Craig Harris Stochastics Method | Page 105 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Stochastics Settings 12 replies

bo7a method... method for GBP/JPY 205 replies

Stochastics 3 replies

Math question: equating hourly stochastics/rsi with daily 3 replies

Slow Stochastics Indicator 1 reply

Attachments: Craig Harris Stochastics Method
Exit Attachments

Craig Harris Stochastics Method

  • #2,081
  • Jul 13, 2010 1:42am Jul 13, 2010 1:42am
Sorry, i missed it, is already there. And funny it is the very first row, when the indicator is initialized. I was confused from lots of the axes, that can be adjusted...
Xaphod is correct
  • #2,082
  • Jul 13, 2010 8:10am Jul 13, 2010 8:10am
Thanks for the explanation. I can make the manual adjustments as required. Too bad it isn't set up to make the daily, weekly, monthly calcs automatically.
  • #2,083
  • Jul 13, 2010 9:21pm Jul 13, 2010 9:21pm
Quoting Ezzy
Hi Big E, thanks for your reply. At this stage, I am demoing and trying this system out. Not every signal is a wining signal (20 pips or more), so I am looking at different trailing stops etc.

Cheers
Ezzy
While I know that for some people it's "easy" to make 40 pips trading the London session, I humbly submit that it's also quite hard. I know a couple Forex traders who were Futures traders for 7 years, then turned to Forex and after 3 years trading the Forex still have a hard time consistently making pips on a daily basis.

I wish it were easy, but if once you start putting shoulder to the boulder day after day, you'll see that it's actually very difficult to be a good (and consistent) trader.

Best Regards,
NeoRio
Sentiment: Short on cash. Long on hope.
  • #2,084
  • Jul 13, 2010 9:29pm Jul 13, 2010 9:29pm
Quoting Xaphod
eiPercent is already coded as an input parameter.
//+--------------------------------------------------------------------------+
//|...
Thanks Xaphod for helping with that. I have never needed to adjust or edit the profit tracker as it makes sense to me the way it calculates the profits/losses.

Best,
NeoRio
Sentiment: Short on cash. Long on hope.
  • #2,085
  • Jul 14, 2010 1:14am Jul 14, 2010 1:14am
Quoting NeoRio
While I know that for some people it's "easy" to make 40 pips trading the London session, I humbly submit that it's also quite hard. I know a couple Forex traders who were Futures traders for 7 years, then turned to Forex and after 3 years trading the Forex still have a hard time consistently making pips on a daily basis.

I wish it were easy, but if once you start putting shoulder to the boulder day after day, you'll see that it's actually very difficult to be a good (and consistent) trader.

Best Regards,
NeoRio

I would just add, for 99% of us, 40 pips / day is not possible. Forex is more frustrating than golf... and that really sucked!

... still trying though.
  • #2,086
  • Jul 14, 2010 2:54am Jul 14, 2010 2:54am
Quoting Slack
I would just add, for 99% of us, 40 pips / day is not possible. Forex is more frustrating than golf... and that really sucked!

... still trying though.
I hear ya. If making (any amount) of pips a day were easy...everyone would be doing it and would have retired by now. Making 10 pips a day is not easy. If you think it is, then try risking 2% or 4% of your account size on a 10 pip trade. Once you lose one trade (of at least the same amount you were striving to get...though it's usually always more that you're willing to risk than you aim to make)...you will then need to risk 4%-8% of your account to make up what you lost and still be on track. It gets harder and harder the deeper you dig yourself in. Trading is an art and something that takes a long time and a lot of trial and error (and losing) and DISCIPLINE to learn. IMHO.

Best,
Neo
Sentiment: Short on cash. Long on hope.
  • #2,087
  • Jul 14, 2010 4:18am Jul 14, 2010 4:18am
Quoting Ezzy
Hi all

I am just wondering what traders are using for stop loss. I am aware that on the videos, Criag mentions that as price moves in his favor, he has a 5 pip trailing stop rule. Is anyone else using other strategies regarding trailing stop.

The trailing stop strategy that I am using at the moment does not appear to be working, eg I am getting out of the trade at BE too often. BE is better then a loss, however I am not reaching 40 pips a day as per his recommendations on his videos.
Quoting Ezzy
Hi Big E, thanks for your reply. At this stage, I am demoing and trying this system out. Not every signal is a wining signal (20 pips or more), so I am looking at different trailing stops etc.

Cheers
Ezzy
Using a fixed trailing stop, let alone one as tight as 5 pips on M15, will kill your P/L on this method more reliably than almost anything else.

5 pips is far too tight on M15 because it's a mere fraction of a typical ATR for all majors and most non-correlated crosses on that time frame. We'd be exiting based on pure noise.

What about going with a wider TS? If you must use one, one rule of thumb is to set it to at least a low multiple of the ATR, e.g., between ATR x 1.5 and ATR x 2.5. Still, you'd always be exiting into weakness, by design. With this method, you are better off not using a TS at all, in my experience.

I prefer exiting into strength 1) slightly before a BN or 2) slightly beyond S/R or 3) after a quick news-driven price move in your favor, if you have a previously established position at that time; but not before 4) M15 Stochastic has put in (or nearly so) a 20/80 cycle. So it's usually condition 4 and {1 and/or 2 and/or 3} for me. Take a look at GU 45m ago (shortly after 8:30 GMT) for a nice example of all of the above.

The time factor is critical yet is often ignored. 60-90 minutes before a session boundary tends to be an especially suitable time to exit if you're still holding, as many professionals take profits or reduce exposure.

On a trend day like yesterday, if you scale out, you'll actually want to give H1 (not M15) Stochastic a chance to complete its 20/80 cycle on the last part of your position, even though you are still trading M15. Test it and see if that fits your style.
  • #2,088
  • Jul 14, 2010 4:26am Jul 14, 2010 4:26am
Hi Neo and nhct

Many thanks for your replies.

The forex market is a difficult one to trade and win consistently. I guess any method/system in trading requires lots of practice. Your feedback is appreciated.

Cheers
What you do is a reflection of you....what I do is a reflection of me.
  • #2,089
  • Jul 14, 2010 4:28am Jul 14, 2010 4:28am
Quoting Ezzy
Hi Neo and nhct

Many thanks for your replies.

The forex market is a difficult one to trade and win consistently. I guess any method/system in trading requires lots of practice. Your feedback is appreciated.

Cheers
Yes. And remember...the best part about having children, is making them! No, that's not what I meant to say. What I meant to say was that it's not so much the system or the method that you trade, it's the discipline, money management and sticking to the rules that will make you a good trader for the long haul.

Best,
Neo
Sentiment: Short on cash. Long on hope.
  • #2,090
  • Jul 14, 2010 4:42am Jul 14, 2010 4:42am
Quoting NeoRio
Yes. And remember...the best part about having children, is making them! No, that's not what I meant to say. What I meant to say was that it's not so much the system or the method that you trade, it's the discipline, money management and sticking to the rules that will make you a good trader for the long haul.

Best,
Neo
Totally agreed....particularly the part about making children .....I mean being discipline.

Cheers
What you do is a reflection of you....what I do is a reflection of me.
  • #2,091
  • Jul 14, 2010 6:00am Jul 14, 2010 6:00am
Quoting Little Boome
Hi,
Sorry if this is a stupid question, but I find the Renko file downloads as 'php attachments', how do I load these into my charts? I normally get mq4 or ex4 files.
Hope somebody can help.
My solution to this problem is to rename that 'attachment.php' into that file name eg. Renko.mq4. After that copy it into MT4 indicator folder.
It should works.
  • #2,092
  • Jul 14, 2010 6:06am Jul 14, 2010 6:06am
Quoting Star178
My solution to this problem is to rename that 'attachment.php' into that file name eg. Renko.mq4. After that copy it into MT4 indicator folder.
It should works.
Either that or you download it from the paper clip in the top right corner of this page.
  • #2,093
  • Jul 14, 2010 10:57am Jul 14, 2010 10:57am
I've been asked to elaborate on my admittedly made quickly in passing "time factor" comment above. It does deserve more details.

The times of day 60-90 minutes or so before a session boundary, specifically around 2 am, 7 am, 10:30 am ET are special: they are among more likely intraday pullback or even reversal times. Those are the times to have, in the absence of evidence to the contrary, a short-term bias toward fading, not running with, the swing or mini-trend (if any) of the last hour or two.

Those times are not set in stone, of course... that would be too easy. Think of them more as cluster areas or zones along the time scale, +/- half an hour or more. And some days price seems to pretty much ignore them and keeps right on doing what it was doing before... however, that in itself is a useful signal to us as traders, not unlike when price seems to ignore S/R. Also adjust when London and New York are on different daylight saving time status twice a year -- London session times take precedence for the 1st and 3rd times listed above.

For those of us (like me) who sometimes find it a lot more challenging to come up with sound exits on the fly than sound entries, time-based exits offer an appealing, relatively stress-free alternative worth adding to your exit tool kit, if you feel that they might fit your trading style.

So, for example, if you are coming up on one of those key points in time and you are in a trade in the direction of the most recent mini-trend, showing a profit (less than your next TP), don't hesitate to exit / take that profit now, at the first perceived signs of slowdown or consolidation in price action. The odds are that if you give it another candle or three, you'll end up with less profit.

Conversely, if you are coming up on one of those key time points and find yourself in a trade against the most recent mini-trend, showing a loss (less than your SL, right?...), don't exit just yet; hold on a bit longer. Chances are that you'll be able to exit with a smaller loss or close to BE.

Finally, if you are flat around one of those key points in time, be especially alert to whether a valid CH entry is setting up. If so, you may want to commit more capital to the trade than you would otherwise, at other times. Nothing crazy, please -- we're talking between 1.5 and 2 times your standard trade size for that pair and SL, as long as that size is not too aggressive, not a stretch to begin with.

Speaking of time more generally, mindfully paying close attention to things like 1) time of day, 2) times into and remaining within the current session, 3) time since the most recent fractal, 4) time since the last BN or S/R or Fib and 5) time since the last Stochastic turn has become one of the essential things I am doing as a trader -- besides observing price action itself -- to get more in sync, in tune, in the zone with a given currency character at a given time. (How many times can I use the word "time" in a sentence?...)

Try doing so, deliberately at first -- mentally running down a list like that that fits you -- whenever you look at charts, during live trading and especially in reviewing and testing, until it becomes second nature. You'll see that, just like there are repeatable price patterns, there are repeatable time patterns (after all, both reflect not entirely unpredictable human nature and behavior) to help you further tilt the odds in your favor.
  • #2,094
  • Jul 14, 2010 4:27pm Jul 14, 2010 4:27pm
hi nhct;

thank you for the clarification. i hope this helps everyone.
  • #2,095
  • Jul 14, 2010 6:55pm Jul 14, 2010 6:55pm
NHCT... ditto, ditto. I have talked about this through out this thread... but I don't know who's paying attention and who's not. Example: I love to trade the E/U. I live on the West Coast in the Pacific time zone. It has major runs at 1AM, 3 AM, 5 AM, 7 AM my time over and over... something I count on... giving 30 minutes one side or the other. I realize most part time traders don't trade the London Session because of having a daily JOB. I overcame that problem of being up all night by trading the 4 hour chart and setting my alarm for the next 4 hour candle. Look at a 4 hour chart and note how many candles it will "normally" run when it reverses. Well when I catch the reversal (first candle or second) I know from studying that pair that it usually goes X number of candles before reversing. Most of my trades pay out 50+ pips on the 4 hour chart. I use the Stoch 8,3,3 and TDI red/green cross to enter my trades. I check my new 10 PM candle (my time) on the 4 hour chart and enter the trade if both Stoch and TDI say go and then check it at 2 AM my time and again at 6 AM. This is easier on me than the 5, 15, 1 hour charts. During the days I like 1 hour charts... but remember I'm retired and trade the forex for pleasure only. I know that NeoRio has done well trading this method from comments he's made and I'm sure he has tweeked it a little here and there to fit his personality and trading style. If your trading the London Session (400-800) pips you ought to make 40 pips like Craig said... if your trading another session your results will vary and may be poor. This method produces when you follow the rules and guidelines. As with ANY trading system/method with say 10 traders... some will make massive pips and others will fail... don't give up... study your charts back at least 90 days... look for things that repeat over and over... times of day, # of candles on reversals, etc... do your homework! I wish you all success. Big E
  • #2,096
  • Jul 14, 2010 8:25pm Jul 14, 2010 8:25pm
for some reason i was under the impression you were in the u.k. west coast? im in newport beach (ca). are we neighbors by chance?
  • #2,097
  • Edited 11:30pm Jul 14, 2010 11:19pm | Edited 11:30pm
Quoting eelfranz
[font=Comic Sans MS][size=3][color=blue]Welcome to all the new members of our thread. Many have put in a lot of hard work to make it what it currently is and I thank them all. Remember though this method is based only on the 15 minute time frame, trading the London Session according to the rules Craig shared with his free videos and webinars. Any changes you make will affect your success using this system. One last thing about Craigs course... he commits to you for 12 months after someone signs up. I'm not promoting anything here but thats an important...
Hi Big E,
I recollect that you were using this setup on higher TF also with success. Does the above post mean that you have stopped trading on higher TF using this setup.

Cheers
Novice 198

PS :- I just read your last post confirming that you are still trading the higher TF also.
  • #2,098
  • Jul 15, 2010 12:51pm Jul 15, 2010 12:51pm
Samk... I'm in Oregon, USA. If I'm up during the London Session I often trade the 5/15/1HR minute charts... however if I'm going to bed instead I often trade the 4 hour chart for convenience with a trailing stop... Works for me. Big E
  • #2,099
  • Jul 15, 2010 1:24pm Jul 15, 2010 1:24pm
Hi everyone,

I've been a member of the thread for ages and also used the skype room, however since reinstalling my PC I can't get access anymore. Anyone help?

Also just wanna say cheers for all the help and tips i've picked up from reading this thread. I dont say much as I like to read and learn my own way

Cheers
  • #2,100
  • Jul 15, 2010 3:05pm Jul 15, 2010 3:05pm
thank you for the reply big e. ahhh...beautiful oregon. you should come visit this side of town: you'll think it's home.

regarding your 4hr chart and reversal comment above: i did the statistical analysis of the 4hr chart and i calculated (over a 4month period) that 4hr candle generally reverses after 3 to 4 candles. and when i looked at the charts last night it was amazing to me that there were like 5 to 8 in a row. was it and is that an anomaly?

different time frames: im confused. you dont just stick to the 15min tf that this strategy is devised for? have you had success in these other tf's as well?

fractals: there is a member on this forum that made this indicator that seems to be superb compared to the mt4 fractal. i tried it and i was impressed; but that's not saying much.

can anyone please try this new fractal indi out and see what you guys think (post #66): it's suppose to be far superior.
http://www.forexfactory.com/showthre...82#post3859182 (the post but the indi is the one below)



Quoting eelfranz
Samk... I'm in Oregon, USA. If I'm up during the London Session I often trade the 5/15/1HR minute charts... however if I'm going to bed instead I often trade the 4 hour chart for convenience with a trailing stop... Works for me. Big E
Attached File(s)
File Type: mq4 New_sFractals.mq4   8 KB | 554 downloads
1 trader viewing now