Forex CCI short intra day trading

[RedDuke]

I am starting this thread in order to share ideas about Woodie CCI trading for forex on short term basis. I came across CCI last September and still at learning curve. Spent few months on demo and currently trade real account at small pip value, since I am not at the stage where I am confident to use it on large account yet. My trades are based on 3 min chart, and I only trade eur/usd pair. My choice for this time frame was potential draw down which usually is no more than 4-6 pips per trade. The potential target is around 10-20 pips. Below are my trades from last few days.

Regards,
redduke

 

[RedDuke]

01/18/2006

It was a great morning.

1) TLB long – great trade, the market rallied up with no draw down at all.
2) TLB and famir short – another trade that worked out great.
3) ZLR short – it did go down, but it took few bars for sidewinder to turn yellow, so I did not take this one
4) TLB long – this one paused, but than got into positive.

There were plenty of pips for grabs today.

 

[RedDuke]

01/19/2006

1) TLB and regular divergence long – this trade ended up several pips in positive.
2) TLB short – turned out to be a great trade, but I closed it at BE because nothing was going on for few bars, and then it dropped 20+ pips. Need to be patient and wait for few more bars to see if set up is working.
3) ZLR short – lost few pips when it reversed and became famir.
4) TLB and famir long – the trade ended up making several pips.

It would have been a really good day, if I had not make a mistake on trade 2. Still ended the day in positive.

 

[RedDuke]

01/20/2006

1) Ghost and TLB long – this turned out to be a great trade. I entered this trade as TLB (blue line), but it could have been entered earlier as ghost (while line). I had small draw down of 5 pips, but ghost entry had no draw down at all. This was a 20 pip trade.

 

[RedDuke]

I have added white line, which is my entry, and yellow line which, is an exit to the charts.

1) TLB short – turned out to be a great trade. It almost hit 20 pip profit (I have hard stop loss set at 20 pips), and I thought it was going down. Once I saw the move is over, the trade was done.
2) Ghost long - it did not work, so I lost few pips on this one. What I should have done immediately after closing it, is taking ZLR short. This particular did not go down by much tough. I find it very hard to immediately reverse positions/direction after previous trade ended up even with small loss.
3) TLB long – I closed this one at BE +1, after it did not go anywhere for about 20 minutes.

 

[RedDuke]

1) TLB short – this failed trade was my mistake. I did not notice that the spread has widened (probably due to London stock market opening at the time I entered the trade), and I also got 1 pip slippage. When spread widens something is happening in markets, and I usually say out until I can see what is going on. Closed this trade few minutes later at 6 pips loss.
2,3) ZLRs long – there were major coming out between 2 and 3, so I stayed on sidelined, and missed that great move up. But 3 did not look strong to me after CCI went back and forth. What I think added to 3 move up was that IFO number was very EUR bullush.
4) ZLR long – I almost took ZLR few bars before, but it disappeared around bar close. Turned out to be Ok trade. It pretty much offset number 1.
5) TLB short – I did not take this one because up trend was still very strong. If I had taken it, this trade came to my tolerance limits, so I would have probably closed it at small loss. It did not go anywhere for awhile and then slowly started going down.

As I finished writing this, trade 5 sharply went down about 10 more pips. But keeping losses small is what I force myself to do, even if it causes me some good trades.

Regards,
redduke