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Craig Harris Stochastics Method

  • #3,881
  • Mar 7, 2011 11:14am Mar 7, 2011 11:14am
Ian,

I hate losses... why? Because it's my fault... I didn't read the current market correctly. I always feel like I should have known better than to enter at that particular spot and I review it... why I did it. I'm tough on myself for screwing up.

I trade full lots: $10 a pip. When I trade the higher time frames I will only allow a 10 pip or less pullback before exiting. I make every attempt possible to lose $100 or less when I'm wrong as I monitor the trade...

Sometimes I just take bites out of the market... Example: Enter a trade and it goes up 17 pips but then starts to pull back 5 pips lets say. I'll exit and keep the $120 profit and re-enter when it looks right...
  • #3,882
  • Mar 7, 2011 11:16am Mar 7, 2011 11:16am
Android...

Nice gains buddy... where the rubber meets the road...
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  • #3,883
  • Edited Mar 8, 2011 1:51am Mar 7, 2011 11:24am | Edited Mar 8, 2011 1:51am
I'm going to be out of pocket here for a week or two dealing with my medical issues. Please keep posting charts, answering questions and helping each other until I return. Thanks... Hang in here...
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  • #3,884
  • Mar 7, 2011 11:42am Mar 7, 2011 11:42am
Quoting eelfranz
Ian,

I hate losses... why? Because it's my fault... I didn't read the current market correctly. I always feel like I should have known better than to enter at that particular spot and I review it... why I did it. I'm tough on myself for screwing up.
I just kick myself and move on . http://vimeo.com/7563320
I know just how you feel.
Could it be Man is trying to be something without knowing they're complete?
  • #3,885
  • Mar 7, 2011 3:07pm Mar 7, 2011 3:07pm
Sorry you wont be around for a bit Big E but when you get back maybe you can clarify the higher time frame entries please .... for example, Let's say you get a set up candle on the 1 hour. The idea is to enter on the next candle if its the same colour. Are you entering immediately that candle opens or are you saying that you will enter at 'some point' during that hourly candle, but not necessarily as soon as the candle opens?

For example, today I opened a long as soon as the 1 hour entry candle opened, I took a 13 pip (inc spread) drawdown before exiting. I waited until the next 1 hour candle to re-enter and this time a 19 pip drawdown. So all in all minus 32 and yet the market was trending up in my favour... I was entering on the high of the candle and getting hammered on the retracements. Maybe I should drop down to the 1 minute and look for a fib pull back? What's everyone else doing?

Any thoughts anyone - if they can understand what I am saying that is!

Ian
  • #3,886
  • Mar 7, 2011 5:55pm Mar 7, 2011 5:55pm
Quoting broadsworduk
Sorry you wont be around for a bit Big E but when you get back maybe you can clarify the higher time frame entries please .... for example, Let's say you get a set up candle on the 1 hour. The idea is to enter on the next candle if its the same colour. Are you entering immediately that candle opens or are you saying that you will enter at 'some point' during that hourly candle, but not necessarily as soon as the candle opens?

For example, today I opened a long as soon as the 1 hour entry candle opened, I took a 13 pip (inc spread) drawdown before...
Hi Ian,
Not sure how new you are here. I have been following this thread for a year before contributing to it. Sorry if I am speaking out of turn but you need to give the higher time frames a bigger stop. If I was trading an H1 I would give it at least 35-50 pips depending on the pair. If you really study charts and price action the pairs don't move that much unless the market is really moving. Craig Harris trades a M15 and give himself a 35 pip stop to give his trades room. You need to do the same.. I trade a H4 and give myself room with a 50 pip stop unless my TDI Hooks.. then may exit early. You need to post your charts so we can look at your trades and give you help. It is dificult at times to judge Price Action, so post your chart so we can give you help. Hope this helps but you need to give the price action room to move..
Just to give you an idea it can take hours to get to 40 pips...
  • #3,887
  • Mar 7, 2011 6:07pm Mar 7, 2011 6:07pm
What currency pair and what times GMT? Maybe I can help.
  • #3,888
  • Mar 7, 2011 6:11pm Mar 7, 2011 6:11pm
Eric has stated on many occasions in this thread that he trades on the 1 and 4 hour without stops but gets out when the trade moves against him 10 pips. This may be information this person is relying on an information with which I strongly disagree. Most of the people on this thread probably do not have the ability to trade full lots and lose a hundred dollar a pop.
  • #3,889
  • Mar 8, 2011 4:42am Mar 8, 2011 4:42am
Quoting mommypips
Hi Ian,
Not sure how new you are here. I have been following this thread for a year before contributing to it....
Hi Mommypips
How does a newbie reconcile what you said to broadsworduk about stops with what Eelfranz said in post 3881 (below).

post number 3881 by Eelfranz
start...I trade full lots: $10 a pip. When I trade the higher time frames I will only allow a 10 pip or less pullback before exiting. I make every attempt possible to lose $100 or less when I'm wrong as I monitor the trade...

Sometimes I just take bites out of the market... Example: Enter a trade and it goes up 17 pips but then starts to pull back 5 pips lets say. I'll exit and keep the $120 profit and re-enter when it looks right...finish
  • #3,890
  • Mar 8, 2011 5:35am Mar 8, 2011 5:35am
Yesterday's post #3880

Total 86pips

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  • #3,891
  • Mar 8, 2011 6:23am Mar 8, 2011 6:23am
Quoting Android38
Yesterday's post #3880

Total 86pips

Attachment

Great trade and thanks for posting the set up
  • #3,892
  • Mar 8, 2011 7:18am Mar 8, 2011 7:18am
EURGBP H4 Sell,
Will this another great trade?

Let's see what is the outcome
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  • #3,893
  • Mar 8, 2011 9:11am Mar 8, 2011 9:11am
Quoting broadsworduk
Sorry you wont be around for a bit Big E but when you get back maybe you can clarify the higher time frame entries please .... for example, Let's say you get a set up candle on the 1 hour. The idea is to enter on the next candle if its the same colour. Are you entering immediately that candle opens or are you saying that you will enter at 'some point' during that hourly candle, but not necessarily as soon as the candle opens?

For example, today I opened a long as soon as the 1 hour entry candle opened, I took a 13 pip (inc spread) drawdown before...

Hi Ian,

Bigger time frames require larger stop losses. Big E's 10 pip exit is the way he trades and what he feels comfortable with. I have had plenty of trades on the 1HR chart with real capital that would draw down 15 pips or more and then come right back, and have had some that didnt...You need to figure out what your comfort level is & what are you willing to lose? Money mangement is key. You said the market was in your favor, sounds like you pulled out too quick. Can you post a screenshot of the trade you took so that we can help out?

Thanks,

Dan
  • #3,894
  • Mar 8, 2011 9:35am Mar 8, 2011 9:35am
Missed this one last night!!! I received the text message to my phone and slept right through it!!! Oh well, there will be more....

Dan
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  • #3,895
  • Mar 8, 2011 11:35am Mar 8, 2011 11:35am
Hi Ian/Group,

One interesting observation I've been noticing is that on the 1H chart (really any time frame but 1h for this post) if you set your entry to the closing price of the APB - Ave Price Bar then you tend to have better entries than just blindly entering at market. In some cases it appears to pullback to the level and in others it can be used as a stop market entry to get you in when momentum is on your side, you do sometimes miss altogether.

In most cases if you enter and place you stop just above the previous swing high/low you are usually safer. Sure there is the the occasional stop hunt but that can be planned for. Also gauge the pip distance from that APB close to the swing point if it's too large then monitor the pullback.

Another thing I noticed is dropping down to a 15m chart after you see the signal on your 1H, you may find APBs opposite your 1H, let them run and when the first color change closes in your direction (color matches your 1H) then enter as you would be re-entering with the trend now. As with anything test this for is validity, this is just my observations.

Let's all profit together, enjoy!
  • #3,896
  • Mar 8, 2011 12:00pm Mar 8, 2011 12:00pm
Here's an example, when the signal came on the 1H in this example, marked by the red vertical line on the left chart a RED APB, notice on the 5m to the right the next 3 APB bars were Green - you would have saved yourself the aggravation of almost 15pips of pullback, then you see the red doji type APBs from there it went another 10 pips higher before turning but that was better then sitting through a 25 pip pullback over 7-8 bars or almost 35-40min in this case. I don't have TDI on this platform that I use when at work so it may have painted a additional decision item for this scenario. But the lesson here is if you need confirmation then use the lower time frames and wait til it's APB matches your High TF APB. It may lead to even lower stress entries. Again my observation. I welcome anyone's thoughts.
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  • #3,897
  • Mar 8, 2011 1:06pm Mar 8, 2011 1:06pm
Quoting FX-Trader
Here's an example, when the signal came on the 1H in this example, marked by the red vertical line on the left chart a RED APB, notice on the 5m to the right the next 3 APB bars were Green - you would have saved yourself the aggravation of almost 15pips of pullback, then you see the red doji type APBs from there it went another 10 pips higher before turning but that was better then sitting through a 25 pip pullback over 7-8 bars or almost 35-40min in this case. I don't have TDI on this platform that I use when at work so it may have painted a additional...
Hi FX-Trader.
I agree in general with your suggestion. I use Ninja trader for charts. I have a screen set up with the Daily, 4hr, 1hr, 15 min and 5 min charts so I can see all these timeframes at the same time. If I get a signal on the 1hr I check the lower time frames for confirmation. If the 5 min has already gone 10 or 12 candles I will wait for some pull back on that chart before proceeding with the 1 hr trade. A downside though of having too many time frames open is the tendancy to pull a trade too soon.

Also I would prefer to trade the higher time frames but sometimes I will look for entries on the lower time frames to get an entry, if I can see that the 1 hr will probably set up soon after that.

All in all it ain't easy. When I look back at the end of a day I see many set ups that worked and wonder why I did not take them. Some appear to have gone too far and I dont take them and then there is the problem of when to get out. I am slowly coming around to Big E's method of not exiting if there is a pull back of 5 or 6 pips.

I have only being trying the 5 method for 4 weeks now but I am convinced that it is a great way to trade and should reap benefits and pips soon.

Fred
  • #3,898
  • Mar 8, 2011 3:47pm Mar 8, 2011 3:47pm
Hey guys - thanks for all the comments.

Mommypips - Yes I can put my stops where you suggested (and trade with smaller positions) but Big E said about the 10 pip drawdown and he would have a heart attack if he had a 60 pip loss. I was trying to just figure out the entry point time on the candle to avoid big drawdowns.

Bill - it was GJ (a wild card at the best of times but nonetheless a good test)

Fredff - yes, exactly. I was trying understand more closely this aggressive approach.

Danimal - I'm not sure I pulled out too quickly. many times Big E has said if he bails out, he figures he got the entry wrong and tries again. My question was really to do with where on that entry candle do you actually get in for best effect.

FXTrader - I never considered making an entry order point at the APB 'shoulder' you suggested. I will look more closely at that. I think I prefer the idea of using the 5 min timeframe to enter the 1 hour candles to minimise the drawdown. Thanks for a good chart to explain what you meant. Thank you Sir.

Thanks to everyone with your thoughts. Just to reiterate that I am not a newbie but I just don't post very often in forums because many threads seem to end in a slanging match, but in this case when something works so good as it 'says on the tin', I figure that I hadn't fully grasped where to enter. Blindly entering on the open of the next candle didn't feel right.

Ian
  • #3,899
  • Mar 9, 2011 5:04am Mar 9, 2011 5:04am
Update on post #3892
H4 EURGBP Sell

50pips on hand, down trend still strong so continue the trade.
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Using 2 timeframe to open trade is the best way to get better entry position but it is time consuming because we need to monitor on lower TF until trend turn to your direction.

Another method which i usually use is when you spotted a great trend..use buy or sell limit 10 to 20pips above or below current price.
Pip range is depend on TF , high TF greater pips limit, vice versa for sell.
  • #3,900
  • Mar 9, 2011 9:33am Mar 9, 2011 9:33am
Hi guys,
Took this trade on the Aussie 15 min, turned out to be a loser. Everything looked good (although the yellow was rising).
Any comments?
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