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Craig Harris Stochastics Method

  • #1,581
  • Apr 16, 2010 5:36am Apr 16, 2010 5:36am
Hi There. I am new to this forum but have been trading now for about 6 months with little success. Then i discovered this thread by accident really and saw the potential of the CH system thanks to Neo posting his charts and Big E who started the thread in the first place. Things have drastically improved to the point where i have been consistantly making my 40 pips now for the last week. I am using the proper craig harris system and dash board now but I would say that neos system is just as good. I often trade with a friend who uses the same system but was wondering how I would become a member of the trading group room. I live in the uk so am very lucky to be on GMT. I would be pleased if I were allowed to join as i feel I could contribute towards proceedings but understand if noobes are not allowed.
Thanks once again for all the help reading and re reading this thread has given me.

Phil
  • #1,582
  • Apr 16, 2010 7:23am Apr 16, 2010 7:23am
Quoting NeoRio
Lenny's new Skype room has been great for trading the 23.6% Fib retracement at the LC...thanks Lenny!

I've been thinking about the idea of opening another room for trading the CH method during the London open, or more specifically, from 11pm PST (5am GMT) to 2 or 3 am PST (9 or 10am GMT)....
Hello! Neo, you are more than welcome to use my room for the CH method anytime. Have a good one. I will be in the room next week from 3-6am tues, weds and thurs. carlen68
KYSS - KEEP YOU SCREEN SIMPLE - GO WITH THE HEARD - TREND IS YOUR FRIEND
  • #1,583
  • Apr 16, 2010 7:26am Apr 16, 2010 7:26am
Quoting Xaphod
You are welcome!
Hello! Xaphod. excellent work on your indicator. The one thing that would benefit use the most from using the ch method is an alert (pop up or sound) when that pair hits its 40 pips from the TC. So if the gbpusd hits its 40 pips, then a pop alert for the gbpusd hit its 40pips or gbpusd TC hit. Have a good one. carlen68
KYSS - KEEP YOU SCREEN SIMPLE - GO WITH THE HEARD - TREND IS YOUR FRIEND
  • #1,584
  • Apr 16, 2010 7:43am Apr 16, 2010 7:43am
Quoting stayincool
This is a very interesting thread. From what I understand a lot of CH's success has to do with his recovery trades...yet very little has been discussed in this thread. Does anyone have experience using recovery trades?
Hello! From what I understand, if he loses on a trade, he doubles up on the next on. If he loses or wins on the double up trade, then he goes back to trading his original size again.
KYSS - KEEP YOU SCREEN SIMPLE - GO WITH THE HEARD - TREND IS YOUR FRIEND
  • #1,585
  • Apr 16, 2010 9:39am Apr 16, 2010 9:39am
Hi Xaphod/Reddiscalper,

Many thanks for help finding the tool. I was always doing mental math before, now I can read instantly.

Best to All
  • #1,586
  • Apr 16, 2010 10:38am Apr 16, 2010 10:38am
CH initally taught us to double up on that next trade after a losing trade. Personally for me I've always earned my loss back plus additional pips... knock on wood. Like Carlen said... you only double up once. It's interesting that you don't hear CH talk about this any more... just know it works great. Big E
  • #1,587
  • Apr 16, 2010 5:36pm Apr 16, 2010 5:36pm
Quoting carlen68
Hello! Xaphod. excellent work on your indicator. The one thing that would benefit use the most from using the ch method is an alert (pop up or sound) when that pair hits its 40 pips from the TC. So if the gbpusd hits its 40 pips, then a pop alert for the gbpusd hit its 40pips or gbpusd TC hit. Have a good one. carlen68
I have written a new asian session indicator and have included the range alert function you want. However, I need to test it on the live markets so it will not be ready until next week at the earliest.

/Xaphod
  • #1,588
  • Apr 16, 2010 8:54pm Apr 16, 2010 8:54pm
Quoting eelfranz
CH initally taught us to double up on that next trade after a losing trade. Personally for me I've always earned my loss back plus additional pips... knock on wood. Like Carlen said... you only double up once. It's interesting that you don't hear CH talk about this any more... just know it works great. Big E
When you get stopped out do you actually double on the next trade or do you immediately reverse w/o waiting for the next setup?
  • #1,589
  • Apr 17, 2010 7:20am Apr 17, 2010 7:20am
Quoting stayincool
When you get stopped out do you actually double on the next trade or do you immediately reverse w/o waiting for the next setup?
According to my understanding of Craig Harris, there are 3 distinct methods to handle recovery.

1. During the London session, you may SAR (stop-and-reverse), while doubling your trade size.

2. During any session other than London, you should not SAR. You may, after taking the stop loss, wait for the next valid trade setup and enter at double your normal trade size.

3. At all times, it is perfectly acceptable to take the loss and watch for the next valid trade setup. Enter at the normal size, no doubling up.

I'd recommend working your way up from recovery method 3 to 2 to (entirely optional) 1.

Please note two key distinctions between methods 1 and 2.

Recovery method 1 instantly gets you in, in an opposite direction of the trade stopped out at the moment of 2nd, recovery entry: long trade stop loss, instantly followed by a short trade recovery entry at double the original size, Long --> Short x2; or Short --> Long x2.

By contrast, recovery method 2 eventually gets you in, usually (but not always!) in the same direction as the the most recent trade stopped out: Long --...--> Long x2; or Short --...--> Short x2.

Recovery Rule 1.
With either recovery method 1 or 2, go back to your normal trade size on trade 3, the first post-recovery trade... regardless of the outcome of trade 2, the recovery trade. Otherwise, you've entered the land of the martingale, from which few brave souls ever return alive...

Recovery Rule 2.
With either recovery method 1 or 2, it's especially critical to employ proper MM. Your standard trade size must be small enough to allow for conceivably taking 3 times your typical loss, after 2 trades, in a given currency pair. Otherwise, you'd be much better off sticking to recovery method 3.

Recovery Rule 3.
With either recovery method 1 or 2, no need to get greedy. Once the recovery trade is showing unrealized profit of a bit more than half the number of pips lost on the previous (stop loss) trade, you'd better have some pretty compelling reasons not to TP in full. Save scaling out / adjusting stop loss techniques for normal, non-recovery trades.
  • #1,590
  • Apr 17, 2010 9:06pm Apr 17, 2010 9:06pm
Quoting carlen68
Hello! Neo, you are more than welcome to use my room for the CH method anytime. Have a good one. I will be in the room next week from 3-6am tues, weds and thurs. carlen68
Carlen68

I would like to join the Skype room. My Skype name is "metso321".
  • #1,591
  • Apr 17, 2010 9:10pm Apr 17, 2010 9:10pm
In a recent CH webinar I got a brief glimpse of what I think is another of CH's 3 PA entries, and one that he apparently only teaches to his paying students: the inside bar. I didn't see enough to know if it's just the usual entry when price breaks the IB or if it's some filtered variant, which would seem more likely.

I think I've seen all his webinars and I've only glimpsed this once. He did not talk about it, it was just on screen briefly on an annotated chart.

Has anyone else come across the IB being used as a CH price action entry?

Does anyone use the IB as a PA entry when the swing reversal bar doesn't trigger?


JR
  • #1,592
  • Apr 19, 2010 3:39am Apr 19, 2010 3:39am
There's an inside bar strategy posted in FF.
  • #1,593
  • Apr 19, 2010 3:42am Apr 19, 2010 3:42am
Redsama, the easy way to access this tool is to simply click your scroll button. That turns your cursor into crosshairs automatically. Then position and left click from point you want to measure pips.
  • #1,594
  • Apr 19, 2010 11:15am Apr 19, 2010 11:15am
Quoting nhct
According to my understanding of Craig Harris, there are 3 distinct methods to handle recovery.

1....
Thanks for clarifying this.
  • #1,595
  • Apr 19, 2010 2:49pm Apr 19, 2010 2:49pm
Hi Carlen68,

I would like to join the Skype room please. Can you add me in the list please. Thanks

Name : Nasir786110
  • #1,596
  • Edited Apr 20, 2010 2:26am Apr 19, 2010 4:12pm | Edited Apr 20, 2010 2:26am
Here is an Asian Session Indicator that may be of interest to some of you. I run it today and it seemed to perform as expected.

Features

 

  1. Draws the Asian session channel on the chart.
  2. Optional range value displayed under upper channel line.
  3. Optional alert when the channel range goes above a set threshold during the session.
  4. Optional vertical lines at beginning and end of channel.

Known quirks

 

  1. OpenHour and CloseHour must be at least 2 hours apart.
  2. You have to manually adjust the opening and closing hours for DST.

Attached Image (click to enlarge)
Click to Enlarge Name: Xi-AsianSession_v0.9.png Size: 37 KB
Attached File(s)
File Type: ex4 Xi-AsianSession.ex4   11 KB | 683 downloads
File Type: mq4 Xi-AsianSession.mq4   14 KB | 916 downloads
  • #1,597
  • Apr 19, 2010 7:56pm Apr 19, 2010 7:56pm
Quoting Xaphod
Here is an Asian Session Indicator that may be of interest to some of you. I run it today and it seemed to perform as expected.
Fabulous work (again), Xaphod. Thank you for this quality indicator! Thanks for making the vertical lines drawn as background so we can see the candle's wicks...not even CH's custom indicator does that!

This is actually the first indicator that I have been able to have lines transcend across the day open line (ie from 22:00 - 4:00) and actually work! Don't know how you did it! My main broker is IBFX and they use GMT for their day open, so it was impossible for me to get the Wellington open carry a line through the 0:00 time period...because that goes into the next day). This indicator allows me to set the beginning as 22:00 and the end as 4:00...and it's wonderful!

3 suggestions:

 

  1. I think the "CloseVLineStyle" field mistakenly has a color option setting instead of the line style setting.
  2. Any chance you could add the option of a 3rd vertical line called "London Close"? That would complete all the needs for the CH trading method including his 23.6 Fib retracement at the LC.

Love how you put the option to have it draw as many days back as desired. This makes back testing that much easier!

This is becoming my 2nd favorite indicator!--your Dashboard being my favorite.

Thank you kind sir,
NeoRio

P.S. Love how you allow the user to rename the labels.

Attached Image (click to enlarge)
Click to Enlarge Name: asia_session.gif Size: 23 KB
Sentiment: Short on cash. Long on hope.
  • #1,598
  • Apr 19, 2010 8:22pm Apr 19, 2010 8:22pm
Yes! Thank you Xaphod!

I like Neo, was struggling to get an Asian indicator to go past my brokers 0:00 hour. I am using Alpari UK which is at GMT +1.
  • #1,599
  • Apr 19, 2010 9:17pm Apr 19, 2010 9:17pm
Hi Walsanshu,

Thank you for post on activating the crosshair. On an XP platform clicking the scroll button activate the crosshair. I have the MT4 installed on Win7 platform and clicking my scroll button result in desktop view replacing the MT4 view. Pressing ctl-f will activate the crosshair.
  • #1,600
  • Apr 19, 2010 10:14pm Apr 19, 2010 10:14pm
Quoting NeoRio
I forgot to share the only *new* nugget (that I heard at least) from Craig's last webinar. I put this in the PDF I sent posted today, but for those who won't get around to reading the PDF, here it is:

What direction should you trade in?—if the pair you are trading (i.e. the GU) has a daily average range of 150 pips a day—once the market makes 70 pips or more in a day—USUALLY, that is the direction the market will move for the rest of the 80 or 90 pips…the same direction as those first 70 pips.
Hi Neo:
Great contributions to the thread, cool avatar too. I was wondering if this is how you determine what direction to trade in, or do you use the MA's in some fashion? Thanks for all that you do in helping people. I would be curious to hear from other expierenced traders with this method as to what they use for trend direction, it's the number one item on many people's checklist. Thanks

Jim
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