**Steinitz** Method Revealed Here - page 23
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HI steinitz! Are you sure that MTF HAS doesn't repaint???
It has already been proven that it doesn't repaint. Check out the code.
Also, you have to remember that on the 1 minute TF it will have to go through 5 squares before the 5 minute is finalized. If I have it right, you have to look at the last 5 squares on the 5 minute (if you are on the 1 minute TF) to get an accurate picture of the 5 minute.
about the scalping system if we ve the monthly red but the weekly and the daiy are blue here which trend we use ?short or long for intraday scalping? thanks
You have 2 higher timeframes in a row that are blue. I would look for a long entry. you won't get as many pips, but you also won't have to wait as long for them.
...it won't be long now.
You gotta admit, it's one sexy chart. Thanks to everyone on both forums that contributed.
Chart1
If you notice the turning point in the middle of this chart, the nonlagMA and the MegaTrend line both show a (possible) reversal 1 block before the HAS. I forgot who it was that gave these but it enhances the buy/sell signal very nicely.
Now if my other chart software would have this kinda flexibility I'd be set. I mean this chart below is one beautiful chart. And if you notice I have 10 time frames. I was thinking of this method before I came across it yesterday. That is look for trends on different time frames in order to catch movements.
Chart2
But here it is all neatly packaged with a bow.
THANK YOU ALLWhich line is the nonlag ma and which is the megatrend? Just curious.
Thanks.
HI steinitz! Are you sure that MTF HAS doesn't repaint???
No repainting. This was settled awhile ago. I have a screenshot program that gave my 500 + charts automatically saved to look through.
Were good......
about the scalping system if we ve the monthly red but the weekly and the daiy are blue here which trend we use ?short or long for intraday scalping? thanks
You can throw out the monthly TF and act like it doesn't exist. Now using the daily as the main TF direction and drill down from there. Keep in mind that I would do this gingerly since when the monthly decides to move it will be the dominant TF and all others will be fighting a battle eventfully succumbing to the monthly trend direction.
Important announcement on risk
Remember when you start with 1MN and drill down to the desired spot to use as the entry you will get out with either:
1. A TP you assigned ahead of time (depends on Vol of currency pair and Tf you are on)
2. The 1MN (highest TF you started with) turn opposite color. This would be a loss of course. I have not been close to seeing this happen. I have had drawdown as much as 175 PIPS but came back to profit. It would be very difficult to start on a 30M and find you couldn't scalp 25 pips before the monthly turned on you.
Remember spread out your trades among many currencies. Don't ever trade too many lots on one currency because you think it looks like a homerun. This way you will have a mutual fund per se of a basket of currencies reducing fluctuations since you will not be heavy in any one currency and not be overlapping or compounding risk on the same currency.
You don't mind having a floating drawdown on that currency because you have spread out your risk. You might decide 1% to 5% of your total equity is what you want riding. Ok just divide that $ by the numbers of concurrent trades.
In blackjack by playing multiple hands we were able to bet more money with the same standard deviation risk model. Example:
2 percent edge on a hand with a 10,000.00 bankroll = one hand of 200.00 bet. But with two hands played we could bet 50% more money with exactly the same risk. We could bet two hands of 150.00 each thereby increasing our action and increasing out earn per hour with same risk.
You have to love this. With three hands we were able to bet 75% more money with same risk.
Therefore since you are spreading out your bankroll over the entire currency spectrum you can expect since all currencies are not correlated to each other you can wager more this way and lower your bankroll fluctuations.
Cheers
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Thanks
Don, what pairs are you trading? Do you have no concern over the correlation between pairs such as EUR/USD & USD/CHF since these are nearly mirror images of each other? If you lose on one you should lose on the other since they move in lockstep almost. On lots of the pairs it seems you would find yourself overexposed and basically end up with the same results as trading large on a single pair.
Just a concern I do have. Seems we should only trade pairs with low correlation.
Thanks,
Don, what pairs are you trading? Do you have no concern over the correlation between pairs such as EUR/USD & USD/CHF since these are nearly mirror images of each other? If you lose on one you should lose on the other since they move in lockstep almost. On lots of the pairs it seems you would find yourself overexposed and basically end up with the same results as trading large on a single pair.
Just a concern I do have. Seems we should only trade pairs with low correlation.
Thanks,I couldn't agree more with you. I just started years ago with:
EUR/USD
GBP/USD
AUD/USD
USD/CAD
USD/CHF
USD/JPY
EUR/CHF
EUR/JPY
GBP/JPY
CHF/JPY
Yes I have overlapp. But to strictly enforce non correlated pairs you would need a broker who has those pairs available. Also the spread and liquidity could pose an issue. GFT has a lot of pairs......
FF down it seems
Trying to answer a question on FF. Site down from what I see......