SuperWoodieCCI - page 18
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and here I thought we had developed the holy grail....!!!!!!!
hehehehe
Yes S&R, big important..... as even the trend lines need something to qualify them
Well that last EURUSD sucked!!
Afternoon trading is not always the best with currencies. at least that has been my experience
Probably after 8 pm tonight you will have a lot more fun......
Here is a clear example why the zigzag indicator is totally useless as a trading tool. See how far it has readjusted itself as time has progressed. That is why I only use it as an alert tool.
Support and Resistance
For anyone wanting to study S & R, there is an excellent publication by Toni Hansen that comes out 5 days a week and she shows S & R as well as other things on her charts... I have benefited from reading it
The thing is free.......... and I feel well worth a look
(It covers Dow, not Forex)
Focus Letter
I guess the zig zag is set up to repaint........ grrrrrrrrrrr
perhaps a moving average cross may be better, not sure, I have not played with that a lot.....
I like to use a 9 and 30 sma, and I have not used alerts, I guess I should learn to do that
The ergodic has a nice alert....... I use it more to confirm a CCI entry
another alert that may well be suited is Macd cross....... I like to use settings of 7 10 5 and make my entry coincide with the zero line cross. I have no idea as to there being a macd cross alert...... there probably is, I will have to look....
Here is a moving average cross idea that may or may not be new to you. I use the 18 period Hull MA of the close against the 27 period Hull MA of the open for my signals. It stands to reason if the closing price is trending lower than the open then the trend is definitely down and vice versa.
But still, learn to draw trend lines on price and indicators. Look for breaks and divergence. You are certain to uncover some hidden gems.
that woodie heart panel thing looks pretty. but actually is counterproductive in that there is too much junk on the screen.
Price action is the real determinant, the extra stuff adds to the chances of error.......
here is a divergence indicator that I use
Macd 8 17 9 on the price chart