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Before I start trading I want to understand how CCI interacts with price movement. The idea is to indentify high probability setups. The attached chart shows how CCI20 and CCI6 react to price action.
What I want to identify with CCI20 and CCI6 and trend lines:
To continue from the previous post; I am looking for high probability entry points. In the attached chart there are 5 entry points to go short on 5/27/2011. The second entry point from the left is the most volatile because it is a top of a 60 point run.
What I identified on this chart:
The spike of CCI20 above the spike of CCI6 is a good indicator of a reversal.
CCI6 crossing below zero should be used as the trigger for entry.
Entries into positions on the top of a sustained run can be tricky because of volatility. See second line from left. A larger stop would probably be required or waiting for a couple of down ticks to confirm entry.
Edit: should be noted in each of the entries CCI6 was to the outside of CCI20. CCI6 then crossed over CCI20 while CCI20 continued to rise.
Other notes: I am having a hard time identifying long entries. Will work on identifying these in the next entry.
SD
nosce te ipsum
You make your own opportunities in life.
Last edited by Silver Dragon; May 30th, 2011 at 07:17 PM.
Reason: added to "what I identified on the chart"
The following 4 users say Thank You to Silver Dragon for this post:
Below is a listing of the best times to trade the Euro for my trading style (short term) with notes.
5 am est to 2 pm est
8pm est to 12 pm est (if volatility exists) (excludes Sundays)
Between 2 and 5 est the euro can become really flat. If you are in a trade it may be 4 or 5 hours before it starts to move again.
The night session can be flat in which case price action does not occur as expected. It can also be very slow. Sometimes it will take a couple of hours to move 20 ticks.
However, if there is a spike in price action between 8 and 9 pm est then it there will be a good oppourtunity to get in on a couple of good trades. Again take caution, you should only enter high probability trades.
Note on Sundays: If there is news to drive the market then a good trade can be picked up. However, one should be aware of the volatility which can occur. Otherwise there is just alot of back and forth in the price action with very little direction. This is easy to see in the Better Renko because there price will be in a range alot of side by side bars.
SD
nosce te ipsum
You make your own opportunities in life.
The following 2 users say Thank You to Silver Dragon for this post:
I have been wanting to do this for a while; In the attached photos you will see a comparison from top to bottom of 5 min - 6 Range and 4 Better Renko during a trend of the same time period.
What I like about the Better Renko is the bars are cleaner and there is less movement. Trends are easier to identify.
There are 2 charts:
first contains stacked charts
second contains all 3 charts super imposed on top of each other.
SD
nosce te ipsum
You make your own opportunities in life.
The following 3 users say Thank You to Silver Dragon for this post:
