Does anyone on Elite Trader have any experience with Woodie and his Hotcomm chat room. I understand he is giving seminars at the CBOT. Is this true? For chat users, do you find his room useful? Does he give market calls throughout the trading day? Where can I find information on his trade set-ups (i.e. zero-line reject) using CCI? Best Regards, Dave Scott
Woodie is fantastic! His methods and moderators have helped many people, including me, to become consistently profitable. You can find everything you need at: http://www.woodiescciclub.com There are instructions there for accessing his free Hotcomm chat room, where you get to see a different moderator trading his techniques in realtime each day. On the site, you'll find links to descriptions and examples of each trade setup. You'll want to do some extensive reading before going to the chatroom. I'd advise it, as the mods will not be able to answer most basic questions during the day, and will simply refer you back to that page. Keep in mind that this is not the sort of mechanical system which can be programmed, although there are a lot of free software aids which can help you to spot the signals. Woodie and his team offer all of this for free, so if someone doesn't care for the methods, there's no need to bash him. He's not selling anything, just hopes that we will all help each other. Motto is "Traders Helping Traders". I had the pleasure of meeting him last month at the expo in New York, he's quite charming and down to earth. Hope this helps, MarkB
What MarkB says about Woodie is true, however, I did not find the room to be my cup of tea. I got into the whole "Shamu and Ghosts" thing for a few months. It just didn't work out for me. I'm not very spatially oriented, so maybe that was the problem. In any event, maybe psychologically, Woodie did help me out, because after I left his room and went on to other methods I had discovered myself, I started to become consistently profitable for the first time ever.... Woodie is just like every other guy with a trading method out there. If he doesn't suit your style or personality, it ain't gonna work for you....
Thanks to everybody for the links and information. I'll check out his website and link for more info on CCI Regards, Dave Scott
Same here, I was in his room for about 3 months papertrading his method, but even on paper it didn't give me more than a 55% win rate. So I thought what'd happen in real trading if I'm getting a lousy 55% on paper. Therefore, I guess the system wasn't for me. He has recently started implementing fib clusters in his trading and I am sure that could raise that win rate quite a bit.
While his room apparently is free, Hotcomm charges $25/month (after a 7 day free trial). One year subscription is $160.
bufferman, I'm certainly not saying that this was the case with you, but one thing I've found causing confusion in Woodie's room is that both trend and countertrend trades are discussed. Some people can take both successfully, whereas others get mired in "Am I selling on this ghost (countertrend) or should I wait for a zlr (trend)?" I know this affected me when I started there. I almost always stick with the trend trades at this point, exceptions are clearly defined in my trading plan, and my win rate has increased greatly as a result. Some may find that the opposite would hold true as well; it's a matter of discovering which of the signals work for you. As Woodie says, the best way is to start with learning one of the signals until you have it "down". Then see if you'd like to branch out. And yes, the fib work is contributing greatly. Carolyn Boroden's clusters have proven to be an ideal augmentation to Woodie's cci techniques. If anyone would like to see how this lines up, just go to: http://woodiescciclub.com/Lecture/index.htm And click on the first lecture by Carolyn Boroden. Best, MarkB
MarkB, Regarding the above zero line reject trade: Q. On the zero line reject trade, have you noticed the CCI "hook" turning in a timely fashion or does it move like some other indicators where it hooks up , then down, then up.... until confusion sets in on whether or not to take the trade? Q. Are the settings for CCI standard or modified? Q. Does the CCI have to reach an extreme of +200 or -200 before looking for this pattern or is it more relative movement in the indicator ? Q. I noticed that if the movement is an extreme +200, often times the hook may not be seen at the zero level . If the retracement is to the +50..100 is this acceptable to trade on? Q. If a CCI -200 then goes above zero , stays there for less than 5 bars, then hooks down - Is this considered a valid signal? Regards, Dave Scott
A. Often, especially in a trending market, the signal is quite clear. The sort of vacillation which you mention does indeed occur at times, and different people have different ways of handling this. It's the sort of nuance which you can pick up in the chat room. An example of one way of compensating would be to not take the trade unless there's a significant slope on the 34 ema. A. The cci settings are documented on the site, the main cci is 14 period close, the turbo is 6 period close. A. The zlr is not dependent on the indicator first being at extremes, however a sharper angle is better as it approaches the zero line. Again, this isn't a pattern which you'd necessarily rely on in a really flat market. A. Good zlr signals can be seen at anywhere from +/- 50. In a strong trending market, you'll often see the cci close to zero during the bar's formation, but then when it prints it will close above/below 50. A. Depends on how far above zero it gets. These are nuances which you can see better when you're watching it live and in action. Try setting the cci up on your charts and watching it for a bit, while you continue to study the materials posted on Woodie's site. When you feel comfortable, come and join us in the chat room, even if only for the 7 day Hotcomm trial. By the way, they have another plan in between the monthly and annual. When I first licensed Hotcomm Lite, I chose the 3 month plan for $49.95. Well worth it if you find the information presented in the various rooms to be of interest. I've since upgraded to Hotcomm Standard, since it allows you to be in more than 1 room at a time at $59.95 for 3 months. Dave, hope this helped MarkB