Sup akuma. check out my uber l33t CCI squeeze indicator. It uses some concepts of woodies CCI as well. It doesn't have the TCCI but, I don't really like to use it.
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QuoteDislikedAs per the above trade on the Aussie dollar, this one has been manually closed as I head to bed just below the option strike level which is showing signs of being defended aggresively. There should be another attack at that level while I am asleep and may well get to the profit target, but Ill lock in the profits for a good nights sleep.
http://img67.imageshack.us/img67/6153/idea14cm.gif
Here is what interests me the most. Price yesterday broke out of a descending triangle/wedge formation as show with the thick black lines, a common method of determining how far the breakout moves is by measuring the height of the formation and projecting it from the breakout point, in this case ~135 pips, so still a way off yet.
I have made an assumption of a stop gathering around the 1.2660 level, which was forming previous resistance, and, interestingly, this is looking like it will meet up nicely with the 50SMA which has been providing good resistance/support over the last few weeks and not too far from the resistance of the broken formation which is quite often re-tested with breakouts like this.
If a signal from the squeeze emerges with some candle weakness around that level, I will be long, hopefully two lots with a cci trigger, or one lot without, banking on a change in polarity on the Euro, and targeting the 161.8 fib extension of the current swing that is forming (assuming its bottom is the 1.2660 level), which lies a little below the measure rule target from the triangle breakout.
We will see how it plays out, the only downside is that it is US Non-Farm Payrolls figures today, which could potential shake the best of trades out. It won't stop me trading it, just make me a little more nervous
TRADE TYPE: TRENDING
May 05 | LONG | EUR/USD @ 1.2695 | SL: 1.2651 | TP: 1.2750
http://img420.imageshack.us/img420/354/trade61mj.gif
This is one I have been watching all day, as detailed in the post above. It looks like the bollinger bands have slid in to protect that stop area I mention around 1.2660, and we have a very clear blue zone setting up for the US open. Im long with 1 lot, stop below that 660 level, target at the 161.8 expansion of the swing low.
Trend
Still in an obvious uptrend with the rainbow well spread, nothing different than the rest of the week.
Momentum
Very clear growing momentum on the 4H charts, while the daily bullish momentum remains as strong as ever. Silly to fight it.
Trigger
No clear CCI trigger this time, but this will be a rare time I trade it anyway, CCI has held well above 0 pretty easily though which gives a hint of an impending 100 line cross, and we are sitting right on the lower bollinger.
Resistance/Support
Sitting well above the 50SMA and 200SMA so they are out of play in terms of support, using the 1.2660 stop grouping as my support. Only resistance in our way is the round number 1.2700 which was a previous one touch option level taken out yesterday so I don't think it will stand up to another test.
Stoploss/Exit Strategy
Stop is sitting just below the stop grouping, while my target is simply the 161.8 expansion level of the recent swing down, which is just below the measure target from the triangle breakout.
Would have liked to see this one drop a little more, but with the US open approaching, that will more than likely give it the momentum it needs.
Happy trading!
TRADE TYPE: TRENDING
May 05 | SHORT | USD/JPY @ 113.66 | SL: 114.12 | TP: 112.76
http://img232.imageshack.us/img232/3950/trade79ha.gif
QuoteDislikedTRADE TYPE: TRENDING
May 05 | LONG | EUR/USD @ 1.2695 | SL: 1.2651 | TP: 1.2750
http://img221.imageshack.us/img221/9774/trade6b3rt.gif
QuoteDislikedTRADE TYPE: TRENDING
May 05 | SHORT | USD/JPY @ 113.66 | SL: 114.12 | TP: 112.76
http://img223.imageshack.us/img223/5919/trade7b4ov.gif