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Forex Trading Styles Some traders prefer to use several methods in their trading. This forum discussed about it in details.

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  #1  
Old 10-04-2009, 01:24 PM
egold2u egold2u is offline
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Default Trading Forex with Woodies CCI


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Trading Woodies CCI System


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The Charts
The Trend
The Trade Entry And Exit
The Patterns
The Preparation For Your First Trade



Woodies CCI system is particularly popular with futures traders, but can it work with forex? We look at what the system is, and how it can be applied in the currency markets.


What Is Woodies CCI?


"Woodie" is a day trader of 25+ years experience, and is well known among traders of index futures such as the EMini S&P 500 and the EMini Nasdaq 100. His system is based on a number of patterns made by the Commodity Channel Index (CCI) indicator. It's a little different to most indicator-based systems, and traders tend to either swear by it or swear at it, but there is no doubt that its creator trades very successfully with it day in day out.

The CCI itself is a momentum indicator. Such indicators all work in the same basic fashion - they plot the difference between a "fast" measure of price and a "slow" measure. The MACD for example, measures the difference between a fast and slow moving average. In the case of the CCI, the "fast" measure is the price itself, and the "slow" measure is a moving average. Thus when we look at the CCI, what we are actually seeing is measurement of the deviation of price from its moving average, normalised to fit on a scale of roughly -250 to +250. A chart example will make this clearer:

How the CCI works


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Here we have plotted a 14 period Exponential Moving Average (EMA) - the orange line - and a 14 period CCI - the lower graph. In simple terms, the "0" line on the CCI section of the chart can be thought of as representing the EMA, and the CCI line itself (the yellow line) as representing the price.

Thus we can see that at the extreme left of the chart, as the price accelerates through its EMA, so the CCI crosses above the zero-line. When the price consolidates and the EMA catches up with it, so the CCI starts to fall back towards the zero-line. The price rises again, but this time not by as great a magnitude as the previous move, and this is seen on the CCI graph by the CCI rising but not reaching it's previous high.

This "divergence" between the price making a new high and the CCI failing to do so is a signal that momentum in the up move is slowing, and that the move may be over, at least for the time being. This is essentially how all momentum indicators work.

"Woodies CCI" system then, outlines a number of tradable patterns made by the CCI. His chart setup is simple enough, at its most basic he uses a 14-period CCI, and that's it. Some followers of Woodie even take the price of their chart, preferring to trade from the indicator patterns alone - although we don't recommend this. The Woodie patterns fall into two main categories, trend following and counter trend.

Trading Woodies CCI On Forex


nnt aku sambung lik...line tenet x brp clear ar cni..lembab..xde line 3g..kapal tgh anchor kat area sipitang ni....
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  #2  
Old 10-04-2009, 01:25 PM
Procodine Procodine is offline
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wah..
otai dah kembali..
welcome back sifuu master
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Old 10-04-2009, 01:29 PM
egold2u egold2u is offline
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wah..
otai dah kembali..
welcome back sifuu master
chaittt!
aku baru nk men forex neh...baru jek register 2-3hari lps...mt4 pun x kenal...nk buy ngn sell klik ape ar?
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Old 10-04-2009, 02:19 PM
darkkiller darkkiller is offline
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cun,aku memang nak sangat belajar woodie punye teknik ni
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Old 10-04-2009, 02:22 PM
UmmuIzzah UmmuIzzah is offline
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Nak belajar juga... kali pertama baca woodie nie
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Old 10-04-2009, 02:26 PM
BIGFISH80 BIGFISH80 is offline
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salam...
nak ler blajar jugak...
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Old 10-04-2009, 02:38 PM
sham2875 sham2875 is offline
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chaittt!
aku baru nk men forex neh...baru jek register 2-3hari lps...mt4 pun x kenal...nk buy ngn sell klik ape ar?
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lama menyepi diri bro...baru trade forex kat broker baru kot...tapi kat broker lain dah bertahun tuuu
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Old 10-04-2009, 02:42 PM
LuvHoneY LuvHoneY is offline
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leh la nuntun ilmu kat snie..
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Old 12-04-2009, 05:30 AM
Pak Maun Pak Maun is offline
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Dari tahun 2007 lagi nak belajar woodie dengan tuan egold2u. Sekarang baru dia ada masa nak ajar, Teruskan ya tuan.
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Old 12-04-2009, 06:58 AM
aqhaziq aqhaziq is offline
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thanks TT. kipidap & kip up2date
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