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Craig Harris Stochastics Method

  • #1,741
  • May 17, 2010 3:37am May 17, 2010 3:37am
I took a GU short as under:-
On the 1st RC, the SS was not lined up as well as the the there was no cross on the TDI indicator. However, I entered on break of 2nd RC when all conditions were met. Entry at 1.4366 and SL 1.4416 ( which is above the 2nd RC)
The Trade went against me and SL was triggered. At present the only reason I can think of for the failed trade is that the SS on 1H TF was against me. I would like to expert opinion of the exp traders here.

Cheers
Novice
Attached Image (click to enlarge)
Click to Enlarge Name: GU.PNG Size: 64 KB
  • #1,742
  • May 17, 2010 3:41am May 17, 2010 3:41am
I'm no expert but looks like you entered too late you should've entered 2 candles back I shorted the same trade for +21
  • #1,743
  • May 17, 2010 3:45am May 17, 2010 3:45am
Quoting novice198
I took a GU short as under:-
On the 1st RC, the SS was not lined up as well as the the there was no cross on the TDI indicator. However, I entered on break of 2nd RC when all conditions were met. Entry at 1.4366 and SL 1.4416 ( which is above the 2nd RC)
The Trade went against me and SL was triggered. At present the only reason I can think of for the failed trade is that the SS on 1H TF was against me. I would like to expert opinion of the exp traders here.

Cheers
Novice
Highlander answered well...and to add to his words of wisdom, you entered late (and in essence a wrong entry). Thanks for asking the "experts" to answer your post...I wouldn't be answering this if you hadn't! (Kidding!)

A suggestion to you...if you plan on trading the CH method, you probably shouldn't be using the TDI indicator. It's another beast altogether and gives different OB/OS readings than the SS 8,3,3. There's a rhyme and reason to the CH setup (and template)...and you can easily confuse yourself by adding *any* other indicators that tell you when to enter, or when to exit. Just my $0.02.

Kind Regards,
NeoRio
Sentiment: Short on cash. Long on hope.
  • #1,744
  • May 17, 2010 3:49am May 17, 2010 3:49am
Quoting novice198
I took a GU short as under:-
On the 1st RC, the SS was not lined up as well as the the there was no cross on the TDI indicator. However, I entered on break of 2nd RC when all conditions were met. Entry at 1.4366 and SL 1.4416 ( which is above the 2nd RC)
The Trade went against me and SL was triggered. At present the only reason I can think of for the failed trade is that the SS on 1H TF was against me. I would like to expert opinion of the exp traders here.

Cheers
Novice
In looking at your screen shot again, I see you have other indicators on your chart as well. My suggestion to you; get rid of the Bollinger Bands, get rid of the Synergy channel and the Synergy arrows and the candle pattern indicator. Too much activity on your screen to see what you're *wanting* to see...which is the swings, consolidation and MAs. You should be using the latest version of the CH template I posted some time back...it has the IB/OB indicator which doesn't mess up your screen, but draws a line through the candle body letting you know when you have an OB/IB.

Best Regards,
NeoRio
Sentiment: Short on cash. Long on hope.
  • #1,745
  • May 17, 2010 4:23am May 17, 2010 4:23am
Hi Neo

I'm having trouble with the 1 hr trend lines, they don't seem to repaint once violated.

HX
  • #1,746
  • May 17, 2010 4:38am May 17, 2010 4:38am
Quoting highlanderx
I'm no expert but looks like you entered too late you should've entered 2 candles back I shorted the same trade for +21
The 1st RC candle was an IB. I did not enter during the 2nd candle on the break of this IB as Stochs had not lined up. I entered on the 3rd candle when the low of 2nd Candle was broken as by this time the SS was lined up. Therefore, I am not sure how could I have entered 2 candles back. Are you trying to say I should have entered on the break of the RC, which also happened to be an IB. In other words I should have entered this trade in the long term trend direction at the break of RC cum IB candle even though the SS was not lined up.

Your further comments would be highly appreciated.
Cheers
Novice.
  • #1,747
  • May 17, 2010 4:45am May 17, 2010 4:45am
Quoting NeoRio
In looking at your screen shot again, I see you have other indicators on your chart as well. My suggestion to you; get rid of the Bollinger Bands, get rid of the Synergy channel and the Synergy arrows and the candle pattern indicator.

Best Regards,
NeoRio
Hi Neo,
As a newbie, there is a tendency to put more indicators on the charts inorder to get more confirmation. I agree that too much clutter can camouflage the PA. I take your advice and remove the extra indicators.

As regards the Trade, am I correct that we should take the break of RC which is also an IB towards the long term trend, even if the SS is not lined up. Does this hold valid for normal IB also?

Cheers.
  • #1,748
  • May 17, 2010 5:06am May 17, 2010 5:06am
Novice, red arrow is the candle I entered on after the IB was taken out by 3 pips.

HX
Attached Image (click to enlarge)
Click to Enlarge Name: 1.JPG Size: 77 KB
  • #1,749
  • May 17, 2010 5:17am May 17, 2010 5:17am
Quoting novice198

As regards the Trade, am I correct that we should take the break of RC which is also an IB towards the long term trend, even if the SS is not lined up. Does this hold valid for normal IB also?
I understand what your asking (I think )

If the SS is not lined up then it's no trade.... you got that right!

Once the RC candle is broken then thats it.... no trade.... even if stoch turns to the right angle on a later candle. Hope I have cleared that up for you.

Bob
  • #1,750
  • Edited 6:12am May 17, 2010 5:21am | Edited 6:12am
Novice

here's my 2 trades for this morning both shorts hope this helps

HX
Attached Image (click to enlarge)
Click to Enlarge Name: 1.JPG Size: 56 KB
  • #1,751
  • May 17, 2010 5:49am May 17, 2010 5:49am
Quoting highlanderx
Novice, red arrow is the candle I entered on after the IB was taken out by 3 pips.

HX
HX,

Thanks for the clarification. I entered one candle later as I was waiting for the SS and TDI to line up. What is the basis of your entry as SS had not lined up at the time of entry even though it may look ok now in hindsight. Are there different rules for entry when a the RC which is also an IB is broken?

Cheers.
Novice
  • #1,752
  • May 17, 2010 5:57am May 17, 2010 5:57am
Quoting highlanderx
Novice

here's my 2 trades for this morning both shorts hope this helps

HX
This 2nd trade was entered on the break of TL or was it after the break of low of RC.
If we look at 1H TF then in both the cases the SS on the 1H TF was pointing up. Do we take cognizance of higher TF also or not while entering Trades on 15M TF.

Cheers
Novice
  • #1,753
  • May 17, 2010 6:08am May 17, 2010 6:08am
Quoting bob_inabottle
I understand what your asking (I think )

If the SS is not lined up then it's no trade.... you got that right!

Once the RC candle is broken then thats it.... no trade.... even if stoch turns to the right angle on a later candle. Hope I have cleared that up for you.

Bob
Hi Bob,

Not sure what you mean by saying " Once the RC candle is broken then thats it.... no trade.... even if stoch turns to the right angle on a later candle. Hope I have cleared that up for you."
Can you pls explain further.

Cheers
Novice
  • #1,754
  • May 17, 2010 6:14am May 17, 2010 6:14am
Novice, sorry the entry was marked wrong (I adjusted the screenshot above), the trade was taken on the second red candle breaking below the first. Ignore the TL that's for my guidance.

I think Bob means if you miss the entry dont try and jump in when the trades underway,

HX
  • #1,755
  • May 17, 2010 6:36am May 17, 2010 6:36am
Quoting novice198
I took a GU short as under:-
On the 1st RC, the SS was not lined up as well as the the there was no cross on the TDI indicator. However, I entered on break of 2nd RC when all conditions were met. Entry at 1.4366 and SL 1.4416 ( which is above the 2nd RC)
The Trade went against me and SL was triggered.
I'm not an expert, however here are a few observations:

Too far from the previous swing high. The entry point was 74 pips from the previous swing high. Natural flow is 30 to 60 pips.

It is difficult to tell as you don't have all the usual indicators on your chart, but it seems you are entering a counter-trend trade 23 pips from the SMA20. That is counter to the rules.

Some of the seasoned traders using the system seem to be able to anticipate how the ss will turn and are able to enter trades earlier. The ss is a lagging indicator and they can read the price action.

Quoting novice198
At present the only reason I can think of for the failed trade is that the SS on 1H TF was against me. I would like to expert opinion of the exp traders here
The market does not follow the CH system. You will lose some trades despite following all the rules.
  • #1,756
  • May 17, 2010 6:52am May 17, 2010 6:52am
Xaphod is right of course, I was picking counter trend trades off the to due to time constraints. You're best trading in the direction of the market.

HX
  • #1,757
  • May 17, 2010 6:54am May 17, 2010 6:54am
Quoting highlanderx
Novice, sorry the entry was marked wrong (I adjusted the screenshot above), the trade was taken on the second red candle breaking below the first. Ignore the TL that's for my guidance.

I think Bob means if you miss the entry dont try and jump in when the trades underway,

HX
HX thanks for the corrected picture, which means that my understanding of the 2nd trade is correct. However, I am still perplexed regarding the entry of the 1st trade, which kindly explain in light of what I have queried earlier.

cheers
Novice
  • #1,758
  • May 17, 2010 7:01am May 17, 2010 7:01am
Novice

The first trade was entered at the yellow line 14407 when the second
red candle which was 3 points below the first reversal (also happened to be an IB) red candle, I think you said stochs weren't in agreement but they were on my chart.

HX
Attached Image (click to enlarge)
Click to Enlarge Name: 2.JPG Size: 62 KB
  • #1,759
  • May 17, 2010 7:08am May 17, 2010 7:08am
Quoting Xaphod
I'm not an expert, however here are a few observations:

Too far from the previous swing high. The entry point was 74 pips from the previous swing high. Natural flow is 30 to 60 pips.

It is difficult to tell as you don't have all the usual indicators on your chart, but it seems you are entering a counter-trend trade 23 pips from the SMA20. That is counter to the rules.

Some of the seasoned traders using the system seem to be able to...

Hi Xaphod,
Thanks for your explanation, yes I should seen the pips from last swing that it self would have raised warning signal for entering short.
Are there different rules for entry when an RC which is also an IB or an OB is broken.


Cheers
Novice
  • #1,760
  • May 17, 2010 7:10am May 17, 2010 7:10am
Quoting highlanderx
Novice

The first trade was entered at the yellow line 14407 when the second
red candle which was 3 points below the first reversal (also happened to be an IB) red candle, I think you said stochs weren't in agreement but they were on my chart.

HX
Hi HX, Thanks for your patience. I "see" what you all 'saw" at that point of time. I hope to "see" these while I am trading tomorrow.

Cheers
Novice
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