CCI Daily Non-Lagging System
Another simple forex trading strategy and even though it says daily in the title it can be used on other time frames.
The Forex Factory Forum Thread starter, starts a little cryptic at first but on the second page he shares the indicator with his settings. Other posters then add their enhancements with other indicators.
- CCI Custom Candles Indicator
- CCI Period to 20
- CCI Price to 6
- Overbought to 100
- Oversold to -100
- Leave Bar Width the same
- Leave Candle Width the same
- CCI Standard Indicator with the same settings as above. This is just for visual and you will see the candles change colors when the CCI Signal Line moves above the 100 or below the -100
- These are the main indicators but other posters have added a few more and read through the thread as they are all available. Use what you desire that you think suits your needs.
Forex Factory Forum Thread started by tcmm
Forum Thread Link page 2 post 40 is where you will find the CCI Custom Candle indicator.
Follow the thread but the strategy is quite simple as you start to analyze the possible trade to take once the candles change color.
To set up the candles, once adding the CCI Custom Candle indicator:
- on the chart right clicked on the mouse and click on properties
- for my black chart, I changed: Bar Up White, Bar Down White, Bull Candle Black, Bear Candle White. That’s it
- Change the candle colors to your desire on the CCI Custom Candle Indicator
- Use Bars instead of Candles on the chart from the top tabs.
You will see the red candles, green candles signifying direction and white bars signifying ranging price action. When the candle changes from white to a color it means that the CCI signal line has moved above the 100 line, for green and for a red candle, the signal line has moved below -100. The strategy is that price is moving with momentum and trades are placed with the plan of moving with the momentum. Read the thread as everything is there.
My Opinion…
A good solid strategy that can be traded on any time frame but the higher charts give stronger probabilities. There are a few other good indicators on the thread so read carefully and you will find some great information.
Regards
John