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Craig Harris Stochastics Method

  • #1,181
  • Feb 24, 2010 2:08am Feb 24, 2010 2:08am
Was anyone at the CH presentation last night? Anything new?

Cheers.

Nick
  • #1,182
  • Feb 24, 2010 3:52am Feb 24, 2010 3:52am
Quoting nick2112
Was anyone at the CH presentation last night? Anything new? Cheers. Nick
Yes Nick, I was there (amongst others). There was 1 new nugget that I got from today's webinar which I'll share in my updated PDF (of all the most important notes and instructions from this thread and the rules)...coming soon.

I'm also creating a new template for the CH method (which I'll share here completely FREE!)...it's set up to look pretty much just like CH's template except for his custom indicators, but I have most of those indicators in a slightly different form on the chart...I think you'll like it. It's taken me several hours to work on this template (as well as previous templates and indicators I have helped others with over the last couple months which I've shared here)...but it's my pleasure...and they are absolutely free! Here are a couple screen shots of my nearly-completed new CH template.

Best Regards,
NeoRio
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Sentiment: Short on cash. Long on hope.
  • #1,183
  • Feb 24, 2010 3:57am Feb 24, 2010 3:57am
Quoting NeoRio
Yes Nick, I was there (amongst others)....
Nice one Neo. One question, just for clarity. How much do you charge again?
  • #1,184
  • Feb 24, 2010 4:00am Feb 24, 2010 4:00am
Quoting chewz
what are peoples ideas in a ranging market?
Good subject topic. Here are my $0.02 on the subject.

If it weren't for ranging markets--or pattern changes--(which can cause a ranging market while the new pattern is forming)...then EVERY system would work like a champion. It's the ranging markets that kill us who are stuck only on a system, because no matter how perfect a system or method is, the range is a sure killer. That's where price action comes in...learning to read patterns on bigger TFs to see what's going on when we enter a ranging market. I believe that is why it is suggested in many places to new traders that if you have 3 losers in a row, to sit it out for a day or 2, or three. I didn't understand that at first...but later I realized that if you wait a couple days, chances are the ranging market will have cleared and you'll be good to go again. When we trade and lose and then trade again right away...and lose again...that's the cycle that can kill us and make us doubt our system/method.

Quoting chewz
The 22nd on the G/U was a rough day, Tokyo channel had moved 40+ pips and throughout the London session we had choppy day. Are people exiting and re-entering when they see another craig harris setup appear?. My problem is on the ranging days my profit limit doesn't get taken, goes opposite way, a new craig harris entry appears and I re-enter on that. Sometimes this happens over and over. Im using stochastic agreement too.
That was a very bad day...I had several losers in a row also. What doesn't kill you makes you stronger. I don't think that when this happens, it is a time to doubt our method. After 3 loses we should step back and see if we can identify a pattern on a bigger TF. If we see that we are in a wedge, triangle, channel, etc...then it might make more sense why this is happening. Also on days like the 22nd, where we were on the heels of a huge move of the dollar...it can be expected to have little volatility the next day.

Best Regards,
NeoRio

P.S. A suggestion for trading in a ranging market would be to cut our TPs down in half, or something to that effect. Instead of striving for 20 pips on the heels of a big move, I usually take my first profits at 10 or 15.
Sentiment: Short on cash. Long on hope.
  • #1,185
  • Feb 24, 2010 4:45am Feb 24, 2010 4:45am
Hi Neo,

sounds excellent - look forward to it. Thanks for your input and feedback.

Much appreciated.

Nick


Quoting NeoRio
Yes Nick, I was there (amongst others)....
  • #1,186
  • Edited 6:06am Feb 24, 2010 5:17am | Edited 6:06am
First post on this excellent forum. Thanks to Big E for creating it and to everyone else for their very valuable contributions. I've only just finished reading the whole thread from the beginning and wow what a journey it is!

I think what NeoRio is saying here is spot on. Having the skill to see what's going on in the bigger picture and having the flexibility to adapt your trading strategy. I'm also spending a lot of time working on my mental game and making sure I'm as impeccable with my trading as possible and fluent with my tools. I often find looking back through charts, although useful, is very different to the cut-and-thrust of daily trading, especially when you're on the right hand side of the chart staring into the chart void and wondering what's going to happen next.

I found the recent posts by 'Craig Harris' really useful and clear - thanks for that. One thing I still struggle with in terms of the trading out of consolidation is identifying when the market is about to break out of consolidation and I suppose this is where a better knowledge of S/R points, fractal break-outs, trends, and MTF patterns is important. Also, in terms of trading towards the MA. I quite often find that price (especially when ranging) might be traversing the 20 MA and providing opportunities to make at least 20 pips even though the entry point might be well within what is deemed the safe pip limit distance to the MA. So, I find myself deliberating whether to just say 'categorically do not trade towards the MA if less than the safe distance of pips' or take the risk if the current range is looking wide enough.

Long candles is another one, i.e, when the market moves quickly in one bar resulting in a long entry candle. Risk here is that too much of the move is contained in that one bar leaving little more to profit from. Other times, the market then continues on and easily makes the TP and much more. What I tend to do is not enter if one of these candles is more than 25 - 30 pips in length. So, if I can't place my stop loss (usually no more than 20 - 25 pips on a 15 min chart) outside of the candle I leave it. But happy to hear what others do in these situations.

Anyway, I still have much to learn but pleased to be sharing this journey with you.

Cheers, Dervish

Quoting NeoRio
Good subject topic....
  • #1,187
  • Feb 24, 2010 7:07am Feb 24, 2010 7:07am
Thanks everyone for sharing your thoughts and ideas. Can hardly wait for your update NeoRio.

Stratman... Would prefer if you let those who are intrested email or PM you. Thanks.
  • #1,188
  • Feb 24, 2010 8:52am Feb 24, 2010 8:52am
I received this pdf this morning from CH website. I would also like to get that stoch angle indicator. One thing that I noticed trading with CH strategy. I always look to take a trade when the stoch is closer to the 20 and 80, I seem to get more pips from the overbought and oversold area. Have a good one.
Attached File(s)
File Type: pdf Craigs Basic Trading Manual.pdf   503 KB | 3,917 downloads
KYSS - KEEP YOU SCREEN SIMPLE - GO WITH THE HEARD - TREND IS YOUR FRIEND
  • #1,189
  • Feb 24, 2010 10:54am Feb 24, 2010 10:54am
Thanks Neo for the templates and the insight. Checking higher time frames I guess is key for the ranging markets. I forget about this when I'm panicking. In the very early posts on the thread Big E mentions he uses or used a technique with a 6-7 SL. Not sure how exactly he did it, but sounds interesting even with the extra losses. Could anyone elaborate - if they know?.

Also I think bollinger bands in a ranging market are pretty useful. Seeing those nice parallel lines and if channel is big enough, bouncing between the two.
  • #1,190
  • Feb 24, 2010 12:04pm Feb 24, 2010 12:04pm
Went short after the big run up following news at 7:00 and 7:15 am PST. I was nervous as this move had already retraced 50% before I entered.
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Without vision, the people will perish.
  • #1,191
  • Feb 24, 2010 12:12pm Feb 24, 2010 12:12pm
I took this trade with great hesitation since the move had already retraced OVER 61% from the high. Draw down was over 20 pips. However with CH stop loss rules of 35 pips, I was still in the comfort zone.

What stinks is that I chickened out at the magenta trend line with just +3.3 pips (out at 1.5416 - 9:36 am PST) instead of my TP area of +15 which it reached. The target should have been the previous low at 1.5402.
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Without vision, the people will perish.
  • #1,192
  • Feb 24, 2010 12:16pm Feb 24, 2010 12:16pm
Hi Neo,

I see that you were in the Craig Harris webinar. I asked him the question of whether or not BB are useful with the CH method and he said a big no. I know that you use BB (as seen in many of your posts). Following what Craig said last night - what are your thoughts on their use?

Since one of the MA he uses is a 20 SMA, then why not use a BB set to 20 for the pure fact that you have a high/low target?
BTW - Love the Matrix movies and thus your FF handle of NeoRio!

Thanks
Without vision, the people will perish.
  • #1,193
  • Feb 24, 2010 12:37pm Feb 24, 2010 12:37pm
Quoting NeoRio
Yes Nick, I was there (amongst others). There was 1 new nugget that I got from today's webinar which I'll share in my updated PDF (of all the most important notes and instructions from this thread and the rules)...coming soon.

I'm also creating a new template for the CH method (which I'll share here completely FREE!)...it's set up to look pretty much just like CH's template except for his custom indicators, but I have most of those indicators in a slightly different form on the chart...I think you'll like it. It's taken me several hours to work...
Thanks NeoRio,looking so forward to your update.
  • #1,194
  • Feb 24, 2010 1:48pm Feb 24, 2010 1:48pm
Quoting bythepound
Hi Neo,

I see that you were in the Craig Harris webinar. I asked him the question of whether or not BB are useful with the CH method and he said a big no.
Ha! That was you who asked that question?! I paid close attention to his answer...he despises BBs and said they're "bad" to use! He said John Bollinger doesn't even use them and that they're a distraction.

Quoting bythepound
I know that you use BB (as seen in many of your posts). Following what Craig said last night - what are your thoughts on their use?
Heh, you had to ask. Hlass is the one who introduced me to BBs. He uses them as his main indicator and seems to be able to read them well enough to be a profitable trader day in and day out. In 6 months of trying, I still haven't been able to pull it together well enough to simply trade BBs and their bounces. In fact, in all my efforts I found it very difficult to know which BB bounce to take and which one to leave alone. I came to the realization that a good trader is someone who understands PA, not someone who understands indicators. A good trader will use their tools, whatever they may be, then try to teach or explain their method to someone else...but without the foundation of PA knowledge and how the market breathes, those same tools may just not work for others.

Quoting bythepound
Since one of the MA he uses is a 20 SMA, then why not use a BB set to 20 for the pure fact that you have a high/low target?
Yes! The MA20 is my favorite...and it's also a part of the BB. It's the middle line in the BB. Price adheres to this MA more than any other one I have seen. I will always use the MA20...and if that can be considered the offspring of the BBs, then I'm in. I could give you a hundred pictures of the MA20 acting as very reliable S/R.

Quoting bythepound
BTW - Love the Matrix movies and thus your FF handle of NeoRio!
Why, thank you. I like the Matrix too...and what it represents.
Sentiment: Short on cash. Long on hope.
  • #1,195
  • Feb 24, 2010 4:56pm Feb 24, 2010 4:56pm
Quoting chewz
The 22nd on the G/U was a rough day, Tokyo channel had moved 40+ pips and throughout the London session we had choppy day. Are people exiting and re-entering when they see another craig harris setup appear?. My problem is on the ranging days my profit limit doesn't get taken, goes opposite way, a new craig harris entry appears and I re-enter on that. Sometimes this happens over and over.
-Andy
Andy, I was just catching up on some of my subscribed videos and I saw this excellent video from Dean Malone from the 22nd, the same day we had all those loser trades. He talks about the same thing I was talking about earlier...going to higher TFs to see what's going on and where we are in price. If you have a minute check it out: http://www.compassfx.com/video/flash/22210/22210.html
Sentiment: Short on cash. Long on hope.
  • #1,196
  • Feb 24, 2010 5:28pm Feb 24, 2010 5:28pm
thanks Neo in advance, for the ch template
  • #1,197
  • Feb 24, 2010 5:35pm Feb 24, 2010 5:35pm
Hi Andy,

Would you be willing to show your trades from the 22nd on a chart and post it to the forum?
Quoting chewz
Hi everyone - found craigs videos a few months ago but only just found this thread today! answering allot of niggles i had. I'm up to page 40ish, but I'm wondering - what are peoples ideas in a ranging market?.

The 22nd on the G/U was a rough day, Tokyo channel had moved 40+ pips and throughout the London session we had choppy day. Are people exiting and re-entering when they see another craig harris setup appear?. My problem is on the ranging days my profit limit doesn't get taken, goes opposite way, a new craig harris entry appears and I re-enter...
Without vision, the people will perish.
  • #1,198
  • Feb 24, 2010 7:42pm Feb 24, 2010 7:42pm
Hi, yeh no problem. I just marked them out with some vertical lines. This is just using CH rules, and I'm ignoring the MA. First trade winner, the rest....urgh (luckily I diddn't double stake after loser)

http://i45.tinypic.com/2mgjms4.jpg
  • #1,199
  • Feb 24, 2010 8:31pm Feb 24, 2010 8:31pm
Just been looking at the 1h chart on the 22nd. Looking at MA it shown an uptrend, tried to pass through MA but was hitting resistance. Which would explain the choppy day. Really need to start checking 1h properly before I trade. Thanks neo gonna check it out tomorow. 2.30am here (uk) up in a few hours to try again
  • #1,200
  • Feb 24, 2010 8:34pm Feb 24, 2010 8:34pm
Hi everyone,

Been sick the past 2 weeks, but also was staying away from the thread once it got to speaking of Ea's as I do not believe in anyhting but manual trading, but everyone has their own styles and that is fine, and as for reference to bollinger bands, they are an inidcator, but very close to PA, and I just use them and PA nowadays, as all indicators lag, so one must know PA to make it in this business, I hit on a bit over 92% of my trades and most are nice low drawdown usually less than 20 nowadays.

The key to trading is to find what works for the individual, indicators or PA or both, as long as one is successful, that is what counts.

As for John Bollinger, I seriously doubt that he doesnt use his own creation, as he and everyone that uses bollinger bands, know that if one can figure them out, they are a strong tool in ones toolbox, as they are my best tool.

I was going to do a write up about these great bands, but from what I see, it looks like it would bring more confusion than its worth, as this thread is about Craig Harris and not me and the bollinger bands, so I will just be an observer with a comment once in awhile from here on out.

I do teach many different students, and I am not pushing anything here, another reason I will not do a write up, as it is going to do nothing but confuse one method and another.
hlass
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