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Scalping Technique Made Easy

  • #41
  • Jun 23, 2007 5:20pm Jun 23, 2007 5:20pm
Quoting bagovino
Steinitz,

Glad to see you back.... I'm confused with your rules. Can you please post a clear discription of your system?


Thanks,
B.
Hey Bags!

To view my system (EA) you can go to this link:

http://www.forex-tsd.com/commercial-...method-ea.html
  • #42
  • Jul 5, 2007 8:56pm Jul 5, 2007 8:56pm
Fantastic system... I am doing extremely well with it and very pleased with
Don's support.

Highly recommend this system!!!
  • #43
  • Jul 6, 2007 3:00am Jul 6, 2007 3:00am
hi all,

I'm confused here (maybe it's because of my lunch) ... I've already got the HAS indicators/templates up and running.

Are we going WITH the trend here (entering by catching the opposite color) or are we going against?

Cheers!
  • #44
  • Jul 7, 2007 6:17am Jul 7, 2007 6:17am
Quoting FXCaesar
hi all,

I'm confused here (maybe it's because of my lunch) ... I've already got the HAS indicators/templates up and running.

Are we going WITH the trend here (entering by catching the opposite color) or are we going against?

Cheers!
Ceasar..

You are trading with the major trend but entering on the counter trend at the first sign of a trend change (with the trend). Example: Monthly, weekly, daily are blue (long) and the first counter trend is the 4Hr TF which is red. You now drop down to 1Hr TF and wait for the first blue candle to enter on.

That is a very simple explanation.

Don
  • #45
  • Jul 7, 2007 7:54am Jul 7, 2007 7:54am
Quoting steinitz
Ceasar..

You are trading with the major trend but entering on the counter trend at the first sign of a trend change (with the trend). Example: Monthly, weekly, daily are blue (long) and the first counter trend is the 4Hr TF which is red. You now drop down to 1Hr TF and wait for the first blue candle to enter on.

That is a very simple explanation.

Don
You threw me for a loop with this explanation. I thought I understood it until I read this.

If M, W and Daily are blue and 4H is red, why not wait for the 4H to turn blue and enter on it?

OR

If the 4H is being used as the main trend indicator and it is red. Why not drop down TFs until you find a blue, wait until it turns red (to match the 4H) and enter on it?
  • #46
  • Edited 8:44pm Jul 7, 2007 11:41am | Edited 8:44pm
Quoting billbss
You threw me for a loop with this explanation. I thought I understood it until I read this.

If M, W and Daily are blue and 4H is red, why not wait for the 4H to turn blue and enter on it?

OR

If the 4H is being used as the main trend indicator and it is red. Why not drop down TFs until you find a blue, wait until it turns red (to match the 4H) and enter on it?
Good question.

The method has the ability to do either one. I prefer dropping down one lower TF then the alert TF (first counter trend found) to enter on a more timely or sensitive movement. You can enter either way and the EA is programmable to handle both entries.

I want to get in as quick as possible while counter trend trading.

Thanks

Don
  • #47
  • Jul 7, 2007 8:48pm Jul 7, 2007 8:48pm
I am attaching all my indicators for my "Steinitz HAS MTF" method. Please start here on the thread as I have come a long way and this is a good point to begin unless Merlin decides to put this in the recycle bin.

Don
Attached File(s)
File Type: mq4 Heiken_Ashi_Smoothed.mq4   4 KB | 1,825 downloads
File Type: mq4 MTF HAS Bar Lower A.mq4   9 KB | 2,243 downloads
File Type: mq4 MTF HAS Bar Lower B.mq4   7 KB | 2,099 downloads
File Type: mq4 MTF HAS Bar Upper A.mq4   9 KB | 2,131 downloads
File Type: mq4 MTF HAS Bar Upper B.mq4   7 KB | 2,118 downloads
  • #48
  • Jul 8, 2007 2:39am Jul 8, 2007 2:39am
Great to have you here, Don!
Thanks for sharing the great work.
We really appreciate it.
Have a good one!

FXS
  • #49
  • Edited 1:26pm Jul 8, 2007 12:21pm | Edited 1:26pm
Howdy again, Don!

Two questions:

1) Could this type of setup (MTF) be of any use to see
the different TF's at a glance?

2) Which direction is E/J going?... Just kiddin'.

Have a great week!
FXS
Attached Image (click to enlarge)
Click to Enlarge Name: ej stein.jpg Size: 115 KB
  • #50
  • Jul 8, 2007 2:09pm Jul 8, 2007 2:09pm
You absolutely could use the indicators that way. It is a useful to determine trend based on what the HAS is looking like. Remember I use it to trade counter trends only. That way I can enter very timely and take advantage of every dip & rally I see.

Learn the manual way first and later you can progress to my EA. There is so much to this method that am invite all seasoned traders and newbies to post questions. Let's get this thread rocking n' rolling!

Cheers!

Don
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EUR USD MN TF LONG.jpg Size: 40 KB
Click to Enlarge Name: EUR USD WK TF LONG.jpg Size: 44 KB
Click to Enlarge Name: EUR USD MN TF SHORT.jpg Size: 51 KB
Click to Enlarge Name: EUR USD WK TF SHORT.jpg Size: 51 KB
  • #51
  • Jul 8, 2007 3:04pm Jul 8, 2007 3:04pm
Mr. Steinitz, You have a very interesting system indeed.I'm wondering which indicators to use, the one's you referred to in post 12 which was 4TF HAS Bar, 4TFHAS bar 2, or the one's you have in post # 47? Thank YOU
  • #52
  • Jul 8, 2007 3:57pm Jul 8, 2007 3:57pm
Quoting lastchance
Mr. Steinitz, You have a very interesting system indeed.I'm wondering which indicators to use, the one's you referred to in post 12 which was 4TF HAS Bar, 4TFHAS bar 2, or the one's you have in post # 47? Thank YOU

Thanks for the question.

This thread is not well organized and I am unsure how to fix this. It is a sensitive area. But for now yes please use the indicators in post #47.

I will post the manual method on the next post. Be right back!

Don
  • #53
  • Jul 8, 2007 3:59pm Jul 8, 2007 3:59pm
1. We use the indicator Heiken Ashi Smoothed or "HAS". Settings 2/6/3/2
2. I also use the "multiple time frame" "HAS" bars to show me the various TF's at one glance.
3. I start with the longest time frame that I have interest in. In this case I will use the monthly TF.
4. We pick a shortest time frame to use to end the search in my example I will use 30 minutes.
5. The approach is to determine what the trend is on the MN TF. Let's say its blue or long. Now we drop down one TF at a time until we come to the first counter trend. We are looking for a red candle.
6. Once we have this red candle we call this the "alert TF". This is the TF we are attempting to trade.
7. We now drop down one more TF and wait for the first sign of a candle that turns blue. We drop down to this lower TF since we want to act quickly to the first sign of a reversal in the direction of the main trend (MN trend).

Let me stop here and see if anybody has questions before I get into the take profits.

Don
  • #54
  • Jul 8, 2007 4:20pm Jul 8, 2007 4:20pm
I been trading this pair for awhile, not with this system though. My question is how would you interpret the current situation according to your system. I see monthly, wkly blue, daily red, all lower frames down to 5 min. blue? Thank YOU
  • #55
  • Jul 8, 2007 4:35pm Jul 8, 2007 4:35pm
Quoting lastchance
I been trading this pair for awhile, not with this system though. My question is how would you interpret the current situation according to your system. I see monthly, wkly blue, daily red, all lower frames down to 5 min. blue? Thank YOU
The monthly is the highest TF. Therefore we take all trades as long ones ONLY! You go down one TF at a time until you see the first RED bar. This can be unclosed or closed. I prefer closed.

Since in your example the daily is RED that is the TF that is correcting. It is selling off. It's a beautiful thing to see 8 TF's all at once refreshing automatically.

Now we drop down to the 4Hr TF and wait for the first blue candle. Again this can be closed or unclosed. I prefer unclosed. I will tell you that if you want a better entry confirmation you should pick closed candle on this lower TF.

Don
  • #56
  • Jul 8, 2007 4:47pm Jul 8, 2007 4:47pm
I really like using MTF's. One more question on your answer please? I hope I don't annoy you because I truely wish to under stand your thinking especially with the many variations this system can be used for. Monthly, wkly blue, daily red, all lower time frames blue also, drop down to 4hr ,it is already blue from 7-6-07, so don,t enter now, should have entered Friday? Thanks
  • #57
  • Jul 8, 2007 5:08pm Jul 8, 2007 5:08pm
Quoting lastchance
I really like using MTF's. One more question on your answer please? I hope I don't annoy you because I truely wish to under stand your thinking especially with the many variations this system can be used for. Monthly, wkly blue, daily red, all lower time frames blue also, drop down to 4hr ,it is already blue from 7-6-07, so don,t enter now, should have entered Friday? Thanks
I don't understand the question?
  • #58
  • Jul 8, 2007 5:58pm Jul 8, 2007 5:58pm
I'm using the USD/JPY for a current example. Earlier I gave the indicator readings for this pair in current status, mnthly blue,wkly blue, daily red, all time frames below daily blue. You said since daily was red, drop down to 4hr to wait for blue conformation, the 4hr turned blue this past friday 7-06-07. Would you have entered on fridays signal and held over the weekend or what? Sorry for the misunderstanding, Thanks
  • #59
  • Jul 8, 2007 7:13pm Jul 8, 2007 7:13pm
Quoting lastchance
I'm using the USD/JPY for a current example. Earlier I gave the indicator readings for this pair in current status, mnthly blue,wkly blue, daily red, all time frames below daily blue. You said since daily was red, drop down to 4hr to wait for blue conformation, the 4hr turned blue this past friday 7-06-07. Would you have entered on fridays signal and held over the weekend or what? Sorry for the misunderstanding, Thanks
Great observation!

I actually looked at the chart when explaining the manual method to a member recently. Yes the manual or EA would take that trade. You would have entered on 4Hr at around 122.92 and set a TP for 60 Pips. It went to 123.50 as the high. Depending on where you entered you would have TP perfectly or missed it by a few pips.

If you missed TP you stay in the trade since your Max TF (Monthly) is still blue and had a DD to as low as 122.14. It is now at 123.45 as I write this.

So it is a good trade.

Don
Attached Images
  • #60
  • Jul 8, 2007 7:29pm Jul 8, 2007 7:29pm
Thanks for the answer Mr. Steinitz, that was my thinking but wanted to clarify. I have more questions to come but later , thank you for your time .
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