**Steinitz** Method Revealed Here - page 66
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steinitz, I understand what you're saying about spreading your risk with 10 pairs, but the logic still eludes me. Can you explain it a bit more? I suppose another way of asking it using a gambling analogy would be: Are you increasing or decreasing your risk of going bust by playing poker at 10 different tables at the same time? (Lets assume the casino allows it and you're able to keep up with 10 games simultaneously for argument sake)
Let's take blackjack. Let's say my bankroll is 20,000.00 with an average edge of 1.50%. Based off of "Kelly Criterion" which is the fastest way to double your bankroll before going broke I can bet one hand of 300.00 against one dealer's upcard or two hands of 225.00 each with exactly the same risk! When spreading to two hands I am keeping within the same "gamblers ruin" formula [chance of doubling ones bankroll before going broke] and are allowed to bet 50% more money since my risk is spread out to two independent hands.
With three hands played with the same edge you are allowed to bet 75% more money with exactly the same risk model. Now I can wager three hands of 175.00 each. It tops out at 3 hands by the way. Now in team play each player can perform this calculation but all team players must be on seperate tables or we end up overbetting since we are looking at one dealers upcard only which reduces our diversification.
Obviously you can use this to either make more money by wagering this way or wager no additional monies and the risk goes down. Your choice.....
Question for Bluto
A different twist on things based on pure price action. Add these two exploratory indicators to your \experts\indicators folder. Place the "MTF Blutonian_Throttle" on your chart and nothing else. Set your chart to the M1 TF. Perform righteous low-level scalping right on up to the H1 TF using the traditional bottum-up 4 MTF HAS Bar method.
Hi bluto....I read many of your posts with interest and appreciate your talent and sharing. I wonder if you would please clarify something for me.
I have downloaded your 2 indicators and setup a chart with MTF_Blutonian_Throttle only and have tested this individually and also tested to compare it with the regular 4_TF_Has_Bar. In all TF's there are considerable differences between the 2 indicators, with the Blutonian generally giving later signals, thus keeping you in trades longer, which sometimes can be a plus (when the trend returns/continues in your direction) and other times a minus (by exiting later when trend turns against you).
As a result of this, the colors often differ from the Heiken_Ashi_Smoothed bars (not that it matters if you are not using it). At first, I assumed that you are simply using longer MA's, but now I am not sure, as there have been instances where the Blutonian produced an earlier signal, which I find very interesting.
Will you please explain what the main differences are and what are the advantages of using it?
Also, the Blutonian_Throttle indicator would appear to serve no other purpose than act as support for MTF_Blutonian_Throttle, as I cannot get this to open and interact with a chart in any way. However, it does have 2 different colors selected in it's settings, which makes me think it can display and serve some other purpose. Am I missing something?
I would appreciate a reply and thank you in advance.
I would also like to take this opportunity of thanking Don Steinitz for sharing and his unwavering dedication and the hard work he has put in so far in his search to improve and finalise his system. Also thanks to Lee and all the many others who have contributed thus far.
johnny
cheers
Cheers Arnold, I think you can use the FX Snipers MA so that the EMA changes colour if going up or down.
thanks CiTiFx, I was looking for that.
bluto's signals on steinitz system!
A different twist on things based on pure price action. Add these two exploratory indicators to your \experts\indicators folder. Place the "MTF Blutonian_Throttle" on your chart and nothing else. Set your chart to the M1 TF. Perform righteous low-level scalping right on up to the H1 TF using the traditional bottum-up 4 MTF HAS Bar method.
Hi bluto....I read many of your posts with interest and appreciate your talent and sharing. I wonder if you would please clarify something for me.
I have downloaded your 2 indicators and setup a chart with MTF_Blutonian_Throttle only and have tested this individually and also tested to compare it with the regular 4_TF_Has_Bar. In all TF's there are considerable differences between the 2 indicators, with the Blutonian generally giving later signals, thus keeping you in trades longer, which sometimes can be a plus (when the trend returns/continues in your direction) and other times a minus (by exiting later when trend turns against you).
As a result of this, the colors often differ from the Heiken_Ashi_Smoothed bars (not that it matters if you are not using it). At first, I assumed that you are simply using longer MA's, but now I am not sure, as there have been instances where the Blutonian produced an earlier signal, which I find very interesting.
Will you please explain what the main differences are and what are the advantages of using it?
Also, the Blutonian_Throttle indicator would appear to serve no other purpose than act as support for MTF_Blutonian_Throttle, as I cannot get this to open and interact with a chart in any way. However, it does have 2 different colors selected in it's settings, which makes me think it can display and serve some other purpose. Am I missing something?
I would appreciate a reply and thank you in advance.
I would also like to take this opportunity of thanking Don Steinitz for sharing and his unwavering dedication and the hard work he has put in so far in his search to improve and finalise his system. Also thanks to Lee and all the many others who have contributed thus far.
johnny------------------------------------------------------------------
johny: Hello!
Regarding te bluto's indicators, in my observations with USDJPY and GBPJPY 1min charts, my results are other way round.
I mean, In my case, I could see, bluto's indicators are giving me an early signals, compared to HAS signals.
Of course, others need to confirm these observations with the time and using other pairs.
Sincerely,
rswamy4449
PS: Here is the screen shot!
My suspicion is that which was already spoken of. If you take any oscillator and change the inputs to a longer or shorter number of bars to compute you will absolutely drive yourself crazy with which one to use. One will get you in early the other later. On exits the same thing. With less bars to look at expect early entries and whippy signalsand visa versa.
I've been down that road a thousand times. The most important thing to understand is to develop an indicator and stick with those settings and learn by using it over and over again until you can almost anticipate it's next move.
That is the key in my opinion to successful trading.
Bluto's indicators!
------------------------------------------------------------------
johny: Hello!
Regarding te bluto's indicators, in my observations with USDJPY and GBPJPY 1min charts, my results are other way round.
I mean, In my case, I could see, bluto's indicators are giving me an early signals, compared to HAS signals.
Of course, others need to confirm these observations with the time and using other pairs.
Sincerely,
rswamy4449Hello rsamy,
I agree, in many instances bluto's signals can be one or two bars earlier than HAS, but can more often than not be as many as 3-6 bars later when changing back again. In other words, they usually hold a color longer, often ignoring the 1-3 HAS bar color changes. Earlier entry, but later exit can of course be self-defeating.
The method I used for observing this was to set up 1 Bluto and 1 HAS chart (which included Heiken_Ashi_Smoothed), lining them up horizontally on the screen, both GBP/JPY set at M1 and simply looked along the bottom line of each for color changes, ignoring any potential trade setups. For this exercise I had candles displayed on the charts, as it is easier to calculate the pip differential the various color changes provide.
I am curious as to whether this indicator offers any benefit or not, because if there is, then no doubt the HAS could be tweaked accordingly and if not, we are simply getting off track with what we are striving to achieve in this thread.
johnny
Can you guys suggest to me what you feel is the best way to present documentaion and chart images to be put into am e-book of sorts.
I want to shortly put a complete instruction manual together and need your ideas which is the best way to go.
I need links where to purchase the programs. So far I am beta testing "Snagit" which transfers snapshots to my word doc file.
Any suggestions is appreciated.
P.S. Keep those PM's coming for membership. We are over 200 now.you could just do a screen shot (PrtScr SysRq) and then use paint shop (windows standard image gear) to crop it and save as a jpeg, then open the image onto word.
A different twist on things based on pure price action. Add these two exploratory indicators to your \experts\indicators folder. Place the "MTF Blutonian_Throttle" on your chart and nothing else. Set your chart to the M1 TF. Perform righteous low-level scalping right on up to the H1 TF using the traditional bottum-up 4 MTF HAS Bar method.
Hi bluto....I read many of your posts with interest and appreciate your talent and sharing. I wonder if you would please clarify something for me.
I have downloaded your 2 indicators and setup a chart with MTF_Blutonian_Throttle only and have tested this individually and also tested to compare it with the regular 4_TF_Has_Bar. In all TF's there are considerable differences between the 2 indicators, with the Blutonian generally giving later signals, thus keeping you in trades longer, which sometimes can be a plus (when the trend returns/continues in your direction) and other times a minus (by exiting later when trend turns against you).
As a result of this, the colors often differ from the Heiken_Ashi_Smoothed bars (not that it matters if you are not using it). At first, I assumed that you are simply using longer MA's, but now I am not sure, as there have been instances where the Blutonian produced an earlier signal, which I find very interesting.
Will you please explain what the main differences are and what are the advantages of using it?
Also, the Blutonian_Throttle indicator would appear to serve no other purpose than act as support for MTF_Blutonian_Throttle, as I cannot get this to open and interact with a chart in any way. However, it does have 2 different colors selected in it's settings, which makes me think it can display and serve some other purpose. Am I missing something?
I would appreciate a reply and thank you in advance.
I would also like to take this opportunity of thanking Don Steinitz for sharing and his unwavering dedication and the hard work he has put in so far in his search to improve and finalise his system. Also thanks to Lee and all the many others who have contributed thus far.
johnnyI only posted those indicators as "playtoys" in the spirit of the 4TF HAS Bars which has a UI I dearly adore. In retrospect, I should probably have kept them to myself or elsewhere since they're very early in their inception and to avoid distracting from the general theme here. Sorry for the confusion if any. By all means, these are not intended to augment or confirm the Steinitz HAS methodology presented in this topic thread...those indicators and methods are the drivers here.
Having said that, I've spent tons of time recently exploring this whole multi-TF alert system and have gone in an absolutely completely different route at achieving MTF cascading and corroborating signals in a multi-bar wrapper indicator with alerts and without the extreme overhead of 4TF HAS Bars 1 & 2. In fact, it completely deviates from the Heiken-Ashi methodology which is in fact composed of multiple underlying MA's. My approach uses momentum, price action and linear regression angles. The Blutonian Bars I posted yesterday are elementary to what I've completed today. I'll toss a screen shot up later if anyone is curious as to what they look like but the accuracy is astonishing and fully supports the top-down / bottom-up HAS style of trading either manually or via an EA. The price indicators had to be solid first, so now onwards and upwards to the EA for the order processing & money management.
Cheers!
Hi Bluto,
I'm interested in any MTF system, since I believe (as a newbie, mind you) that MTF is fundamental to success. Further, I believe that studying any one MTF system can only enhance the study of another. I think also that most of us would be interested in anything that you develop.
Since what you are working on is an entirely different methodology from HAS, perhaps it would fit here as a parallel study in, as you say, the same spirit as 4TF HAS bars, or perhaps on the other hand it should be in its own thread. For myself, I'd very much like to see what you're working on, here OR in a separate thread.
If you do start a thread, please notify us here. I for one would like to follow both ideas. I'd also like your method and rules spelled out in an elementary manner for those of us hampered by inexperience and ignorance.
Cheers back to you.
Thanks Bluto!
Thanks for the comprehensive explanation Bluto. From the basic indicator I downloaded yesterday, I recognize it has great potential, so I would be very intested in keeping current with all of your further development and improvements.
From reading various threads on this Forum, I realize many people hold you in high regard when it comes to indicator development and programming. So I thank you once again for sharing and look forward with interest to your future posts in regards to the Blutonian development.
johnny