Filed Under (Forex eBook) by ForexDigg on 31-07-2008
Woodies CCI Trend (trend): A trend is established any time the CCI (black line) is either over or below the zero-line (ZL) for six or more time bars. If the CCI trades on the other side of the ZL this does not negate the trend. If above, trend is up, if below, trend is down. The word trend is used in bold print throughout this text when referring to Woodie’s definition.
Amplification;
Defines the trend using the CCI indicator only
Does not use price bars to define trend
Does not use any moving average to define trend
Does not use a larger time frame to define trend
Uses the same chart to define trend as to spot a CCI pattern for the market
Each market will have its own trend.
It is not to be considered when taking a trade on another market. You do not need any other charts, markets or indicators to see and define the trend. When learning Woodie’s CCI system, Woodie recommends that you trade with the trend. You do not trade counter-trend trades until you have learned the trade trend patterns first.
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Every Forex trader have own system for their open position, my first system is breakout system. why breakout? cause breakout price sometimes decide where price want to go, simple maybe but this system must support by other indicators like bolinger band, stoch and maybe we can add some moving average, and off course we have discipline to put stop loss. This e-book show how breakout system working.
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When the first time i trade online Forex i found this great e book from ForexFactory.com maybe you will find the thread at the first page at ForexFactory.com. Phillip Nel really tech me how to use MACD at 4 hour time frame, but not just like that i try making the 89 Simple Moving Average at the 30mnt and 1 hour time frame it give me some pips to hehehhe, btw this really great e book Two Thumbs UP for Phillip Nel if i can i wanna give three or five Thumbs UP ….
View cut from the e book;
I stopped counting the pips for the April 2006 testing as it completely
convinced me of the success of this method. I randomly tested it using previous years
and the results were amazing. Average of 300+ pips per month and then I only trade
the trades that gives signals at these times 17:00, 21:00 and 01:00 (GMT +2). It gives
between 8-10 deals per month using the mentioned timeframes.. (I use Metatrader and
data supply by MIG.)
If you use patterns in the MACD that occur regular that gives results and use
them every time they occur you will most definitely make money.
I haven’t discuss nor used trendlines so far in this document and when you add
them it will most definitely helps you in defining your exit levels. The entry level are
determine by the MACD but the exit or profit levels is determine by support and
resistance levels. I use the moving averages as described earlier as well as Fibonacci
levels and then most definitely trendlines and price levels. I normally take the daily
graph and draw the trendlines according to it and then go to the 4 hour graph. I make
them nice and thick so that I can see them. Then I draw the different price levels such
as 1.2900, 1.3000, 1.3100 etc. It is amazing to see how the price find support and or
resistance at these levels.
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