Craig Harris Stochastics Method

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TheSnowman...

Good to see you online... Hope the oil is perkin' up...

Great looking trades there, Big E

Possible similar set ups later today on the AUD-USD, EUR-USD & GBP-USD after big run ups yesterday, maybe rollover with profit taking, and as Craig says, the natural flow of the markets

Big E. Assume from your last 3 charts and the rectangles that show entries that you are waiting for green over red over yellow and over 50 line. Is that correct or are you taking them earlier?? Thanks for all you do for us.

5 Minute Chart - See TDI...

LIVE COVERAGE FOR CYCLONE YASI

Live coverage: Cyclone Yasi to bring 'tsunami surge' as a Category 5 storm

Senior bureau forecaster Gordon Banks told the ABC Yasi could take at least 24 hours to weaken after it makes landfall.

"There's still potential for it to become stronger ... as a strong category five we could see wind gusts in excess of 320 kilometres an hour, which is just horrific," he said.

TDI - Trade Announcer
This indicator is a modified version of Dean Malone's (compassFX.com) Trader's Dynamic Index. This mod speaks when a trade opportunity occurs on one of the ten pairs or any timefreme. You can download the free indicator and add your own sounds or purchase a set of audio files for low cost.
Also, the currency pairs on which this indicator can work and call sound files are limited to these:
EURUSD
USDJPY
USDCHF
EURJPY
GBPUSD
AUDUSD
USDCAD
EURAUD
GBPJPY
GBPCHF
It handles all time frames.
Dean provides a very well documented indicator in the original TDI. Read the explanations inside the TradersDynamicIndex.mq4 file. He has three trade levels - one for scalpers, one for more active trader (has more confirmation than the scalper), and one more moderate (and uses the most confirming signals to give a trade ).
I've adding a forth level of trade evaluation that tries to only take trades that are far to one side or the other of the yellow (market base line). This means you only sell from the high side and buy from the low side - and this is backward from what Dean recommends. Since he has been a successful trader since 2002, you might want to consider his methods before this one I'm adding as number 4. But it is the only way I know to hunt for the extreames. I'll add more evaluation of this 4th method as I trade it.
The sounds are WAV (Microsoft signed 16bit PCM) files and these are the only format I recommend since they work.
This is an example, using composite audio of three fragments, that sounds like one possible announcement created from a total of over 25 sound fragments that cover 10 pairs, nine time frames and several types of events:

Download the free indicator
TDI_TradeAnnouncer - Free

And, either generate your own audio files or purchase our pack of 26 audio wave files to speak the buy or sell opportunity, the chart pair and the time frame.

One set of files handles both the TDI Announcer and the Price Action Channel Signal indicator. No need to buy it twice.

Audio Files: $7.00, receive emailed download link immediately after payment. Pay with Paypal.

http://www.forex-tools-cafe.com/TDI_tradeannouncer.php

Just came across this, may be of use to TDI users, not my site either, hope not breaking forums rules

You do not say why you decided to enter there. It looks like you entered based on the TDI green>red, green>yellow, green>50. I am not a proponent of using that signal. I just wrote an indicator that helps identify that signal. Do some visual backtesting to see if it gives you enough good trades.

It is unclear when you entered. If you entered when the pin-bar was forming then the TDI signal was not confirmed. Ie. the candle had not closed so the signal could have changed.

If you entered after the pin bar closed, you have a pin-bar indicating resistance to the upward move.

There is a 30 pip swing up so you are entering into the move up a bit late.

As has been pointed out already, the TDI trade signal line has hit the 68 line and is on its way down. You are trading against it.

It was the NY open and a time when traders come into the market and push it in either direction. Maybe better to wait a bit to see which direction it moves?

Xaphod - you say in the post to Bary that, "I am not a proponent of using that signal. I just wrote an indicator that helps identify that signal." Do you use TDI? If so how? If not why not? Got the impression from your #3170 post that you do use TDI. Thanks.

Bill and Xaphod....thx for responding. I'll spend some time on the simulator to get a better feeing for the correct entries. I will post charts showing entry of future trades when I need more help. PS: that spread means .9 pips That's the way the indicator displays I guess.
Barry

Hi Big E ,


I see your last couple of chart postings you dropped stochastics ? Have you decided to use TDI solely instead of having TDI and Stohastics to confirm entering the trade ? This simplifies the method even more and helps clean up charts even more . Since TDI and stochastics are both momentum oscillators its almost over-kill to have them both on the chart unless it helps give an extra vote of confidence in pulling the trigger when the trade sets up ? Thanks for continuing the thread and posting daily chart set ups.

EZ

Are there any Aussies following this thread? Just curious is all

If this is too much off topic posting, please let me know, off to bed now anyway

Good one [the writing on the wall] - ominous weather-wise. No one on the street.

Hope all turns out well in the end with no loss of life

Fellow Aussie

EZTrades...

Actually the Stochs is there... just dropped the line down... I really prefer just the TDI and the chart too....

When posting a new indicator, I usually post a screenshot with it to show what it looks like for your convenience. The latest screenshot seems to have taken on a life of its own. I don't use it to trade. I probably have 20-30 similar posts. Couldn't possibly be trading with all those templates and indicators.

Please do use Big-E's templates and method as that is what this thread is about and is a system he uses successfully.

eelfranz,

Based on your recent chart i didnt see you used stoch indicator anymore, i'm doubt what is the function of stoch you used previously on the chart?

I noticed that compassfx range factor and volatility indicator also a very good indicator, do you think it can be more profitable by adding them together?

Tonight great opportunity to go short for EURUSD, GBPUSD & AUDUSD.
http://i828.photobucket.com/albums/zz204/lionmi/EU.jpg
http://i828.photobucket.com/albums/zz204/lionmi/EG.jpg
http://i828.photobucket.com/albums/zz204/lionmi/AU.jpg

One of the greatest benefits of using the combination of Big E's 5 21 233 approach with TDI and Stochastic is the high probability entry signals. However, after an entry I found that I was watching the TDI and Stochastic to signal an exit. Big mistake. What I should watch is price action, but my eyes are drawn to the indicators to help confirm what I should do. For the last several trades I "collapsed" both by pullig down on the double line so that only the candles are visible. This forces me to concentrate on price action. I am staying in trades longer for bigger profits, or getting out earlier if price goes against me to minimize losses. Hopes this suggestion helps you.

Android,

Your Questions:

Based on your recent chart i didnt see you used stoch indicator anymore, i'm doubt what is the function of stoch you used previously on the chart?

I noticed that compassfx range factor and volatility indicator also a very good indicator, do you think it can be more profitable by adding them together?

#1... additional confirmation... between 20 & 80

#2... I don't use them. Let us know how it works out.

Most traders will tweek a stratergy to fit their own personality which is ok as long as they get positive results.

Johnsund,

GLAD THAT IS WORKING FOR YOU... let us know how it works out in the long run...