DislikedHi Clive My chart set up is a little different form yours so if you don't want me to post anymore examples let me know. I don't want to side track the thread but thought I might expand on what you're doing here. First off I use 2 CCI indicators, one for longer term trend direction and one for pullbacks as you do. What The overview of my chart is for people who would be very conservative traders and want the highest probability trade set ups. Again, this maybe an example of an idea set up but they do happen often. Lets get to the chart. Price is...Ignored
Yep like the idea I started this thread with a very similar system using 2 CCI's exactly like you one for trend direction and the other for pullback entries. Its nice and I liked it but found all too often as the higher CCI was oversold it would reverse back on me all too quickly but to be honest at that time I was always looking for home runs. Shaken off that crazy idea now after some firm advice from a few guys here and now just catch what I catch from the momentum run so I can see where you're coming from. Just be aware you are buying or selling in a very overbought/sold market so don't expect long runs just do what you're doing and grab 3 to 15 pips whenever you can.....
I would say if you're using 12 as your base CCI period then your 576 is the 12 CCI from the 4 hr chart so you're trading the 4 hr momentum on a 5 min chart, why not try same thing a tad nearer say the 1 hour chart which would equate to a 144 period CCI on your 5 min chart?? Just a thought??Heres a chart showingthe first CCI signal after the 144 crosses the zero line... 10 pip stop and a 50 plus pip run.. Exit on 144 CCI going above -100 level??
I'm now concentrating on just getting to BE very quickly,just want to get my risk off the table,in fact, less than a pip sometimes then just hold until the momentum falters and bank!!! I like to get in a touch earlier than you so that theres still a bit of oooomph left in the trade, sometimes I'm geting 30 plus moves but not so much lately... Mr V.'s thread talks about the best trades are the first pullbacks in the new trend and I tend to agree, one thing I use to concentrate on is catching the first 2 or 3 CCI signals just after the MA turns, in fact I'm now a firm supporter of catching the break and retest of the MA. Allah my mentor Martins favourite entry, actually his only entry, he loves breaks and retests of his 27ema which is so similar to my 35lwma,the difference is not worth talking about...
Anyway feel free to post whenever you like , can't beat sharing ideas in my book and anyway this is very very similar to my original ideas...
Feel the Fear and do it anyway!!!