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David_R's Trading Journey Journal (Pls comment)
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David_R's Trading Journey Journal (Pls comment)

  #1 (permalink)
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David_R's Trading Journey Journal (Pls comment)

At the suggestion of Mike I've decided to start a Journal on the forum. Mike says Journaling will help to improve my trading and I believe that is true. I also want to be able to show the methodology that I currently use and will most likely continue to tweak in order to make it more intuitive. I'm not sure intuitive is an appropriate term when it comes to trading, but that's my intent.

This method was not created by me and most likely many of you have seen something like this. Some of this may be from Woodies methodology and some comes from others. The origin is not important to me and since I'm not taking any credit for the creation it really isn't important who the creator is. I found most of this methodology on the Trading-Naked.com site and more info on Tradershaven and even more from Mark Braun.

In looking over many of the the threads on futures.io (formerly BMT) with all of the very nice indicators etc. I tend to believe that many of these things we use all do the same thing. There may be a different color, or different squiggly, but in general it does the same thing. I've thrown on a number of the indicators from the futures.io (formerly BMT) forum and they all may be useful to achieve the same thing.

I've had a number of people say find something that speaks to you. This method makes sense to me and it helps me to rule out trades that i shouldn't be taking in the first place.

The attached chart is of a trade I took today. The first thing is that I probably shouldn't have taken the trade because its on CL and that is not for boys. I like CL because it moves fast and I struggle with patience. That's the excuse part. Also, currently my rules say the higher time frame 50 CCI should be on the correct side of 0 which in this case is above 0 to take longs on the lower time frame. That was not the case in this trade. This is another reason for the Journal and that is for accountability. I either need to decide I don't need to wait on the higher time frame or pull my head out and follow the rules.

The method uses 3 CCI's. The 50 CCI, 14, CCI and the 6 CCI. The 50 gives the general trend as well as a trigger called the 5034. The 50 34 is where the 50 crosses the 0 line when price is crossing the 34 EMA. The 14 CCI is used for triggers such as ZLR's and is used in conjunction with the 50 CCI which is called the 5014. That is when the 50 CCI is on the correct side of 0 and the 14 crosses 0 to the same side the 50 CCI is on. The 6 is just a confirming CCI and is used as such. In other words, in the example trade in the chart the 50 CCI is crossing the 0 line and at the same time the 6 is crossing 0. There are more nuances such as using higher time frames and even adding in fibonacci work for support and resistance. I show symmetry support in the screen shot. Its a 100 % of the swing projected from the new high to give symmetry support.

The EMA's also proved trend. The 20 above the 34 look for longs and visa versa unless you want to stand aside and wait for the lower time frame to come in line with the higher timeframe.

I encourage and appreciate feedback, questions or comments. Anything from agreement in the methodology to shooting holes in it is fine with me. If you have improvements or simplification that is great too. Any and all feedback is welcome. Thanks for reading.

David

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Those volume bars really seem to smooth out Crude nicely. Thanks for clearly indicating what everything is on your chart.

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Nicely done, David. My suggestion for now is simply to stick with it, make a minimum of one post per day to your journal talking about the trades you took that day, and grading yourself for the day -- not based on profitability, but based on doing what you told yourself you would do at the beginning of the day.

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  #4 (permalink)
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David -

Really enjoyed your initial overview. I've spent some time studying CCI/Woodies techniques, and look forward to other set-ups, and journal entries. Awesome.

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Hi david, I using almost the same setup as y just i using difference EMA value and i did not use 6CCI. Looking forward for your daily post. Thanks

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Also, quick question: What other time frames do you use in your workspace? I plugged it into a 250 Volume, and it had some earlier ZLR's and the 50 CCI broke a bit earlier. All obvious on a smaller time frame, but just wanted to get your thoughts.

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  #7 (permalink)
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benharrell View Post
Also, quick question: What other time frames do you use in your workspace? I plugged it into a 250 Volume, and it had some earlier ZLR's and the 50 CCI broke a bit earlier. All obvious on a smaller time frame, but just wanted to get your thoughts.

In addition to the 500 volume I look at a 1000V and a 3000v. I also like to look at minute charts such as a 60 minute and a daily. One of my problems has been taking counter trend trades. Its not that they can't work out, but since this is a game of probabilities I'd rather stick with the path of least resistance. No pun intended.

David

P.S.

Ben, I'm also trying to not use too fast time frame. The 250 would trigger faster, but it will probably do more back and forth. I would need to take a look and see.


Last edited by David_R; January 6th, 2010 at 06:59 PM. Reason: comment about 250 volume and faster time frame
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Hello all and thanks for the comments. Attached is the CL and NQ for today. Some things I did well and some I didn't do well at all. Overall I give myself a C for the day. The things I did poorly get more weight in my book than what I did well.

Mike you say don't grade based on profit which is hard to do. Today was profitable, so keeping that out of the equation it wasn't such a good day.

I find it odd that I repeat the same mistakes.

David

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David_R's Trading Journey Journal (Pls comment)-cci-method-cl-010610.png   David_R's Trading Journey Journal (Pls comment)-cci-method-nq-010610.png  
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  #9 (permalink)
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David,

Thanks for the MTF update, I was curious more than anything. I enjoy your set-up and workspace so much, I think I am going to incorporate this into my trading for a test. Would you mind if I posted a few entry and exit attempts via this thread? Simulator of course.

Also, I like your watchful eye of the consolidation/chart pattern that formed prior to the news at 10:30. I usually try to stay away from the news because I end up feeling the rath of the whip-saw. However, I liked the boldness.

Look forward to more charts. Good trading!

-Ben

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Ben,

Your welcome, and I have to be honest, I wasn't aware of the news at 10:30. I think I got back to my desk after 10:30. News announcements is another area I need to be aware of.

You are welcome to post whatever you like. Even though this is my Journal I am open to any and all comments. I actually consider this a work in process and hope that as time progresses it actually becomes easier via some of the futures.io (formerly BMT) indicators. For now, I want to keep it clean and force myself to read what is taking place in front of me. If you have other interpretations or suggestions feel free to post them. Charts are always welcome.

David

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