Well, after watching this sidewinder trend filter indicator I have come to the decision of deleting it.......It's out of here!!!! And this is why.
I have had it loaded up since Thanksgiving and watched it all day and then went back and took a close look at it every day. First, I had it all wrong and thought that green was be a buyer and red was be a seller and yellow was......stay clear. I found out by this blog that green was a trend is in place, red was no trend and yellow was still you are on your own. So let's again look at today.
I want to trade the ZLR when the 50CCI is above or below by 6 bars by the way it was defined and the turbo set to 6 pulls down to -100 for a buy or above 100 for a short when the CCI agrees. So here we go.
A. Well, the sidewinder is red......no trend and no trade.
B. The Sidewinder is red...no trend and no trade.
C. The Sidewinder is yellow....and I don't like being on my own.
D. The Sidewinder is red...no trend and no trade.
E. The Sidewinder is red...no trend and no trade.
F. The Sidewinder is red...no trend and no trade.
G. The Sidewinder is yellow....and I don't like being on my own.
H. The Sidewinder is red...no trend and no trade.
J. The Sidewinder is red...no trend and no trade.
K. The Sidewinder is red...no trend and no trade.
L. The Sidewinder is red...no trend and no trade
Now "A", "D", "G" and "H" were the one you could have make something if the sidewinder wasn't printing the wrong color.
The rest were at best....and hard trade to make anything with "B" adn "K" being what we call a "LOSER". So with 11 valid setups the Sidewinder filtered you out of all them today...the good, bad and the ugly ones. What the Sidewinder really doesn't is make you think about your setup........if is one good, or is it going to be this one.....ok this one is perfect right?
So this evening the adventure with the Sidewinder is over.....and I understand why no one talks about it or uses it.......maybe Steve can use it.....can ya Steve????
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5 comments:
Dennis,
The sidewinder was an attempt to calculate and express in one number the degree of slope of the 34 ema and 25 lsma combined. It's a BAD IDEA. There is too much information lost that way vs. looking at the graphical relationship of the 34 ema and 25 lsma to price.
I find it ironic that the sidewinder is gb007's invention and he doesn't even use it or the 25 lsma in his trading.
For all you CCI newbies and still-brainwashed CCI trading masses out there, your ringleader is also known primarily for two things:
1. Taking well-known trading techniques, changing their names and then claiming he's doing something special.
2. Not giving credit to the ones who added things to his CCI trading techniques. Who do you think came up with idea that, on a 14 period CCI, it's best to wait for 6 bars above or below the zero line? If you guessed Woodie, you'd be dead wrong. It was a very generous trader named GoingLite who made that observation.
The CCI has some value in trading. But if you think it has more value than market internals and price action ON A PRICE CHART, you are not doing your own homework and more likely to hand over money to those who do.
Back in my brainwashed days, I offered to backtest the zlr with the sidewinder using tradestation. I offered many times and was turned down every time. Why was that? I was just a trader trying to help other traders.
this one is for the boring trading moments.
http://www.planetdan.net/pics/misc/georgie.htm
Hi Dennis,
The sidewinder is one of those indicators that it works when it works, and doesn't when it doesn't.
You also can change the sensitivity of it to 60 or 75 on time frames under 30 minutes to help matters. You might get a better result.
The nuance I use is to take the first ZLR after a ZLC after a ghost or a vegas. And then take the 4th ZLR after that if the trend continues that long.
The other thing to check is that the 34ema is over 34 degrees.
Continue in the trade until the CCI dips back under the 100 line and prints the bar.
And do not forget. 1 chart, 1 time frame, 1 pattern. Pick your favorite and stick to it like glue.
Traders helping traders strikes again.
Cathy
spent a year watching wcci. its a waste of time. they are getting picked off by every pro in the business. bail while you still have time and money left and figure it out for yourself. after 30+ years in this business i can tell you one thing. price is key. if anyone tells you otherwise run like the wind.
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