My GBP Trading recommendations & Journal - page 8
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cementman, thanks for your long post. As always, I'll think about what you wrote
By the way, what I meant by robustness is how the system performs out of sample. I think that 99% of the systems discussed on sites like this or FF, when traded with strong discipline, will wipe out the account very fast if you use them in futures or something else. This is one thing I like about WoodiesCCI -- that it works just everywhere. On Woodie's forum, you can see people trading it on stocks, stocks options, futures on commodities, futures on indices, futures on currencies, and Forex itself. And there are people trading every time frame from 3-minute to weekly. Same patterns, same indicator, even same setting (!!) ... well, two settings actually (14 and 20) but still fair enough. Of course, you have to practise it for some time to get the feel of how it interacts with that particular environment... and maybe even discard one or two of the 10 patterns... but the idea and philosophy holds up.
Why I like this fact is not that I plan on trading it on 20 different markets but the fact that there must be something more to it than just that it works in backtest. The dynamics of it must be very fundamental and endurable and it's gotta be making the traders more aware of what is going on and how to perceive it. The reason is, I think, that it is discretionary and that the patterns have underlying explanations. Most of the patterns are just showing you how the outsiders are being shaken out of their positions and how the market is getting cleansed and rid of stops which preceeds a big move.
And so that I don't keep talking about WCCI all the time -- take a look at Joe Ross and his 1-2-3 H/L and hooks. That's the same story (although it needs to be watched in Forex because it doesn't like excessive noise). As the matter of fact, I've seen some interesting Czech discussions about binding these two together... it works, because the underlying explanations of the patterns are there, make sense, and can therefore be combined. Or volume based trading as described in Master the Markets book (thank you, Simba, for reference). Or market cycles (whether discretionary trendlines according to J.M.Hurst, or science according to John Ehlers).
So these are my thoughts. I'm looking forward to your comments. Also, if you have some specific critisism of WCCI, please go ahead, let's discuss
And on Stochastics too because that's probably second 'standard' indicator that I like, mostly for divergences (where I'm not really comfortable with CCI).
Thanks and good night!
As always one of Simba's great posts
If you have a very good leading indicator for the higher tfs just use any kind of oscillator(WPR,RSI,JRSX,STOCHASTICS..Moon phases
Another great post by Simba tells you exactly the secret of trading he didn't mention a specific indicator any thing that do the trick and suits you..great post Simba.
Malcik..I'll try to answer more of that tomorrow or maybe at the weekend caz it's 1:30 A.M after midnight here and i wake up @ 8 A.M so i had a long day, and you know me i have to write a long post
.
what i want to tell you is that most of the systems that works well on forex doesn't work at all at futures for a simple reason the futures market lets take grains for instance caz i used to trade them they're open 3 hours and 45 minutes for the pit and even the electronic markets are still thin so every indicator will give you false signals you have to deal with it in a different way than forex in my opinion..tomorrow i'll try to post some pictures for the futures chart to see what i mean.
Great thread cement man!
Great thread cement man!
Thank you Cyclesurfer..and to all of you guys please forgive my delay , my son is sick so i hane to take care of him a couple of days.
Malcik..I don't have specific criticism of WCCI but all I want to say is that when I trade futures and I mean the ones with short trading hours like grain markets (3 hours and 45 minutes) I used mainly the daily chart for 2 reasons, in my opinion the longer the time frame the more that you can apply systems that you couldn't apply at the short ones caz the indicators go nuts with the short time frames when the market go in to the sleeping zone and it gives false signals and the second reason is that I used to trade big money so I wasn't afraid of getting margin calls if the market went against me for few points, futures are not like forex you can't trade futures with a couple of thousands IMO, also if you tried to apply the forex systems from here and there most probably they'll fail unless it's a daily or longer, even at the electronic markets that been having great volumes lately still there is a zone that the market just don't move and you could have like 5 bars missing on the short time frames after the US markets are closed..so I have nothing to say really about the WCCI except I know that some people were trading it successfully and I use it also as you'll see in my pics but just cci, about what I've said here in my post you'll find a 5m electronic corn and a daily also GBP 5m and daily to see how the indicators acts nuts in the sleeping zone and how they still work fine in the daily or bigger.
I'm Back
Hi Guys..i wish you're all right all of you ,i really missed posting here and thanks for Simba who asked about me and i hoe you done well on your exams Malcik..anyway i've been really busy with some family and technical stuff also, its not over yet but i'll do my best to resend the signals again starting this week..i've stoped since 14/5 and resumed last week again, but between them zero,nada,zip, none i hope we can get back on the track again this week.see ya all
Hi Guys..i wish you're all right all of you ,i really missed posting here and thanks for Simba who asked about me and i hoe you done well on your exams Malcik..anyway i've been really busy with some family and technical stuff also, its not over yet but i'll do my best to resend the signals again starting this week..i've stoped since 14/5 and resumed last week again, but between them zero,nada,zip, none i hope we can get back on the track again this week.see ya all
Hi cementman,
Good to have you back, man. And sure hope everything is working fine with you. My exams are not over yet but for the most part they are. I'm looking forward to waking this thread up again
During that month, I discarded W-CCI as a thing that works but is not suitable for me... and I decided to stick with the one thing that I understand best -- cyclical analysis as per J.M.Hurst. I finished opening my account and I even took one trade for 11 pips of profit
But that was only temptation, I haven't traded since then and I won't until my exams are done and I can fully concentrate.
Hope I see you here again
Hi Malcik, good to hear from you and all the good news about your account.
if you're going to stick to the cycles i think Simba is the master in this area..i'm realy happy to be back the only thing is that there is something wrong i can't seem to recieve any mails from the forum though i didn't change any settings and haven't recieve an answer from the TS of the site so i have to check the forum every once n' a while thats why i see the replies late
Cementmen, is possible to automate this system?