I have decided to hold on this forum a journal where I'll record and explain my trades based on woodies cci patterns. I'm not a professional trader so do not take any post as a trading advice. I just like trading and would like to share with you my experience. Do not hesitate at all to add your comments, post your advices or tell us your experience with woodies cci trading.
I use woodies cci indicators for MT4 You can find it attached and trade 4 hours timeframe. Why 4 hours time frame? Because I'm a day worker and I can't sit all the day in front of my computer but I can check my chart chart every 2 hours or 4 hors to see if there is a new set up to trade during european and american session. I use Wcci to open a trade and set profit target to exit of the trade. For each set up I spot I take three positions. The first with a take profit set at 1 ATR Average true range indicator of 2 previous candles of the entry point.
The second at 1. The initial stop loss is set 3 or 4 pips below or above the low or the high of the previous bar or the entry bar. I choose the previous bar when the body of the entry is too small otherwise I take the entry bar. When a pattern is spoted I enter the market when 30 or 20 minutes left in the bar.
At this moment I'm sure the pattern is valid. When the first target is hit I move the stop loss the break even and when the second target is hit I move the stop los of the last position at the level of the first target.
You can go to Relocate to get the latest document of this strategy if you need more details or ask your question I'll respond. This is the strategy I wanted to share with you and the rules that I'll try to follow in this thread.
I do not know if it's profitable. I'll try to see it in the next coming months. I'm happy to post today the first trade of my trading journal. All the ZLR pattern was on the chart:. You can see below the chart of the entry chart and the exit chart. This trade goes very fast this is the reason why I posted the two charts together.
The second TP 1. All this happened during the asian session. I was sleeping and was not able to move the stop loss of the last order at the level of the first TP when the TP of the second order has been hit. The two ramaining positions have been closed on monday during the asian session. I was sleeping when it happened:. The target of the second order has been hit 1. The market moved back after and hit the stop loss of last order at 1. I mean, some of the things he says are pretty crazy. For example he talks about he looks for patters on an indicator.
We all know that indicators lag price. So he had to be knowing about things in the price after they'd occurred. Well, it's true that the CCI lags , but it's lag isn't that great. Furthermore, the CCI does something that really helps.
It makes things easier. I mean instead of watching the price bounce all over, you have just one line. For each time period, you have four prices, a high, a low, and open and a close. With Woodie's CCI, you have just one. The value of whatever the price is there. So it really simplifies things. Then if you carefully look at some of his patterns, you notice something. All those patterns show fundamentally sound trading opportunities in the price action. Woodie recommends just using the CCI indicator with no price.
I'm going to contradict him. You need to tune yourself into the market. You need to understand what a good ghost looks like.
You can only do that by watching the price at the same time and getting a grasp of what the market is doing. Woodies cci trading on forex market. To add comments, please log in or register. Almamy Aguibou Barry Hi guys I have decided to hold on this forum a journal where I'll record and explain my trades based on woodies cci patterns.
How I manage my positions: Hi guys I'm happy to post today the first trade of my trading journal. All the ZLR pattern was on the chart: Stop moved to BE-1 pip on the 2 remaining positions I'll update. Hi guys The two ramaining positions have been closed on monday during the asian session. I was sleeping when it happened:More...