Back in 2003, man that was a long time ago, when I found that now world famous guru that invented the CCI......Ok.....read a few magazine articles, renamed a few ways to use the CCI, developed an internet business plan and the rest is history. From that came a few spin offs....Teddy for one, Gio and JeanYus for two, DrBob for a third one and the latest is TW....well the real latest I hear is Finn....but I guess that is another story, now isn't it?
Each were dismissed for a number of reasons....Ok, they were kicked out, banned and delete-b-goned forever, but I guess that is another story, now isn't it? Each have there own way of trading with the indicator that was never promoted until "that" business came to light. I mean the MACD has been beatin to death, the RSI, Stoch, ema and Bollinger Bands have been talked about and written about forever. Even longer then the Idiot Wave it seems, but there are problems,....for sure!!!!
Just take today, and you can check this out for any day you want....it's about the same. The chart on the left is the CCI set to 50/6 and the chart on the right is the classic 14/6 all on a 3 minute chart. The reason the 50 came to light was that everyone was getting killed using the 14, so they wanted a longer look back and the 50 seemed to work just fine .....thank you. Now I see that instead of using the 3 minute time frame most have moved out to the 5 minute time frame....well except Woodie who uses the 4 minute in order to be ahead of the world, Remember him taking about using the 29 minute to front run the 30 minute crowd.....now that is just plain funny stuff and you don't have to make it up either is another funny part, but that is another story, now isn't it?
The 50 CCI had a ZLR around 9:52 for a short, the turbo went down just like it should and all that......but the price managed to pop up....around 10:27 you had another one of those little ZLR's and again the turbo moved down and price just hung there for an amazing 4 bars or 12 minutes of you watching the turbo do it's thing and your trade just sitting there....oh I know it dropped a HUGE 8 ticks.....before it flew back in your face.....
The 14 CCI had a ZLR, but the CCI itself at that moment was just at the zero line, so close call if you are at the front of the boat and leaning over the bow with your finger on the mouse.....if you are at the back of the boat it was easy, oh oh...that one wouldn't have worked because YADA YADA YADA ..... The CCI then went 6 bars above zero while the turbo was working on a ZLR for a long trade....Again a small pop up and it stalled while the 50 CCI ZLR followers were getting ready to short......
A chess game for sure, which time frame works the best?
Which setting is the best?
Which one of the 27 CCI setup should I actually trade?
on and on it goes......where it stops no one knows......I do know one thing that is for sure and it's simple folks. The reason that the Woodshed never wanted price bar to be seen is simple...that is called re-broadcasting data, which is illegal. What if someone actually had 300, 500 or even a thousand people watching the same chart and was using that chart to trade off of.....eSignal, Aspen, Qcharts or whoever would suffer lost of revenue and it doesn't take a Memphis CPA or an attorney long to figure that one out.....so it's illegal, call them and ask.
So the business plan called for the idea that "YOU" didn't need price to trade, that price actually caused you to have fear and greed and whatever,...blah, blah, blah and people bought into it....hook, line, sink and their trading accounts. What I know is, using just a simple rule.....
If I have a short setup....it has to occur on a certain bar, RIGHT??? "If" I believe based on my toys that the market is heading lower, then one thing HAS TO HAPPEN....the price has to go down, is that simple or what???
So, if I take my setup bar.....and would only consider taking that short if the low of the setup is taken out without taking out the high......WOULD THAT SAVE MY BACON OR NOT????????? Well, today it would have saved it on the first 50 CCI ZLR for sure......and I have cut my losing trade by A THIRD........think about it, check it out, test it....and see for yourself. Otherwise, you are not playing chess, you are playing Russian roulette.....
Posts
3 comments:
What if I were to tell you that Woodie's version of the CCI indicator was lagged? What if I were to suggest that lag was for him jump in a little earlier on his trades and let his room pile on to push his trades? What if...?
Thats Funny.
I guess YOU need to need to find a room where YOU gather YOUR statistics and trade YOUR plan when YOUR numbers prove that YOU have the skills to trade. A method that that YOU can know that YOU don't have the skills to trade before YOU blow another 10k and 2 years.
I just love it when its someone else's fault that YOU lost YOUR money and it took YOU 2 years to figure it out!
Jeez, quit now, or learn to take some responsibility.
p.s. whether Woodies works or not is down to YOU! There maybe a hidden message somewhere in here, hmm...I wonder if YOU can spot it.
Barnacle,
I care not about CCI nor anything else that I can't prove and trade for myself.
I see this stuff all the time. People complaining about losing money and its somebody else's fault.
I did you a dis-service, you lost a portion of your pot and blamed Woodie/CCI, yet you did your own statistics?! How's that not your fault?
Unfortunately this game is full of 'get rich quick' types who advocate easy money in a completely unreasonable time scale.
The dis-service I did you was to bundle you together with all those traders that have blown their entire accounts in one go. Clearly you will take several goes. Maybe the first bar trade will be the next one you do your stats on and the blame Dennis when is doesn't work.
This is NOT a game. If you can't do it then quit; learn how to do it or at least acknowledge that its your fault.
Harsh, but applicable to many many traders.
Post a Comment