**Steinitz** Method Revealed Here - page 21
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How do I interpret this?
Thanks to everyone contributing to this thread. I have been playing with the chart settings. I am attaching a USDJPY chart with the HAS indicator with default settings. How do I enter trade in this case? There are multiple opportunities in this chart to enter a trade (per the rules). However most of them are false. How do we filter these cases?
Thanks for your help.
Thanks to everyone contributing to this thread. I have been playing with the chart settings. I am attaching a USDJPY chart with the HAS indicator with default settings. How do I enter trade in this case? There are multiple opportunities in this chart to enter a trade (per the rules). However most of them are false. How do we filter these cases?
Thanks for your help.
If you were trying to trade this with the original method you would have gotten whipped. However, if you are scalping which I prefer using then it would have been an easy winner.
The overall trend is long all the way up to the monthly. In that mess you would have drilled down to see a 4 hr counter trend. You would of entered on a 1hr Tf at 119.09 and the high of that move was 119.53 at 4/11/07 @ 20:00hours.
Next!
Important aspects of this method !
Here is an important key to the vault concept regarding scalping and the "fine tuning" method. When you drill down one TF lower then the initial TF that was found for the entry make sure you don't enter in a parabolic move.
If you do you have entered late. You have missed the train leaving the station and won't make much in the trade. So if you find yourself hearing the alert and you see that big ass move just "forget about it" and move on.
You can always drill down TWO TF's lower then the desired TF and will often times avoid the initial spike. However where there is a bonus there is also a booby prize. If you do scale down TWO TF's lower to enter you will sometimes catch an early entry that is a fake out.
Don't worry as ANY ENTRYthat wasn't entered on a parabolic spike is ALWAYS preferable to just getting in at a random entry like I have been doing to save time.
My opinion
Thanks to everyone contributing to this thread. I have been playing with the chart settings. I am attaching a USDJPY chart with the HAS indicator with default settings. How do I enter trade in this case? There are multiple opportunities in this chart to enter a trade (per the rules). However most of them are false. How do we filter these cases?
Thanks for your help.
In My opinion fxd01 I would not even be looking for a trade in that chop and slop. All you will get is beaten to a pulp. The key here, as I see it, is to be patient and wait for the nice trend set-up. That is where you will make your money. Steinitz is right about the longer time frames but remember you do not HAVE to be in a trade every day. Some days just do not reveal the proper set-up. For instance, any day before a major news announcement, or like this past Wednesday when Bernanke was giving a speech, or Trichet on Thursday. The indicators are great but you still have to aware of the fundamentals. They are what drive prices. In my experience, I could make a decent living off of 2 or 3 good trend trades a month. Hell, on my demo I made $3800 on Friday alone. The key is to recognize the trend trades and make your money. That is where experience comes in, something I'm working towards.
You're welcome
O yeah that is really nice. Thanks for the help coolhand!
Anytime my friend. If you need any help. just let me know. You have helped me more than you know.
Invalid attachment?
Hey Linuxuser, I get an invalid attachment message when I try to open your link. Can you try it again?
Maybe it was because I was editing the post.
Try now.
No problem!
Maybe it was because I was editing the post. Try now.
The charts showed up on the screen now.
No problem!
coolhand, thanks for the indicator and the explanation.
I have tried every pivot, camarilla, fibo indicator I could find, and this one is the most accurate. It only plots pivots for the current day so you can't go back in time but who cares? I am still amazed at the price action around the pivots. It has helped me to plan trades with a 70% accuracy.
this pivot indicator is the best time for pivots can be changed it also has camilla also