**Steinitz** Method Revealed Here - page 40
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I think most of us recognioze we have something good here for entry, but as with all systems, the key is exit, and we need to isolate some better exit rules.
That as well as qualifying the entry and this could be a very good, safe, workable system. In other words make the entry itself seperate from the entry signal. Think about ways to eliminate the bad entries and you will eliminate half the exit problems.
I would suggest looking at the overall trend, the weekly is probably the most important, look at the signal bars in the top left of the attached screen, it shows the trend is down! Trading with the trend increases your probability.
If you do trade against the overall trend I would recomend using a shorter time frame!
Hope this helps!Hey DelBoy,
I have the GMACD but without the analysis piecee on the end. Could you post this upgraded version, please? Thanks in advance.
GMACD Here It Is!
Hey DelBoy, I have the GMACD but without the analysis piecee on the end. Could you post this upgraded version, please? Thanks in advance.
This is the latest version I have, there is a setting for turning on and off the analysis!
This is the latest version I have, there is a setting for turning on and off the analysis!
Compiling this generated 36 errors. Are you sure this is the correct file?
Thanks
Compiling this generated 36 errors. Are you sure this is the correct file? Thanks
It runs fine on mine! But here is the ex4 file
This is the latest version I have, there is a setting for turning on and off the analysis!
Very much appreciated, DelBoy. It's good to see good old fashion sharing isn't hard to find on this board. Thanks again.
Post 516
Hi tracej
I agree with your post #516 & I take it a good advise in a very constructive
manner. The same thing has happened to me when I first started trading
FX. Now I follow only 4 pairs & on rare occassions one extra pair, but I never
have more than two trades going @ a time since I don't use set stops only
mental unless I need to be away from the screen more than a few minutes.
For me using HAS in its original form works the best. That is not to say the
new version is not working. Short term trend trades are what I seek & I never hold a winner until it become a loser. Longer term for me is 48 hrs &
beyond.
In 2005 & 2006 I was into longer term position trading & you will see some
really heavy draw downs that can really stress you out. During those yrs
my returns were very good, but near the end of 2006 flows in the market
seems to change & position trading became harder for me, so I changed
my style.
For the HAS METHOD there is not much I see that can be added
that could make them better unless the EA works. The more you add the
more complicated things become & I think STEINITZ intended this to be a
simple clean chart method that is easy to understand & trade.
Tks for your valued input & views.
$Trader
Finally finished reading this thread, thanks Steinitz for sharing this interesting method. But "scalping" without stoploss still sounds pretty dangerous to me. I have coded systems that works 95 percent of the time if using no stoploss, but the few times the trades went wrong would whip out the account.
If we enter on 4H and the trade went against us, when should we exit? Is it when daily trend turned against us or monthly? Or just wait until the trade become profitable? I guess it's about what the worst senario is and how often it happens.
It runs fine on mine! But here is the ex4 file
luvley jubley!
Mm
For exits traders of this system should be looking at money management rather than exits per se. I divide my trades into thirds, taking out profits as the trade developes. So, take a third out which will cover the spread and a bit more. The next I target a sup/res level and the rest I trail. Make sure you get paid for trading.