Craig Harris Stochastics Method

Just stopped at 6252,,,,-24 pips..................

a lot of wicks from down, so a lot of pressure. no weakness. i am out with a loss of 33 pips

i have to learn NOT AGAINST THE TREND. It was an expensive mistake

If we get a reversal candle close,,,maybe we should look for another opportunity to go short,,,Stick with the method and ride the swings,,,,

now i see the divergence
but again the long wick and there is no pressure. pa moves in slow motion
but stochastic is nice

okay one more try if pa makes it until the next 2 candles

Another possible setup....Demo trade until you are completely comfortable trading this system,,,and consistently profitable....

I think it is good to see loses. Here is a failed short I took at top got stopped -18. This is not the grail but -18 is manageable I will double on next set up and make it back and then some. So far I have covered two loses this way hoping for the hat trick....

today is not my day, thats the only problem.
but will try again (i wait for red reversal candle, so i am later then you)

It is also getting late in the session ....Just beware.....

Thanks for the post,,,,Thats exactly the way CH trades his method,,,He also only trade the first 3 hours of the London and 1st 2 hours of NY....So we stepped out that timeframe on this last trade that stopped us out!

yes, you are right. done for the day. tomorrow is another day and i have the hole day to make pips...

craig harris is trading 3 hours after london session too (told me last week)

good night everybody (germany late evening now) and thanks for help here

tom

Hi BigE,

Great thread, Im glad you are still with your us ( mentoring ).

Thanks for the great advise. Yes i need to re-visit Craigs vids again.

Can i ask what may seem a silly question to you , but do you hold onto a winning position after moving stop to breakeven for 2 or more days or do you make your target and stick with it !

Thanks again

Nightpipper

Has anyone else been using higher time frames ?

Hi Piptalk,

Thanks for the Charts , do you also use the higher time frames ?

You make it look so easy. I hope i can get to your standards, will keep practicing.

Thanks again and keep the chart coming if possible.

Nightpipper

Just finished listening to CH's webinar. They're now sharing the scoop on the new "super-duper calculator" they are about to release...looks interesting. I took notes on the CH webinar main points for those interested:

Craig Harris Webinar
January 25, 2010

* Always trade out of consolidation; it is the best way to be on the right side of the trade.
* Consolidation is 2 or more areas in a given area.
* Consolidation always happens at a Fib level.
* Fib levels are to help us spot an area of consolidation (100% of the time consolidation is at a Fib level).
* Don’t trade the Fib hit, wait for the consolidation and trade the breakout after the reversal candle setup.
* Tokyo channel provides S/R for the rest of the day.
* Tokyo channel has an effect on price; price can either stay in the channel for the rest of the day, or have a reaction when it gets to the high or low of it, usually by stalling…every pair, every day.
* Each pair usually has 2 big moves a day, normally at the Asian/London overlap and the London/NY overlap. Big moves are normally between 70 and 120 pips.
* He has a custom indicator, a Dashboard indicator with lots of info, movement, last swing, price to open.
* Trading breaks of swing highs and swing lows (especially when the ADR [Tokyo channel] has been reached), is very dangerous and not a good idea. Better to trade BACK TO a swing, not FROM a swing…and then you can hope that it breaks the previous swing high or low.
* Pay attention to the size of the swings as they can help you decide whether to take a swing trade or not.
* He often looks at H4 and H1 to see if they are bull or bear candles to see momentum of trend direction.
* CH uses H4 and H1 highs and lows (an indicator that draws trend lines), to show the last 16 candles highs and lows for both H1 and H4.
* CH does not consider a doji candle to be a reversal candle. A reversal candle is a candle of a different color from the previous candle. Once price breaks the reversal candle, he enters.
* New CFTC leverage rules: Consider moving your money outside of the US (he does). He prefers to have his money outside the US. Many US brokers are opening up foreign offices to handle the pending new laws.
* Craig’s favorites: 1) GU 2) EJ 3) EU, then AU and USDCAD.
* CH will enter orders with both Market Orders and Buy Stops and Sell Stops.
* CH does not ever, ever, ever trade with pivot points; they are very dangerous (in his opinion). CH ONLY trades on Big Numbers and Mid Range Numbers. Pivot points do not work over time, they are not dependable. (He also does not like Heiken Ashi candles.)
* CH’s trading times; 3 hours of London open and then 3 hours after London close (6 hours trading a day).
* He trades every day of the month, doesn’t matter if it’s beginning of year or end, etc.
* Keep your trade risk under 2% per trade.

Neo...
The 5th pair is the CADUSD...CH uses the AUDUSD and CADUSD for determining the strength or weakness in the USD...He said he will trade them if a setup gets his attention though.
Thanks much for the update and consolidating the info for us...
Appreciate your efforts...
Cliff

NEO ... you are marvelous. Quick work on the note taking. It must be said, and I know it has been said plenty of times, that the support you contributors are making to many of us traders is sensational. Thanks. Thanks too must go to Craig for what he shares freely eh! Seems like a wonderful bloke.

I've been into forex for exactly one year now working solidly part time and this is my first input to a thread. I have read through and cut and pasted the 'BEST OF' from this thread. (i'm having a go at pasting it - again first time. I've hit a snag. The word file is just over 1M and I think it's beyond the upload limit for this thread). Took me almost 2 full days overall to get through all the gems. Might try converting it to pdf if that's smaller???

These last two weeks have been the most consistent trading I have had. I trade 1 live account and 2 demo accounts. I have combined CH system with the 5 EA's I am confident with and am stoked with the 885 pips of reward over 12 trading days. It is easy to share the good times but the perspective is that from when I started one year ago I have halved my live account and written off so many demo's. But ... I am far more hopeful and growing closer day by day to consistent and sensible trading habits.

thanks Neo for that excellent template you posted some weeks back. I love it - the beige works for me.

Thanks again.

...just need a Phd to use it to its full extent, lol - looks great though.

Just before bed saw a counter trend set up. Took long break of the green reversal candle had some draw down but london came in and took me up. I took +16 and got out but that was my target as it was against the moving average sloping down...The reason I took trade was it was stalling at a fibb level, inside bar and was sitting at a resistance turned support...

Rivet... Welcome aboard. Glad you joined us. This progam consistantly makes pips.

NeoRio... Great write up. Thank you.

Nightpipper... On the higher time frames I ride it as long as possible before exiting. I don't use take profit areas. Like the ride to much I guess... lol

Your all doing a fabulous job with great charts... thanks. Big E

Eelfranz,Piptalker,Hlass:

Just wanted to pop up and say that I'am switching from "synergy" to
C.H. method of trading. I learned a lot from synergy and I like it but
I want to learn more price action and Craig's method is alot
of price action and swing trading. It will be good for me to learn it.

So I thought I'd use Criag's method with Bollinger Bands and candles.
And see if I can really learn hard core price action trading.

I've enjoyed and learned from everyone's write-up's and appreciate all
the help and insight to the markets. So for all of us "kinda nube" traders
we appreciate all your help!

Thanks

snarlyjack

Great info. I was also on the webinar. One last thing that you might want to add is that in every trade he takes needs stoch agreement with breakout of the consolidation of candles. Long is 1-2pm angle and Short is 3-4pm angle on a clock. Would be nice to find his stoch indicator that changes color for only those angles.