Craig Harris Stochastics Method
This is a new discussion group that will be discussing how Stochastics is used with a program created by Craig Harris. Many of you will be following from the Forum named Stochastic Secrets (Discussion Group) started by Red Trader. Great Forum and great participants.
I was fortunate enough to be invited by Compassfx.com to attend a webinar they recently offered. One of their key speakers was Craig Harris. He looks at the market differently than most traders and was willing to share his years of experience with us. This discussion will open your eyes and expand your thinking about the Forex market and how to trade it. I found it simple but profound !
I would like all members to go to FXDD.com and download a Demo Account. Use the MetaTrader 4 Platform. While we're discussing every day various aspects I would like you to see exactly what I'm seeing. There will be less confusion if you would please do that.
I will be posting some custom indicators as well as some videos as we progress. Craig teaches on the GBP/USD 15 minute chart. I will discuss what he discussed using his rules/recommendations. I have made personal modifications to suit my personality and trading style. I will discuss those too.
I lost between 60-70 of my vision about 10 years ago so I may post in a little larger Fonts. Please do not complain.
I live in Oregon and only trade usually 1-3 times a day.
I'll respect you and I expect the same from you. No name calling or put downs please of other members. If you are not happy here please quietly move on.
We would love to have you become a participating member where we can share and learn together. We encourage all to post their charts here on this forum for praise or discussion. I know many of you will be making more pips soon.
At the end of the webinar they conducted a survey. There was over 3,000 people. About a thousand took the survey. The answers might suprise you and I'll share those too.
See the market in a whole new way. You've seen it... but the numbers didn't connect before like they will now.
I'll answer all questions but remember I need time to trade too. Please ask your questions in the forum so others can learn too. We have many strong members who will be glad to help you on your road to success...
***May 18, 2010 Update - Latest templates/indicators - See Page 119, Post 1774 Thank You NeoRio
*** 6/12/10 Update: NeoRio - Page 123, Post 1840, http://m15-swinger.weebly.com/index.html
*** 1-12-11... Update: Page 202, post 3018 ( 5 method & 21/233 method )
Thanks Big E. Stochastics Secret was very educational as you, Red and many others contributed to help us the new traders to a more profitable trades. I will definitely follow your lead.
Thank you so much!
Thanks Jaz. I just received this email from a full time trading associate which contains solid information about trading. I personally believe it applies to all time frames. CONSIDER HIS MESSAGE:
I have been trading for 7 years now so I have learnt a thing or two about this business. I can't tell you what others did early on to become successful traders but I can tell you what I did. So here are the crucial steps I took that made me a profitable trader:
1. I Picked A Timeframe
The first step was to pick a single time frame. By this time, I had been trading Forex for about 6 months so I knew my way around the markets. I quickly learned that smaller time frame charts are hard to analyse because they are erratic and prone to random movements.
I decided to jump up to the 4 hour charts and I haven't looked back since. I strongly believe that every trader should trade on hourly charts or above.
The point is not so much what timeframe I traded it's the fact that I picked a single time frame, and stuck to it. To me it was all about simplifying trading so I could more efficiently learn to trade.
So looking at a single timeframe had several benefits:
1. Allowed me to concentrate on learning one time frame, therefore removing a lot of the confusion you can have when juggling multiple time frames.
2. Gave me less charts to look at and allowed me to concentrate more on analysing a single currency pair.
3. Stopped me from over analysing my pair. Looking at too many time frames gave me conflicting signals.
Overall having a single time frame keeps it simple.
2. I Picked a Pair
This was exactly the same concept as picking a single timeframe. It just simplified my trading concentrating only on a single pair. When you're a professional trader making tons of profit you can trade as many pairs as you want. However as you're learning it's best to concentrate on one pair. Here's why:
1. Each Pair is Unique: Trading a single pair allows you to learn how that pair breaths. You will know a lot about a single pair instead of knowing a little about 5 pairs.
2. Speeds up Learning: Trading a single pair with a single time frame gives you only 1 chart to look at. This allows you to concentrate all your analysis on a single pair.
The idea behind picking a single pair to trade is a simple one. It is all about simplifying trading so you can learn to become a consistently profitable trader.
3. I Set My Targets
This was absolutely essential. I do not mean I set my targets on a per trade basis. I mean I set myself weekly and monthly targets. I have discussed in this previous article how important discipline is. As a newbie, what I needed above all else was discipline and the way I became disciplined was by setting targets.
I looked at my method and I decided it was capable of generating around 50-70 pips per trade, giving me on average two trades per week. So I set my weekly pip goal to 100 pips. When I meet my goal I stopped trading for the week.
Why was this so important?
It was important because
1. It gave my trading structure and allowed me to plan ahead, long term.
2. It gave me a goal to aim for instead of trading aimlessly.
That's not all it did though. I fought against the biggest psychological pitfalls, which I discussed previously in this article, such as the tendency to overtrade and being undisciplined.
The urge to overtrade is one of the biggest problems a newbie trader faces. If you have a set target once you reach it you can relax, and take it easy for the rest of the week. It removes that pressure traders usually have to make more and more pips. It also keeps you disciplined because it gives you a structured plan that you can stick to.
If you follow these 3 steps I can guarantee you that your trading will improve immensely. It will take time but if you can stick to it you will begin to notice improvements. If you want to succeed you need to simplify your trading and you need to become disciplined. Chaos and complexity will get you nowhere.
Founder & boss of Forex4Noobs
It's good advice. Big E
The Survey Says: http://www.the-natural-flow.com/back...y-results.html
Enjoy the short video Big E
Quick note: When you open your Demo Account at FXDD select The MetaTrader 4 Platform
Let's make Something perdectly clear
I just received an email from a nice gentleman wanting to know if my intentions was to promote a course or mentorship program? The short answer is No, No, No, No and NO!
My first couple of years in forex I invested over 6,000 hours just studying charts 7 days a week. I'm retired.
I was invited to a webinar. It turned on many bells and whistles about successful trading... Wow...everyone should know this I thought!
Understanding how we traders can get so frustrated trying to learn to trade I thought this style and information could help other traders cut down their learning time and frustration.. no more, no less.
I am not affiliated with Mr. Harris and I'm not trying to promote anything on his behalf. I'm posting some of his public videos because it explains certain aspects of his view of the market much easier than I could try to explain it over and over because some can't visualize it.
Personally I'm more of a viual learner and I know many others are too. You see it and then it's easier to discuss questions.
Leave your guns at the door... Big E
Looks like I better check my spelling more closely... lol E
I am immensely excited to follow this thread. It is wonderful that we have such experienced and knowledgeable traders on Forex Factory willing to share their insights and tactics with everyone.
Thank you Big E
I was watching a little of the Craig Harris video and he had fractals on his chart,,,Not sure how you guys use them,,As they repaint....thx
Before trading the First thing we do is print out the Daily Calendar from Forex Factory and put next to your computer for News Releases.
Second thing we do is check out our Tokyo Channel to make sure the spread is at least 40 pips or more from Hi to Low. If it's less than 40 pips we don't trade the chart until it is. Tokyo Channel starts at the beginning of the new day and runs until midnight New York time or until the Euro market opens.
Why is this important? On the 15 minute G/U chart we want to see our Hi/Lo swings at 30-60 pips so you are making good money on the few trades you'll make. Normally on that chart/timeframe the Tokyo Channel top to bottom has to be over 40 pips before you get those kind of swings. This is critical.
Craig normally starts trading at the London Open. He normally trades 2 1/2 to 3 hours.
Personal Note: I start looking for set ups 2 hours before the London Open when the Tokyo Channel is over 40 pips by that time.
Unless your over 50 it shouldn't be a big deal to stay up to midnight or 1 AM and go to work the next day. You probably do that most weekends already?
More on this in the next video. Big E
Piptalk, Craig puts those on his chart for a visual reminder of the swing areas. He also has a small horizontal line at the hi/lo of the swings too so again... easy visual identification. Just something he likes.
Swing Hi - Swing Lo
Big Numbers Entry/Exit
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