately. I will be keeping names of those who have done one or more of the following:
1. Created an indicator
2. Modified the indicator based on my needs
3. Suggested an idea for the EA that I will be using
4. Written an e-book of my methods
5. Compiled a word doc of prior threads on one or more forums
If this is you please PM me as I want to make sure I have not forgotten anyone who has contributed. There is a good reason for all this........What you mean by "prior threads on one or more forums"???
Prior threads of YOUR methods only or some other methods from OTHER Forums??? Would glad to help.......
God Bless us ALL........
ATR Options
Steinitz
I think giving the trader the flexibility to chose between # pips/TF and % of daily ATR would be good. The opportunity to chose the period of ATR would also be a plus.
Charlie