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Craig Harris Stochastics Method

  • #1,341
  • Mar 9, 2010 4:07pm Mar 9, 2010 4:07pm
Thanks for opening my eyes to BB's. I agree, if you ever have time it would be great if you had a Bollie thread. Thanks again.
  • #1,342
  • Mar 9, 2010 5:06pm Mar 9, 2010 5:06pm
Hi all,

You are all welcome, I like to help and I have thought about a thread, I will think a bit this more if I can devote some time to it as it does take a bit of time to keep up with it, the only negative is I have a few friends I speak to on this thread, and I would not have time to be posting in two threads, and I certainly dont want to take away from this great thread, but I will think about it and talk to a few people and get some input and go from there, as it is a great idea, just really have to work out the details as far as my time is concerned.

hlass
  • #1,343
  • Mar 10, 2010 6:50am Mar 10, 2010 6:50am
Has anyone idea how to avoid this kind of trades? I thought i have here everything in my favour:
1. Reversal candle.
2. Wicks above candles,
3. Nice stoch angle,
4. Price below MA's.

Was something wrong here or it was just one of these trades that don't work.

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  • #1,344
  • Mar 10, 2010 7:05am Mar 10, 2010 7:05am
Quoting Delta
Has anyone idea how to avoid this kind of trades? I thought i have here everything in my favour:
1. Reversal candle.
2. Wicks above candles,
3. Nice stoch angle,
4. Price below MA's.

Was something wrong here or it was just one of these trades that don't work.

Attachment
1). Who's your broker? I would be watching a level II screen to judge buying and selling pressure.

2). Trade away from the moving average.


With that said remember... All indi's lag price, PA is the mother of all indicators. Shhhh....

Trade to trade well,
JD
It's Easy To Get In;.. It's Hard To Get Out
  • #1,345
  • Mar 10, 2010 8:07am Mar 10, 2010 8:07am
Quoting John D
1). Who's your broker? I would be watching a level II screen to judge buying and selling pressure.
Now i trade demo, using MT4, i don't think that in MT4 broker's i can see other levels.
Quote
2). Trade away from the moving average.
This trade was away from MA's. It looked like price bounce of MA 20.
Quote
With that said remember... All indi's lag price, PA is the mother of all indicators. Shhhh....
Like Craig said price moves 30-60 pips every swing. We had a 50 pips swing up so i hoped we will have now a move down, but price made a little pullback and went up.
  • #1,346
  • Mar 10, 2010 10:42am Mar 10, 2010 10:42am
Hello I took one trade today and ended with +18...GU long trade after NY open.
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  • #1,347
  • Mar 10, 2010 11:36am Mar 10, 2010 11:36am
Quoting Delta
Has anyone idea how to avoid this kind of trades? I thought i have here everything in my favour:
1. Reversal candle.
2. Wicks above candles,
3. Nice stoch angle,
4. Price below MA's.

Was something wrong here or it was just one of these trades that don't work.

Attachment
This is a tough one if you don't have a lot of time-served in reading the charts.
1. Between 0800 and 0900 GMT the low or the high of the day is often put in (esp when no big news). It is statistically significant. Go through last 20 days and check it out. (I've not done but it is normally the case)
2. You have a excellent Hammer at the low showing it has probably hammered out a bottom.(indicating possible trend change)
3. This can be reinforced by the good news for the Euro that morning.
4. Sweet Spot 1.3580 support is holding (no closes of candles below it.)
5. PA has closed up through the 20 sma and does not close back down through it hence it acts as support.
6. In situations like this a close back through the 20 sma is safer to trade short.

If you just blindly do the reversal cnadle trades you'll have a few more losers. Hope that helps.
  • #1,348
  • Mar 10, 2010 3:46pm Mar 10, 2010 3:46pm
Quoting bpips
Hello I took one trade today and ended with +18...GU long trade after NY open.
I see that stoch was pointing in the opposite direction. You took that trade only looking at reversal candle?
  • #1,349
  • Mar 11, 2010 9:24am Mar 11, 2010 9:24am
Hi all,

Just a little trade today on the yen, a big 22 pips with 2/3 out. News affected this but to the good, just a little boly bounce for the most part, only had 2 drawdown. Any questions, just ask.

hlass


anyone that has questions about the bollies, just pm me.
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  • #1,350
  • Mar 11, 2010 2:09pm Mar 11, 2010 2:09pm
Quoting castlebrook
This is a tough one if you don't have a lot of time-served in reading the charts.
1. Between 0800 and 0900 GMT the low or the high of the day is often put in (esp when no big news). It is statistically significant. Go through last 20 days and check it out. (I've not done but it is normally the case)
You mean that in the first hour of london session price changes previous direction and go in the opposite direction making high/low? It rather not go futher in the same direction making high/low later in the day?
Quote
4. Sweet Spot 1.3580 support is holding (no closes of candles below it.)
Sweet spot is this black line? Now when i look at my chart i don't see this support.
Quote
6. In situations like this a close back through the 20 sma is safer to trade short.
I took a short that was a looser. Were you thinking about long trade?
  • #1,351
  • Mar 11, 2010 3:11pm Mar 11, 2010 3:11pm
Delta,

Everything that Castlebrook said is spot on and I will add this to your answer, do mtfa or multiple time frame analysis, check when you are ready to short this trade with other timeframes specifically 15m 30m and 1hr, as u will see with these 3 charts I attached the 30 and 1hr are blue and possible longs once price breaks the highs of those candles, the 15m shows short, so if u wanted to go short u could have possibly looked at the 5m and taken a quick short, but when u get into a trade looking for 15-20pips maybe 25 or more, look for confluence of the bigger frames working together, I will wait sometime, till I get confirmation on 1hr chart or at least on the 30m chart, yes I miss out on pips, but I rather have more confirmation, because if we choose correctly, who really knows where our move will end, but at least this way, we get the best chance for a win, also, and I will explain more of this later in answering your pm, plus I will refer to it here in the thread, there are a few more hints about this particular move and the others you referred to in the pm that bolly understanding will certainly clear up why u would look long instead of short.
hlass
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  • #1,352
  • Mar 11, 2010 3:23pm Mar 11, 2010 3:23pm
here is the 1hr chart after consolidation and having some patience which is the hardest thing in trading, magenta line at 3577 is nice entry with full confirmation, break of boly band and break of high of the candle that actually hit the boly, so the next candle or as we know it the reversal candle we take the break at 3577 and get a 100 pips move even with a partial or two along the way, a few of these trades a week will give u a nice weekly salary lol
hlass



I will answer the pm a bit later, a few hours as I am taking care of the kids, lol
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  • #1,353
  • Mar 11, 2010 4:41pm Mar 11, 2010 4:41pm
Pretty light day only took +20 on one entry. The price action really slowed so no more trades for me...this was just after ny open gu long...
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  • #1,354
  • Mar 11, 2010 4:52pm Mar 11, 2010 4:52pm
Quoting Delta
You mean that in the first hour of london session price changes previous direction and go in the opposite direction making high/low? It rather not go futher in the same direction making high/low later in the day?

Sweet spot is this black line? Now when i look at my chart i don't see this support.

I took a short that was a looser. Were you thinking about long trade?
Yes that's right, a low or a high is formed enough times to make you watch and wait before you jump in.
Just look at today on the EUR USD the low of the day was at 0740 gmt.

00, 20, 50 and 80 are sometimes called Sweet Spots. These can be good support and resistance levels. The market tends to slow down or consolidate at these numbers especially with the GBP/USD and EUR/USD (most of the other Majors too). They are good for profit targets and also excellent points to enter the market. Sweet Spots are ideal technical areas for placing stops especially if they coincide with recent highs and lows. These are used extensively in my methodology in preference to pivot points.
Why do Sweet Spots work? – The forex market price action and S and R levels are the sum of all the human psychology of those people taking part in it. As humans we like order and we like round numbers. Just think about it.

Look on this thread and you will see a Sweet Spot indicator.

Because of the reasons given I was not looking at that time for a short. I would look for long signals there or do nothing.
  • #1,355
  • Edited 7:47pm Mar 11, 2010 7:42pm | Edited 7:47pm
Hi,

another trade on the usdjpy while I was making dinner and had my 9 year old watch the trade which didnt do squat till just in last 20 minutes, took 15 and got 2/3 out, due to the slowness of this trade, instead of taking out half, but this one wasnt taken with boly, in fact just played off of resistance that was hitmany times before and only had 2-3 drawdown, any questions just ask.


by the way dont play usdjpy much but wanted to try her today for the hell of it, sort of slow, but still main principles used to trade, either s/r or boly and same rules, remember a flat boly could possibly be a signal that change is coming as it did in my first trade also watch middle boly which is equal to the 20simple moving average if it pointing upwards no sense in going countertrend to it until one has a reason to go against it such as boly reversing course or a pin bar or a break of the candle low of the candle that came back within the boly going short
hlass
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  • #1,356
  • Mar 12, 2010 10:50am Mar 12, 2010 10:50am
I have just been introduced to the fact that people are looking at my free trading content and talking about it.

I am going to start monitoring this thread and see if I can answer questions. I don't know much about moderating etc. But I will see if I can check each day and address your questions and comments.

Good Trading To You,

-Craig-
  • #1,357
  • Mar 12, 2010 1:17pm Mar 12, 2010 1:17pm
Quoting HLass
Hi,

another trade on the usdjpy while I was making dinner and had my 9 year old watch the trade which didnt do squat till just in last 20 minutes, took 15 and got 2/3 out, due to the slowness of this trade, instead of taking out half, but this one wasnt taken with boly, in fact just played off of resistance that was hitmany times before and only had 2-3 drawdown, any questions just ask.


by the way dont play usdjpy much but wanted to try her today for the hell of it, sort of slow, but still main principles used to trade, either s/r or boly...
HLass I notice you rate the book trading in the zone by Mark Douglas,is this book about BB ?Thought any more about doing the Bolly thread as I am sure you would have a big following.
  • #1,358
  • Mar 12, 2010 2:56pm Mar 12, 2010 2:56pm
Dear Craig!

That is really appreciated. I really like your approach but still have some questions. I would be thankfull if you could or somebody else could answer these.


1) The particular swing of a m15 is about 30-60 pips. What is it on a m5, 1h, and 4h?

2) As a swing is often only 30 pips the entry is becoming key. Do you look for reversal pattern on a m5. If the distance to the low or high of the reversal candle is too high (15 pips) - the entry does not make any sense anymore. So it is probably necessary to monitor the m5 timeframe to get good entries.
How do you handle that? Do you look for confirmation of the H1, H4 - if their current swing is in the same direction than the m15 trade?

3) If the reversal candle is narrow- and the previous candle big with high volume - is this the highest odds scenario for a trade?

4) Do you work with volume data?

5) In your live trading room. Do you post your own trades and can people trade the way you are trading. I think that is the best way to learn.I´ve been in another trading room and was kind of disappointed.

6) Do you have kind of an alert system for the highest probability setup.
I mean it would really make sense to combine all the factors and get alerts when they are lined up.


thanks
  • #1,359
  • Mar 12, 2010 7:23pm Mar 12, 2010 7:23pm
Hi,

The book by Mark Douglas is one of the most recomended books for all traders and a good read, a must before you trade live, at least I feel that way.

It doesnt have anything to do with bollies.

As for info on bollies, the document I placed a few days ago in this thread has pretty much all you need to learn bollies, there is much more, but on the web, but what I have provided, is great content to learn boly. If one wants more, google John Bollinger for his books, but in all honesty, wwhat I have provided and my answers, all of it is the basis from reading Bollinger material and his books. Just follow the document and you will learn what you need, plus all of my responses.

As for a thread, at the moment, I feel its best to keep everything right here in the same thread so all information on the CH method and bollies is right here in one place. I have already answered many individual private messages, and I wont stop, so any questions, ask them here or preferably in the pm area, but either way, I will answer.
hlass
  • #1,360
  • Mar 13, 2010 6:46am Mar 13, 2010 6:46am
Hi Craig & active members,

Thank you, for sharing knowledge with other members. I have been following this thread for a while. I do like Craig method so been backtesting the data. I really appreciate that Craig, himself has joined this thread. Definately he would help all of us.

Recently i have taken 2 trades in GBPJPY and both were losers.
Would apprecaite if anyone would comment on this trades.

First trade i take at the time , may be i can see ,now that stochastic were not pointing down but second one was good set up to sort ,in my view.

How would you guys filter these types of trades, were those wrong trades, would you guys would have taken those trades.

Any input will be highly appreciated.

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Sedak
London
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