Using CCI to Make a Living Off Forex - page 3
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Murray Math
So I was looking at my charts and seeing how there are some good entries when CCI 8 and 14 exit the 100 level, yet other times when this setup fails badly. The good setup seem to happen when a Murray Math level is hit, and the move reverses.
I just entered a trade on the reverse of 2/8 MM level with CCI 8 and 14 exiting 100 level.
Just keep in mind if you use the same indicator but with different values in this way that the one with the biggest value need to filter out the false signals of the indicators with the smaller values, then using severall times the same indicator is completaly useless.
Because you can trow away the indicators with the smaller values and only keep the one with the biggest value.
Or in other words if one needs to always wait for the confirmation on the filter-indicator then you can look only to the filter-indicator.
But if you look back over a very long period of data then it would suprise me if you will have a hitrate better then 50% or flipping a coin if you look to one single indicator.
Friendly regards... iGoR
PS. If you are interested to work with CCI then have a google on woody's CCI. This guy looked back an forward to that CCI. Turned that indicator upside down and inside out and had thousands of followers that investigated each and every value and setting for many years. It would suprise me if you can come up with anything better then what they did. If I were you and really insisted on working with CCI then I would save my time by coping what they did or invest my time in something else or new.
Trade ended up pretty well with CCI 8 going below zero. Now the question is if it is a reliable exit when CCI 8 and 14 exit 100 at a Murray math level.
Thank you iGoR for sharing. I never really paid attention to woodies CCI, yet I might pay more attention to his patterns. My research on his patterns shows that my trading style is the same as his CCI Hook From Extremes Pattern. This single pattern, which Woodie warns against has worked very well for me. I am surprised that my trading style is based on is single pattern. The pattern has roughly a 50% win rate on Woodies 5 min trading charts, but I make safer trades with CCI 8 that eliminates alot of bad trades, and I move this pattern up to the 4 HR chart which gets rid of alot of noise, making the win rate around 70%. According to Woodie, this is his most profitable pattern.
A trading style that has less than 50% winners is not bad by the way, just keep good money management, and make sure your 50% winner system has wins that outdo your losses. Which this system does.
James, here is CCI(8) zero cross EA.
Wow thanks altoronto. This will be very helpful.
Why is it that the EA closes all open orders when applied to a chart?
Hi James,
Thank you very much for taking time to share your strategy with us.
I have a question.
"Can I assume that somewhere along your forex career you must have tried to implement a Woodies-CCI System?"
Based on your really simple solution now (which is Woodies periods except for the enhancement to the Turbo CCI), if you did, I would love to know reasons from moving away from Woodies?
I am asking this now as I have a full Woodies-CCI Setup using Range Bars on MT4. Got my Woodies-CCI indicator set from KardamonFC (one of the best implementation I have ever seen and works really well) But I am finding it a darn sight difficult to read the 8 patterns he outlines clearly. At most I can make out the ZLR pattern very easily (And yes I know Woodie is not the most reputable buisness man around, but I have always beleived in the CCI indicator and when ever I see a CCI system I pay attention to it.) (I know the full sordid history behind Ken Wood and his "followers" and his dirty little tricks. Have read if you get some time through this thread on another forum
Thanks again
Codex
Well i always loved CCI even before I knew anything about it. I did take a look at Woddies patterns a long time ago when I was learning about CCI and I found it nothing but confusing and hard to spot. And now, even as a trader that specializes in CCI, I still find his patterns confusing. Such as the CCI "Ghost" and the Vegas Trade
My opinion is that if you are going to stay with Woodies patterns, is that you should specialize in one pattern. You will find enough trades with just one pattern with all the timeframes and pairs that you can trade. I am a bit confused aswell on the exit signals though, and if they allow you to only trade one pattern since Woodie has like 8 exit signals.
woodies cci
Hi James,
Thank you very much for taking time to share your strategy with us.
I have a question.
"Can I assume that somewhere along your forex career you must have tried to implement a Woodies-CCI System?"
Based on your really simple solution now (which is Woodies periods except for the enhancement to the Turbo CCI), if you did, I would love to know reasons from moving away from Woodies?
I am asking this now as I have a full Woodies-CCI Setup using Range Bars on MT4. Got my Woodies-CCI indicator set from KardamonFC (one of the best implementation I have ever seen and works really well) But I am finding it a darn sight difficult to read the 8 patterns he outlines clearly. At most I can make out the ZLR pattern very easily (And yes I know Woodie is not the most reputable buisness man around, but I have always beleived in the CCI indicator and when ever I see a CCI system I pay attention to it.) (I know the full sordid history behind Ken Wood and his "followers" and his dirty little tricks. Have read if you get some time through this thread on another forum
Thanks again
Codexlook at forex factory
Here is another trade I took yesterday. I actually made the trade about 40-50 pips before the sell line but it closed because of the above EA, so I reopened it before I went to sleep. I did the same trade on many pairs shorting the dollar, so far 400 pips up.