Craig Harris Stochastics Method | Page 151 | Forex Factory

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Craig Harris Stochastics Method

  • #3,001
  • Jan 6, 2011 10:01am Jan 6, 2011 10:01am
Thanks Steve, for the reply. I want to use this system to verify /confirm my s/r trades.

I would move your sl to be sooner maybe at 7-10 pips.

Thanks
  • #3,002
  • Jan 6, 2011 10:48am Jan 6, 2011 10:48am
Quoting stevepatt
I hope no ones getting bored by my posting but I'm finding it good for reveiwing the trades I make.
Entered this trade early because it was moving with momentum I was ready to exit if it had stalled at the 233ema. Another advantage of doing this is you can get tighter stops I had a 20 pip stop on this trade and I like to think I would have exited well before my stop was hit. Got out with 20 pips in 10 minutes something worth watching for.
Hi Stevepatt:

Keep up the posting!! I also sold G/U at 1.5520 near 1500 GMT (out at 24 pips).

If the market opens up wider swings, I'll consider doubling trade lots (will close one at 20) then let the remainder ride with stop loss trailiing.

What do you think?
  • #3,003
  • Jan 6, 2011 4:01pm Jan 6, 2011 4:01pm
Hi Stevepatt:

Keep up the posting!! I also sold G/U at 1.5520 near 1500 GMT (out at 24 pips).

If the market opens up wider swings, I'll consider doubling trade lots (will close one at 20) then let the remainder ride with stop loss trailiing.

What do you think?

Hi Jwalk,
Sounds a good plan careful you don't increase your exposure by more than 2% or 3% of your account on each trade, and remeber the average swing is between 20 and 40 pips.
  • #3,004
  • Jan 6, 2011 4:27pm Jan 6, 2011 4:27pm
Steve... I exit the trade if it goes against me at 5 pips on the 5 & 15 min. charts... I can always re-enter...
  • #3,005
  • Jan 7, 2011 12:00am Jan 7, 2011 12:00am
Thanks for the advice, Big E and Jflor, I can remember Big E saying that back in the depths of the forum. I will have to accept taking short term small losses for long term gains.
  • #3,006
  • Jan 7, 2011 2:33am Jan 7, 2011 2:33am
Took this trade using a 7 pip SL, 5pips +2pip spread, as per Big E and Jflor advice and it worked well.
Entered trade early again, at 7amGMT, with price bouncing from 21ma and moving with momentum a quick 20 pips. I think it was Big E who highlighted entering early, if you had the market going with you, and using a tight SL in case your getting in too early.
I was reluctant to go long after the swing low, at 7.15GMT, because the market had been bouncing from the 21ma.
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  • #3,007
  • Jan 7, 2011 3:35am Jan 7, 2011 3:35am
It's funny how sometimes you attract what your looking for, I was asking yesterday about advice on cutting short losing trades and today received an email that deals with this problem.
Here's the link:
http://www.learntotradethemarket.com...comment-page-1
there is a lot of very good tips and advice, on his site, for FREE I am not in any way connected with this site just wanted to point people in the direction of further good FREE advice.
  • #3,008
  • Edited 1:09pm Jan 7, 2011 12:58pm | Edited 1:09pm
London Open - 1 Hour Chart - Classic 21/233 method trade. PA moving away from 21/233 lines with nice flat bottom to exit. Works on all time frames.
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  • #3,009
  • Jan 7, 2011 2:23pm Jan 7, 2011 2:23pm
Quoting eelfranz
London Open - 1 Hour Chart - Classic 21/233 method trade. PA moving away from 21/233 lines with nice flat bottom to exit. Works on all time frames.
He's back ladies and gentlemen! Good to see you around, Big E!

Best Regards,
NeoRio
Sentiment: Short on cash. Long on hope.
  • #3,010
  • Jan 7, 2011 6:56pm Jan 7, 2011 6:56pm
Hi E ,

Knew ya couldnt stay away for long . Once trading gets in your blood you cant walk away from it . Especially since you seem to have a passion for teaching . Great to see you post again .


Best in life ,


EZ
" Master Your Set-Up , Master Yourself "
  • #3,011
  • Jan 8, 2011 9:23pm Jan 8, 2011 9:23pm
Quoting eelfranz
London Open - 1 Hour Chart - Classic 21/233 method trade. PA moving away from 21/233 lines with nice flat bottom to exit. Works on all time frames.
I knew you would be back again to help us. Very nice to see you around.
  • #3,012
  • Jan 9, 2011 3:26am Jan 9, 2011 3:26am
The best way to learn, in this business, is through observation of what others with more knowledge than yourself are doing and then applying it to your own trading. It's good to see you back passing that knowledge on Big E it's really appreciated.
I'm new to this forum but I've learnt a great deal from reading it and have a lot more to learn the important thing is to have the willingness to learn.
  • #3,013
  • Jan 10, 2011 10:13am Jan 10, 2011 10:13am
There are times in trading when you need a lot of patience, today was one of those days, it wasn't until after 1.30GMT that I entered my first trade which was long after a break of the setup candle and above both the 21ma and 233ema. The second I entered early as it broke above both MAs with momentum both trades had a 20 pip SL and 20 pip profit target.
I could have entered the short trade at 8.15GMT but the market had not broken both MAs and I was getting my son ready for school so couldn't monitor the trade there are more important things than trading.
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  • #3,014
  • Jan 10, 2011 5:58pm Jan 10, 2011 5:58pm
Steve...

Congrats on 40 pips buddy... Lookin' good... If you ever start trading full lots you will really be smilin'
  • #3,015
  • Jan 11, 2011 8:28am Jan 11, 2011 8:28am
You can't expect every trade to be a winner, the first trade today looked good but it reversed and turned into a losers. I then had to go out but was back in time to take the trade on the 1.30GMT candle, when I took the screen shot the trade was still running.
I'm trying 1:1 RR because at the moment I'm struggling to enter a trade without it reversing more than 7 pips and stopping me out.

















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  • #3,016
  • Edited 5:20pm Jan 11, 2011 3:47pm | Edited 5:20pm
Steve...

I'm having difficulty reading the charts you post... sorry.

Pick your favorite pair and go back 3-6 months and observe on your favorite timeframe... look at the trades that would have been successful and see how the TDI & Stochs lined up for those trades... so it becomes second hand that if you see that on a current chart... your chances of success will increase.

The one trade where you lost 20 pips... Had you bailed out when your were down 5 pips... you would have had 3 more re-entries @ 5 pips each.

Note on my charts how simple they are... yellow 21 and blue 233. I trade away from the blue & yellow lines. First candle to CLOSE over the yellow line is the set up candle. The next candle (2nd) is the entry candle (if it's the same color)... 5 pip S/L.

Check all timeframes... maybe 5 min. is no good but the 15 min might be ok... just look and always look at you tdi & stoch for alignment.

I suggest using the second line thickness for the 21 and 233 lines... and different colors on each.
  • #3,017
  • Jan 11, 2011 5:54pm Jan 11, 2011 5:54pm
StevePat, Please take notice that the Tokyo Close is at 9GMT. Sometimes reversals take place at this time. The last two days this has happened. So, be aware of that possibility at 9GMT.
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  • #3,018
  • Edited 7:52pm Jan 11, 2011 7:37pm | Edited 7:52pm
Rotunda... Welcome back

I'm going to post here the 2 templates I personally use to trade:

1. 5 Method --- (Most simple strategy but works great)

Use Heiken Ashi candles
TDI Indicator set at default
Stochastics set to 8,3,3
5 ema, Shift set to 2 or 3, Typical

When PA crosses 5 ema and closes... that is the set up candle. The entry is on the 2nd candle if it's the same color. Works on all timeframes. I use 5 pip SL on the 5 minute chart. Works great short & long. Templates on pages 169, 170, 171.

2. 21/233 Method ---

Use Heiken Ashi candles
TDI Indicator set at default
Stochastics set to 8,3,3
21 ema, Shift set to 3, Typical (yellow, thicker line)
233 ema, Shift set to 5 or 8, Typical (Blue,thicker line)

I trade as PA moves away from the blue & yellow line. Example: Long Trade - When yellow line moves above blue line...and when PA breaks above the yellow line and closes above it. That is your set up candle. Enter long on the 2nd candle if it's the same color going long. Short trade is the opposite. Templates on pages 169, 170, 171.


Both systems are easy to trade. You'll get more set ups on the 5 method and more re-entries using the 21/233. There are lots of examples from the charts I've posted previously.

Questions ??? Just ask...

Big E

  • #3,019
  • Jan 11, 2011 10:15pm Jan 11, 2011 10:15pm
Quoting eelfranz
I'm going to post here the 2 templates I personally use to trade:
Perfect, Big E! Thank you. Hope you will get the screen recording setup going sometime soon so that you can "retire" from trading while still making videos of how you "used" to trade!

Thanks,
NeoRio
Sentiment: Short on cash. Long on hope.
  • #3,020
  • Jan 11, 2011 11:07pm Jan 11, 2011 11:07pm
Quoting NeoRio
Perfect, Big E! Thank you. Hope you will get the screen recording setup going sometime soon so that you can "retire" from trading while still making videos of how you "used" to trade!

Thanks,
NeoRio
Hi Neo: Great talking with you again, it had been way too long. Can I ask, have you traded Big E's two setups before? I've always watched them with great interest, was interested in your expierence with them.

Jim
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