02/04/2011 23:01:18
Tom Leeson
Administrator
Posts: 290
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Woodies cci divergence pivots hilo levels trader is a two part manual system which i have put together in an attempt much simplify a verbose trade plan and system.
It is extremely effective for trading currencies. I am sure that it will work well for other asset classes.
I have bundled a workspace with the impending release of MicroTrends NinjaTrader Framework 7 called MT Woodies CCI Divergence Pivot HILO Levels Trader.
http://www.micro-trends.co.uk/ninjatrader-downloads/
It consists of 2 charts 240Min and a 30min -this is really postion traders who want to stay in the trade however you may find scalping is ok too, but this a low frequency trading system for some ultra low...
Session time 8:00AM to 11AM, break, 13:00PM to Close
- Trade Setup Buy: New Low + a Pivot S1,S2,S3 and or one of level (year,month,week or daily) and or Woodies CCI divergence at Extremes
- Trade Entry: Candle Close > Setup Close
- Trade Setup Short: New Low + a Pivot R1,R2,R3 and or one of level (year,month,week or daily) and or Woodies CCI divergence at Extremes
- Trade Entry: Candle Close > Setup Close
Its a very good for you to always backtest and walkthrough the trades historically, practicing, annotating the trade on the chart, keep it simple and note counter trend with trend, trend exhaustion, levels etc...you will be able to optimise this and trade profitably....that is the goal. Sim trade first...:-) keep a journal....examine it and see what you can use or change in the basic rules above in bakctesting - outside of trading.
The Image attached shows a real trade with higher time frame and the lower time fram charts:
Trade Setup Short: New High
+ Open Range Closing Bars
+ 240Min Chart Prev Month Fib 50%
+ Woodies Pivots R2 (- 10Pips)
+ Woodies CCI Extreme
+ Woodies CCi HILO Divergence
Trade Entry Short
Lower Close
( Entry close<Setup close)
Market Order Short
Stop Above the High or
above Entry Candle High + 15pips
Trim to a max of 30pips
Or wait with short limit order for pullback 5pips below the high
Trade Objective Woodies Pivots PP/S1/S2/S3
Or The MT ATR Range HTF Top of Fence (140 pips)
I have yet to build a robot that can trade like this, i am geting there though and will post again.
Manual trading with levels of support and resistance with divergence + price action reversal confirmation is something we should at one point consider. The critics will say, its impossivle to pick the tops and bottoms they can only see trends, that's fine, what you can do then is combine a pullback to a trend dynamic support/resistance zone and trade off the high or low. The benefit is the profit oppurtunity, the risk reward is large, winning ratio a lot better than a blind high low system, the expectancy is extremely good!
Learn to Annotate your charts, print them out, You need to use visual, auditory skills, speak the trades, learn the rules, until it becomes a program running in your subconcious...
I attach an annotated chart - which should really have the order details on it too...
A great idea would also perhaps - add in the actual woodies cci pattern trades on top !!!
edited by MicroTrends Tom on 02/04/2011
edited by MicroTrends Tom on 02/04/2011
edited by MicroTrends Tom on 05/04/2011
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MicroTrends
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