i don't have any set amount of trades, it just depends if the setups are there or not, i trade the YM, ZF, and just startetd trading the HSI(Hang Seng, which is about to open in a few minutes) a few weeks ago. i don't use s/r levels, because like anything else they can be broken so i don't really pay much attention to them, i usully trade 6 YM contacts at once tying to make about 10 pts-50 bux or the equl. of 1 ES pt.
Really enjoy your journal and the instructive dialogue. This is just another way of looking at the same trade. It is one of the trading methods taught by Ken Wood at Woodies CCI Club: http://www.woodiescciclub.com/ The method primarily uses a 14 period CCI. The CCI Turbo is a 6 period CCI and can be used to refine entries and exits, and/or identify extreme overbought/oversold conditions. This particular trade is called a Regular Divergence where the market makes a new high, but the 14 period CCI is declining. This usually indicates that the market is loosing momentum, and may reverse direction. I like to wait for the failed test of the new high, and enter one tick below the low of the last "up" bar of the "New High Test". A more conservative entry is to wait for a zero line crossover on one of the CCI's. Charles
Sorry. For some reason the attachment did not make it into the post. Will have to figure out why and get back. Charles
KB, i do trade the ES or NQ, they are all basically the same, look at a chart of all three and you can see that they are all very similar, some days you make more trading the ES over the other two or you can make more trading the YM over the other ones, i've just found that if i want to scalp a few ticks the YM is easier for me.
charles, this is interesting, how long have you been trading this system, and are you profitable with it? thanks brian
Even though I have known about Ken Wood and his trading room for quite some time, I have taken his trading philosophy seriously for only about a month now. You can get more information on the CCI strategy at www.e-minitraders.com. Just like any trading plan, consistent profitability comes with experience, and yes, it is starting to help me be more consistently profitable. It is a good way of focusing on where the market is trying to go, and then have the discipline to go with the market. What really helps me is that I am using the CCI strategy as a filter with my previous way of analyzing the markets. I calculate a ten day average of the daily range and largest distance that the markets trade from the 0930 ET opening for all three markets (ES, YM and NQ). I find that the markets are more likely to reverse when they approach one of these 10 day averages. So, when the market reaches a ten day average and the CCI indicates a divergence, the probability is fairly high that the market will reverse. Otherwise, the CCI strategy is good at keeping you trading with the trend of the market, or keeping you away from trading if the market is flat. It's not for everyone, but it helps me. Charles
the market is never flat......IT IS UP-DOWN-SIDEWAYS....all will produce positive points if system is a humdinger..today was gravy day.....all day long...1 sell....1 buy....when it does this...you sell on down move and buy on up move....rocket science not required...EMINI S & P 500....KISS method worked today..simple plan for a simple man....Porgie is simple...