Using CCI to Make a Living Off Forex - page 4
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Trail Stop
Anyone know what a good trail stop setting is? I am thinking 59 pips on 4 Hr tf
Wow thanks altoronto. This will be very helpful. Why is it that the EA closes all open orders when applied to a chart?
James, in EA there is field called MagicNumber, so type in any 4-5 digit number and try if it works for you.
Thanks
Hello James. Thank you for sharing your method. Just a couple of questions.
My pic shows a short on the daily chart with an exit on 16.2.10 when the CCI 8 spiked thru the ZL.
This exit also looks like a long entry, is that right?
Do you enter and exit at the close of the bar? If not, how do you do it?
In your H4 trading, do you look at the Daily for any indicator of trend, and if so, what would that be? Also, do you use a lower timeframe entry filter, or is it all really as simple as you pointed out in your first posts?
I would like to make sure of this so that I can do manual backtests of several pairs to get a better feel for it.
I'm not clear on your success rate. Are you saying that it is better than 70%?
Your previous pics show that you have AUD, GU, EG, CHF, UJ, NZ and EU charts open at H4. Are those your recommended pairs?
Many thanks for your time.
Al
Yes, that would be a long entry. And it is as easy as just looking at one timeframe. I dont really look at any other timeframe since CCI 8 reacts very differently to different timeframes, showing the end of trends on 1 hr, yet continuation on 4 hr. I consider the 14 CCI as the long trend, and the 8 CCI as the short trend. When the Long trend exits the extreme 100 level, and 8 CCI enters through zero, that is the sign of the new 4 hr trend for me.
And those pairs are the pairs that I trade. I trade EU, GU, Usd Chf, AU,Nzd/USD. And I do have a good success rate with this simple strategy. I add lots to winners, and I keep track of the USD trend. If EU is going up, I dont make a sell on AU or GU since the dollar only goes one direction, up or down. This is my only real filter.
And I dont wait for candle closes.
Looks good just wondering when to close the position as i had to close when cci8 took 0 but i was even or a few pips up/down
EA Success?
Anyone having success with the EA?
It looks simple and straight forward as is the strategy. Will start testing optimization runs tonight.
Looking for EAs to open trades as I have more trouble openning trades but do a better job closing them. Hard to find bots that are good at both.
ej5
When to close trade
Well I close the trade when CCI 8 exits through zero rifearmo. Attached is a picture of the trade I just took, and a new one that I just entered right after. You can exit when both CCI periods exit the 100 level, but this needs more confirmation, as you can be leaving alot of pips behind since both periods can enter the 100 level right after and continue the trend up.
What timeframe were you trading in rifearmo? I have good entries and exits with this strategy on the 4 HR timeframe. Anything below is prone to alot of noise.
And I am testing the EA to make sure it doesnt close my live trades once I attach it to my charts. I am checking it on demo. The EA just opens or closes a trade once CCI 8 crosses zero, doesnt take into account the larger trend crossing 100 levels. So its a semi auto EA.
Hi James,
I have been playing around with using a nonlagMA with a period of between 5 and 10. I am finding that this can help with the exists quite nicely.
The nonlagma I am using is the one from MLaden "nonlagma - nrp". You able to apply "colors" to the trends, so I find that as soon as the 8 CCI crosses the 100/ -100) and you are at the peak of your trade, I start watching the nonlagma and as soon as it changes colors I exit, which in 90% of the cases has proved to be the peak. (I think he also did a histo version of the same nonlagMA, which is quite nice as then you don't have to clutter your charts)
Here is a screenshot of my charts with the nonlagMA in histo form.
I'm still playing around with settings, but for now I just chose a period of 5, but I think this should be more around 10-14...
Screenshot is using 5.
Further Update:
I think the sweet spot for this nonlagma is around 8, if anyone else is using this nonlagma I would be interested in your settings.
I am using this nonlagma as an additional tool to help with exits.
Cheers
Codex
Hi James,
I cannot thank you enough ** tears in my eyes** your strategy has turned my trading around literally by 180 degrees !!! Your simply yet non-intrusive method has to be one of the best I have EVER come across.
I have been studying the Woodies-cci method for quite some time now and like you I fell in love with the CCI indicator. Of all the indicators it has been my most favorite. (even before Woodies I used it and I knew that it had oodles of potential) I ended up looking at Woodies CCI as it was only of the only CCI strategies that used the CCI indicator that I knew off. Now there is yours.
Your a like an angel sent down by the gods of Forex !!!
Thank you thank you thank you !!!!
Cheers
Codex