woodie uses both a 34 ema and a 25 LSMA. no magic there either. i advise you dont waste anymore of your time with woodie. his system is ok at best youll be breakeven at the end of the year. Woodie CCI is a social club more than a traders club. dont be fooled by the smoke and mirrors. and my claims are not hypocritical at all. the years i have been in woodies room i took upon myself to take stats on the patterns etc, and woodie himself banned me because he didnt like what i was saying to his ppl stuff like : Avoid Zlrs after a HFE (unless they reject above 50), famirs to be good need to form on the good side of the zero line, or they need to be on the good side of the 34 ema. this is stuff that really improved results and i got banned for it because woodies doent give a flying rats ass about the accuracy and performance of his patterns. hes just an old fool wishing to keep his position of power for the remaining days he have.
Rational for using woodies CCI patterns Any trend following system that gives consistant signals that can be measured precicely will work for me. Every trading room and system on the planet has many flaws. It just so happens that The CCI method works well with my temperament and my philosophy of what it takes to be a successful trader. Buy the pull back in an established trend intraday in any market with enough volatility to make it profitable.The CCI gives me 4 solid entrys with the trend the rest is up to me. Proper position size, prudent trade management, standard risk management, and discipline will do the rest. For me there is no such thing as discretionary anymore it is a romantic notion thrown around by people with an innate ability that they cannot explain.
Stopped out of last trade YM Ghost. I do not like countertrend trades but am taking them all for research. Long 4 cars YM 13502 exit on discretionary stop YM 13496 -24 points= $120.00
Paper trading net 110.00 after commissions. I missed some great opportunities becuse I was distracted by this journal so From now on I will postn all my trades at the end of the day with a recap. A great beginning for me. God Bless. The glass is half full. If someone is getting under your skin ....You're the one with the problem, not them.
Made a mistake. I should only be trading 4 cars on my rogue system that has a first target of +5 on half and then +10 on a quarter and open target on a quarter. On the woodie 25 tick YM range bar system with 26 point stop I should only be trading 2 cars.
Doesn't Woodie use a 10 or 12 point stop? Is there a statistical reason for the 26 point stop or is that toal points? Are you risking 26 points to make 10 on the first contract?
The 26 point stop is a panic stop. For instance I took the YM ghost trade and never got back to my entry so using my considerable experience being in the hope mode I cut loose the trade at -6 after suffering for five minutes or so. I am still getting used to the large stop. The testying will tell the tale.
More on the stop placement . the CCI system uses range bars rather than tick or time. So Ym trades on a 25 point range bar and the er and russel trade on 16 point range bar. Points being the smallest price increment. six trades four were according to system stopped out on a YM trade. Sixth trade was an error in implementing the ZLR strategy stopped out. Plus $20 after commissions. Lessons learned. Get checklist of trade parameters and us it to impliment all trades. Take a few minutes every hour to rest eyes and get focused again. Stick to the plan I scratched a trade that was a winner because it took to long to move. Need to find out average time for first target to be hit on my markets only can find out by following the plan. No more discretionalry exits. God Bless. Positive mental attitude.
First ZLR trade of day +10 and scratch got a second one on the same contract1/2 hour laterwith =10 and scratch.