**Steinitz** Method Revealed Here - page 57
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Announcement !!!!!!!!!
Per your requests I have attached all my newest indicators, templates and referance material on the first few pages of this thread. I needed three seperate posts to complete the attachments. Post #1, 3 & 4
Thanks for sharing all the hard work
Thanks STEINITZ these look great!!!!!
Stienitz, can You please tell me Your latest version to this fabulous method of Yours?
Thanks. Youv'e really helped a lot of traders!
2nd Method
BTW, because I hadn't fully read about Don's second method of Scaping the market I thought I was using the original.
This isn't true. I have been using his Scalping method on most of my trades. I just found it was best, by doing my on testing and then I re-read his method and I was doing this by accident.
Sorry if I misinformed any one.
bluemoon21
50pip lines from the open
For David_T,
50 pips UP from the open and 50 pips DOWN from the open. BUT don't place too much faith in these because Guppy [and others] will travel thru them a lot of the times. Like Pivot Points etc they are a good place to take profit from IF you are in a SCALPING time frame, IF you have pips in the bag on an small Intraday time frame.... IMHO
For people who are trying to write EA, indicators or can't get their chart working:
There is a much easier way to determine the color of the bars: look at how they are calculated. The bars are a cross of two moving averages.
MA period 6, method 2. (I'll call this SlowMA - red)
MA period 2, method 2. (I'll call this FastMA - yellow)
HeikenAshi uses a derived method of drawing the bar. Some people like it more, but I don't see much point. The color of the bar is determined by a very simple method. If FastMA is above SlowMA, the color is blue. If FastMA is above SlowMA, the color is red.
The entry system therefore is a simple MA cross.
Calculate the MA Cross for multiple timeframes, and you have all of your entry points in a few lines of code. As the consensus seems to be, the issue is the exit point. Some people think an MA cross is historically accurate but unimportant in prediction, I take a fairly extreme position in this regard. The HAS system has additional lag on entry because it recommends the use of closed bars to avoid repainting. At the least an MA cross is a 'weak indicator' of future performance.
I personally consider the "exit" to be important, and I consider SL to be important as well. It would be easy to post only gains with no SL, you simply wait for the trade to go positive before you close the trade. If this is done, one should try very hard to avoid extreme highs and lows of the market to avoid a 'permanent loss'. How many people are waiting for EURUSD to return to 0.9000? Probably none that are still in business.
I can make an EA that has a random entry in the middle of the market, only closes on profit and narrowly avoids complete account failure if anyone is interested.
I attached an image to demonstrate the MA settings changing color of the indicator.
I went over the chart, picking second bar enter, second bar close.
Worst is the peaks and valleys against the trade.
Best is the peaks and valleys for the trade.
Probable is the Open to Open - this is the soonest you could react to an already drawn (non repainting) bar.
Here is the win:loss for "probable"
B breakeven
S loss
B loss
S win
B loss
S loss
B breakeven
Another great week!
Not been here for a while! Have been spending all my time trying to perfect the original Steinitz Method, just using the 5min timeframe as I like to view multiple charts to maximise opportunities until such time as we have an EA!!
The attached chart shows the progress so far!! It's working realy well, but still not totally happy with exits! Will we ever!!
Keep up the great work guys
-Exits
I find a combination of pivots and 5 min tf bar changes work well. The GBPUSD this Europe & London AM was a classic example of how well the camarilla pivots work. If I get a red bar on 5 min for exit but we are nearing a pivot, I stay in until it is reached regardless of the red bar. Its nice to be able to scale out of a move too, so you get out with some profit if price then goes against you, or make full use of the move if price continues.
Per your requests I have attached all my newest indicators, templates and referance material on the first few pages of this thread. I needed three seperate posts to complete the attachments. Post #1, 3 & 4
Hi,
Just a suggestion.
Make a zip file of all indicators and put it on the first post so you don't need to put the material on 3 posts.
Good Luck!