Tight Pips 1.1
This thread is for discussion and development of a mashup strategy between three strategies. These strategies are as follows.
The core: http://www.forexfactory.com/showthread.php?t=11854
The additions: http://www.trading-naked.com/Woodie.htm
The additional Confirmation: Price action and patterns. If you need these explained to you, please go through the entire school at http://www.babypips.com
Before you begin posting here, please become very familiar with the core. The core is a strategy developed by Phillip for use on the 5 minute intraday charts.
The additions as used from the Woodie CCI strategy will be explained here, but reading up on some of them will help you out anyway, so have at it. Realize though that this is Forex, not the markets that Woodie used his CCI strategy on. I tried using the CCI alone before as prescribed by Woodie without success. I always loved the tools that it offered, but struggled to find confirmation for the signals, until I tried the core system.
The additional confirmation should be self explanatory.
A little background about my trading experience. I trade full time unprofitably. I have been unprofitable ever since I started trading and have only made several actually good trades. Every day after I trade and update my books(I am still on demo), I look at what trades I made for the day and where I screwed up. Most trades, I can still pick out several things that I blew it on. Even the profitable ones.
Since this is the case, I have identified one of my main weeknesses. I do not know when to enter the market. Sure I have used strategies that have had clearly defined entrys but they were not my style, too slow. I like fast paced action or I will lose attention. A probably better idea would be to learn to read price action, but I feel that I can do that while trading a well defined strategy. Also, I pretty much believe Systems Theory: http://en.wikipedia.org/wiki/Systems_theory
Right, first things first. Lets get your chart setup.
Chart Setup
I would list everything but I am about to go meet a friend. So I will just post the template and the indicators.
Version 1.1
Removed - SMAAngle, it is not longer used(I was never able to figure out what it was showing me)
Added - Volumes_Per_Close, this indicator shows volume and colors the bars according to whether the close of the bar was Above/Below/The Same as the open.
PLEASE DON'T POST HERE YET. I HAVE SEVERAL POSTS THAT I NEED TO MAKE BEFORE I WILL BE READY TO ANSWER ANY QUESTIONS.
Attached File(s)
Tight Pips v1.1.zip
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Uploaded Jun 18, 2009 11:37am