Hi I am reading http://woodiescciclub.com/Trading-Woodies-CCI-System.pdf and would like to know what others think about trading using Woodies CCI method. I did a search on ET but could only find a few references, do people think Woodies CCI method is a good and profitable way to trade the Futures market, in particular YM? Are there any traders on ET who use Woodies CCI method and can perhaps describe how successful they have been with it ? Many Thanks
I got the new SFO (magazine) for this month and they have an article about him in there. You might check that out. I feel asleep friday after work reading it ...so Im not much help. Jim
I don't know of anyone that is successful trading it the way it's taught. Kiwi_Trader posed the question and no responses. I believe that almost everyone in the room is unprofitable. Looking at 1 indicator for all your decisions and leaving price out of the equation is just silly anyways. You need to go find something with an edge. CCI patterns are not an edge. You can find a pretty good story of a guy who failed with the CCI at http://www.cheesechat.blogspot.com .
I just did a search on "Woodies CCI" and got 462 pages of info. Give 'er another try Osho and something will squeeze out.
Woodies cci is good BUT not enough in my opinion but there are a few guys that make it work all by itself. I highly recommend you spend a few months in the room but only paper trade. It is better as 99.9% of the systems for sale out there so ... why pay for something when woodies is free. I also recommend you read other books and study other aspects of TA if you want to succeed at this you will need to utilize as much as you can, not just the cci. btw, the people in the room are excellent and very friendly and woodie is a fantastic guy. Have fun.
Contrary to the big cheese(aka Tampa)...I've been profitable using CCI and GIO's wisdom re. daily charts. I think it works very well swing trading, not as consistent with the faster times...below 30m.
Hi VisionTrader Yes, you are right there is a lot more to read, I didn't check carefully, a lot of dicussion seems to be in Chit Chat I would still be interested in getting a general idea of how profitable Woodies CCI is, TeddyTheTrader is saying WCCI patterns are not an edge but as I understand it WCCI is all about trading patterns and reacting to patterns, are these patterns still relevant ? My initial impression from the brief reading I had done on ET (Chit Chat forum) is that people have mixed feelings about WCCI, some say it works, others say it only works if you change the default parameters, still others say it is good as a confirmation or exit tool, not quite what is being claimed on WCCI website It would be nice to get a summary from others about how useful it is to learn WCCI ? Is it worth the time and energy to learn WCCI? I'm interested because the website makes some bold claims, e.g. You don't need to do anything but follow WCCI Everything is clearly defined, entries, exits, profit targets etc Thanks
I agree that the CCI has "some" helpful predictive qualities. I think what is wrong is that a new trader jumps in and tries to execute the Woodie system. Just too tough a road to hoe when you are just starting. I used the CCI to help me get a snapshot of the trend and near term momentum. After all, I believe it is a momentum tool. Try taking a 5M chart, use a CCI 49. Look for crosses of the zero line to indicate possible short term momentum changes and wait for a retrace of the indicator to the zeroline. Watch for what WCCI calls the Zero Line Reject. This is simply buying/selling a pullback in a short term trend which is boucing off of an average. This makes good sense for a new trader. Leave the other signals alone. The longer setting keeps you from over trading and requires more patience, albeit a larger stop.