Craig Harris Stochastics Method

Hi MommyPips,

Period 21 Shift 3 apply to close. This is from Big E's othere method- the 21.

Dan

Bill...

Good morning Folks

I took this EURUSD short yesyerday at 9.10am (standard time), on the hourly chart. The green TDI at the time of the trade had broken through the 50 line. The TDI on the 15 min was also in agreement. (green pointing up, through the red)

The trade spiked against me, on good Spanish Bond data. There was no indication that this news was coming and I wouldnt have been in trade if I'd known about it.

This aside, is there any other reason, based on the chart, why I should have avoided the trade? Looking back, it could be argued that the green TDI was not through the 50 line, but at the time it was.

Thanks for all the excellent commentary

Just remember an old Aussie saying: It takes leather balls to play rugby!

Other than the yellow TDI line heading up, previous price action was rather flat and volumes were low. This generally means the market is waiting for something. Do some research other than Forex Factory. It was generally known that Trichet was about to speak and when that happens, violent moves are possible on a moments notice. It is similar now.

Bill

Thanks for the reply. Yes, it was consolidating but it looked like it was breaking out of the range and so I looked at the trade.The bond news was independent from the Trichet talk, so I was caught unexpectedly on that one. Do you know of any other good sites for news? Forex factory is pretty good, but I suppose no site is all encompassing.

Good point on the yellow TDI line. There have been so many moves though, that have followed through before the yellow had time to turn that I wasn't really weighting it to heavily. (not until now anyhow!)

Thanks agaion Bill, and good trading.

There are several sources you can pay for but just read pubs like FT.com and the WSJ to find out about upcoming events. In my humble opinion the absolute BEST news reporting is this. And it is free. You do not need a live account with them for this service.
http://fxtrade.oanda.com/analysis/news/

Ceebs,

You had a good set up....however:

1. You had about 20 candles of consolidation.
2. I'd have been very weary of entering this trade.
3 Chart and 5ema are in an uptrend.
4. Stoch is flat.
5. Sometimes the market wins... right?

Anyone trade the NFP this morning?

The 5 min. chart said it was going long... TDI was hooked up on the 32 line before the announcement... early entry good for 44 pips.

NFP is dangerous to trade... especially for newbies. Trade on Demo.

witch pair you are talking

Hello to all in the thread. Thanks for all the good stratagies and posts. They are all very helpful. I have attached a tool I am using on the next lowest timeframe for exits. It work like this. It forms and chimes on the cross. It doesn't offically cross till the second candle stick . You may want to look at it for exits.

I enter on my H 4 chart and then switch to a H1 or a M30 for an exit. I will post a few charts next week with my Eelfranz 5 Method and then exit with my M 30.

Also when taking a H4 entry I make sure have a new M30 or H1 entry with this tool to make sure I get in at the top or close to the top.

Any thougths are great.. Thanks for all the help..

Being that the Tokyo Channel was less then 40pips that would also signal low range/tight activity. Because of the lack of movement that should have signaled they (traders/MM's) were waiting for something for some reason, a time to sit on your hands and wait too.

Sam21,

Sorry... E/U chart.

Mommypips... Thanks... nice indicator.

Hi Bill

Reference your post on Trading Projections quite a while back.

Could you please give the reason for showing 38.2% of the max leverage sum [100:1] used [??] in your computations of the projections.

Could this percentage be lower or higher.

I am trying to understand the use of this leveraged figure when on the surface it doesn't seem to affect the net increase in the goal.

Maths is not my strong point.

Thanks and regards

Hi Eelfranz and everyone else. I have read this thread from the start through to the end. I have also read from page 200 onwards through twice. Many thanks to everyone for the excellent contributions and charts. Very helpful.

I'm not a new trader but would consider myself as an intermediate but I do have a question for Big E, if you wouldn't mind?

You say that on the smaller time frames you are 'happy' taking a few losses of around 5 or 6 pips pips and trying again on the next candle. I just wondered what sort of drawdowns you might get on the higher timeframes and what your equivalent tolerance levels were on the 1 and 4 hours whilst you are trying to get to breakeven at 15 pips?

Many thanks
Ian in the UK

Hello Big Guy,

I received your PM, all is good here. I have been following along and it is nice to see that you are sharing this simple method of trading 5,21,233. Follow the rules, traders will do ok. I will throw in my 2 pips to help out if I can on charts and comments.

Lets go to battle
PC

1st trade of the week.
GBPUSD 30mins Sell.

Very good position...stoch and TDI both strongly go down

After 1 hr...

EURUSD Sell as well..