XO_Method REVISED - page 39
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Try this for cci :
On the image : first window, the indicator overlayed into a cci
second window : the indicator only
Hope this helps
Or this :
CZI_Heart looks same or similar to the ex4 I provided...
Here is extract from CCI forumz...
"The Sidewinder is only used with ZLR. Green go, red no go, yellow maybe."
My memory jogged about chopzone...
Brown = market trending down
Aqua = market trending up
Multicolored = sideways --- stay away from zero line rejects
In other words, these additions to CCI confirm/cancel zero line reject trades.
When there is a zero line reject, if the trend is long and the sidewinder is green (or yellow) and chopzone is aqua, confirms ZLR should give some pips. If multicolored or if SW/CZ disagree it says trend is too weak to give confidence for ZLR.
Video here with Woodie: Chop Suey Indicator
CCI trivia. I have no idea whether this will help the system this thread (and poss the new thread) discuss...
I personally am not for a new thread. Just my 2c.
I don't particularly use chopzone, but it looked as though you had a sidewinder on H1 CCI. And chopzone is supposed to help with Zero-Line crosses I think - will need to research it. I don't know whether it can help with CCI or not. Entrex beautiful yesterday. RE H1 I am referring to the test of the previous high (actually it is tested 4 times on the M30 chart) and then retracement down to below open...sell signal -- works even better on a 4hr chart. Bigger wicks tend to give better results. Requires study.
Suk, I never use 30-M charts. The reason being that they produce far too many false signals.
Something just stirred in me when I read about the "wicks" - I will do some research also and let you all know. Best to do on H1 and H4 charts, I think.
I am not sure if you will find the information in your research, ValeoFX. This is something I learned from a prop trader for Bank of America whose cousin was also a trader. He made $250,000 from FXCM so fast they literally begged him to work for them! I too would not use 30M because of false signal, however if setup is there on H1 and H4, confirms M30 signal. The set up is a long wick followed by a return to the high/low in the next candle then a retracement beyond the close of the previous candle. Can be double or triple.
2 candles. First closes with a decent sized wick. Second opens, at some point in it's life, hits the previous high/low (ie the tip of the previous wick) then retraces back in the opposite direction. Signal can be taken as cross of previous close or before. It is a classic bottom/top formation. Sometimes good for 10 pips but, for example if it is combined with divergence, a support/resistance level, a RSI 30/70 cross or a bollinger band say, it can be much more powerful. Just something else to keep eye out for really.
Hi suk1000k,
I just sent PM to you.
Very much my sentiment as well, but let us see if anyone else feel the same way, Joe.
I feel the same way, Valeo.
How about others?
This morning's entry.............
Good morning guys,
This is the ideal opportunity to show you how to trade an "overheating" CCi-5 this morning. So let us strike while the iron is still hot:
Close of 07h35 candle (on MY charts) shows White signal on top of the closed candle, therefore NO ENTRY. Following candle went higher and therefore this could be one of the 8% trades that will carry on. Now, watch the RSI-2's position - it is way too overheated and we wait for the RSi-2 to retrace first. That retrace comes on the 07h55 candle and when the next candle closes (marked with vertical Yellow dotted line) at 08h05, you enter the trade @ 1.9648.
Now just follow the 8-EMA until exhaustion for a very good run.
>>>>>>>>>>>>>>>> NB<<<<<<<<<<<<<<<<<<<<
You should be aware that the H4-chart's CCi-5 is already overheated anbd there still is 3 hours left inside that candle!!
Secondly, what is the H1-chart doing? I am not answering this one; I want YOU to tell me whether you can make an informed decision as to when you need to close the trade. (I will post my exhit info here later)
Until later and with LONG pockets and SHORT arms.
Good day today. I become to like H1.
Thanks Valeo, pretty clean explanation of entry. I get in a little erlier, but H1 was shooting up strong, and did get out on another 5min. cci-5 overheat for 30 pips. Reenter than and get out on another CCI over heat for aditional 20 pips, H1 was over heat as well, so strong signal to close trade. Even though, by trailing with 8/15ema's would be 90 pips.
Exiting this trade.............
Thanks Akil, I am glad you made the pips and learned from it. You may now have a good sleep.
My EXIT was at 1.9712 and the reason being 2 fold: a). The price tested R1-pivot and could not break it, with H1-chart. RSi-2 reading was 98.38 (*overheated) and CCi-5 @ 114.16.
b). H4-chart still has the CCi-5 @ fully overheated @ 166.67 and RSi-2 @ 95.95 which is also overheated. Also, the 38,2% retrace level on H4 is @ 1.9712, so chances that the price will continue to rally from here, are slim imho. I can always re-enter, if it breaks out, but +69 pips in the Bank is not to be sneezed at.
Had you followed my rules to the letter, you should have exited at the close of the 10h05 candle @ 1.9697 for +49 pips at least. Not bad for a morning's trade.
Wishing you success for the rest of today and always.