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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Canaccord | CCI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 625.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 625.00 |
| Top Posts |
|---|
Posted at 26/8/2008 12:07 by henryatkin Fives .... I look at the entire trend line first then I look at the last two peaks high or low. So in the case you mention there was a low at about 9.30 and another at about just before 10.00. It is the last line that I would usually use for short term trades/price action confirmation. Whilst I did use this myself to close my price action long position, I didn't go short. To go short with the CCI in positive territory I would have wanted to see negative divergence between the price and the cci as per the 9.10 reversal (double bottom, gap up and breach of the -130 line). Although as you say its counter- intuative I would rather bank a small profit rather than risk loosing it. I would then wait for the next short term trade entry signal to present itself. In the meantime I let the long term trades run. |
Posted at 26/8/2008 10:10 by fivesboy Henry,Thanks for e-mail. Question: When you are looking at CCI trendlines. Do you use the entire CCI trendline or only from where the CCI trend and the Price trend are in correlation? For example today from about 8:37 today until 9:07 the CCI was trending up even though the Price was trending down. Would you use this part of the CCI trend as part of the uptrend to identify a CCI trendline break? It would seem counter-intuitive to do so as the price and CCI are not in line and hence CCI trend would not be indicative of the price uptrend. |
Posted at 15/8/2008 15:22 by fivesboy Hi Henry and all on here. It's been quiet!As usual, just watching today though there was a good FTSE trend for around 11 a.m. I wanted to ask how you play CCI and price divergence. It seems very often in a trend the price and CCI will go in the same direction then at some point the CCI starts diverging whilst the price continues in it's original direction. At some point the price snaps back into line with the CCI trend again so that they're both going in the same direction. Is there anything in particular you look out for to indicate when this happens? I would also love to see your charts of the day you focused exclusively on Price Action and yoru simple rules. I've tried it and failed so there must more to it. Cheers. TGIF! |
Posted at 12/8/2008 21:07 by henryatkin Fives ... Funny business, I find it easier to pull the trigger on CCI trades than I do with price action. I have spent today only using price action. I have made 51 points from 19 trades(4 loosing) by putting in some filters - confirmation. The day has done me a lot of good. I feel I could trade all day long even switching from ftse to forex. I kept to the one min chart and had a few simple rules written down in front of me:Example as per long trade. 1) Enter when the bar close is higher than the previous two bars. 2) The SMI must be over +40 3) The CCI must be over +100 (130 is a bit too high for this) 4) In a ranging market or consolidation wait for a breakout. After the breakout wait for the next bar to confirm the trade with a higher high (1,2 & 3 must also still apply). Exit - close the trade on a bar with a close lower than the previous two bars. Wait for a confirmation bar befor opening a short but remember that now CCI will have to be below -100 and SMI below-40. The bars are the stop unless you choose otherwise The two previous bar business is just something I tried that works after listening to a couple of day traders on a vido link somewhere - can't remember exactly where. I think it was probably the Tradeology websit free email trading course - very worthwhile if you can find time for it. |
Posted at 12/8/2008 13:51 by fivesboy Hi Henry,Thanks for your recent posts and the clarification of CCI exits etc. Very informative as usual. I still struggle for confidence when it comes to using CCI for entry into a long. I try and make sure it is near the 20 x 20+8 cross and there is some confirmation price action rather than just straight up or down candles and obviously SMI being in the right territory. I looked at that strategy you used on the SnP but was wondering what you used on it as the key indicator used, Laguerre, is not on CMC / IG? It seems interesting and when I have a bit more time will try and use it on Meta Trader. I switched to Ev$ today as was not having much joy with FTSE and it paid off though I missed the pick up that occurred around 9:45. Interesting you're using candle reversals more than 2 bar breaks. Is that patterns from Bulkowski? |
Posted at 11/8/2008 12:09 by henryatkin I traded ftse at the open with a decent profit up until the consolidation then switched over to Forex E v $ very good trends this morning. Price action from both trend lines and candle patterns all worked like textbook. Seems to work better with close at break of previous three bars though. That would have saved me closing and re-entering a couple of times. A couple of points I did notice today which I have seen a lot previously is the size of the bars when the CCI crosses the zero line and reverses . It shows up on Fridays and todays one min chart. Imo these bars are on low volume which is why they so often almost instantly reverse. I put it down to a lot of traders who follow Woodies CCI trades both manually and by program trading. The zero line reverse pattern for a few points is one of their biggest plays. A lot of trades all doing the same thing at the same time but in comparrison to the big picture they are a small volume. There was a down bar of this type at 08.15 on the ftse uptrend. Fortunately I noticed it crossing the zero line so ignore the two previous bar close rule and held the trade for good profits. I have been paying far more attention to candle bull/bear reversing patterns. It has saved a few points today on both ftse and forex - giving it priority over the previous two ba break close. Pukeko - I agree re long term but it seems a lifetime when watching a one minute chart :-) |
Posted at 09/8/2008 08:31 by henryatkin Pukeko. I use different stop strategies depending upon the trade strategy:1. For short term trades following a low moving averave or Tema or Dema I would use the previous two bar rule. For long trades the stop starts at the trade entry and follows the price. You exit if the price closes below the low of the previous two bars. For short trades exit if the price closes above the previous two bars. 2. For long term trades my initial stop would be the price cutting the 20MA. After the trade is established and running at a profit I let it run to exit strategy which is one of three: A. MA 20 crossover with 20+8 B. CCI zero line crossover C. The long term trend line break - not always obvious until you get used to spotting a coincidence of trend lines on the price chart and the CCI chart. As a guide if the trend line break is showing at a good distance above or below the 20MA it is not likey to be the long term trend and will probably have further to run. Long term trend line breaks tend to be fairly close to the 20MA and show on both the CCI chart and the price chart. For long term trades I enter with three positions and exit each of them with a different one of the above three. It means that you average your exits and on occasions that one exit strategy gets you out too early the other two will likely keep you in the trade. |
Posted at 08/8/2008 16:35 by henryatkin Ady, I only enter trades above and below the 130 line on the 60 period. Exit at 3 different price stategies. So enter on long trade when the CCI is +130 and exit one postion at 20 and 20+8 ma crossover, exit another position at a crossover of the trend line and a third position at the CCI zero line crossover. If you get thrown out as per today then the long term (all morning) trend is not worth trading, so pack up - plenty more days when it will work.Another way to see if it is worth trading is switching from 1 minute timeframe to 5 minute. I don't enter a trade if the candles are being chopped by the 3+1, 3+3 and 20 MA's. Its not always obvious from the 1 min chart but if you switch to 5 mins on todays you will see that there was nothing worth trading between 09.00 and mid day. |
Posted at 07/8/2008 11:00 by henryatkin Fives ... yes will get round to the email later today. I was also just watching & waiting for an early trade which didn't come. I am trying to stick with just Tema in the first hour and putting together some filters to keep me safe. So far I find the 32 period seems quite good. Don't trade the first 4 minutes. SMI must be outside +/-40 and CCI outside +/-130. Wait for the first Tema reversl before entering a trade. Reverse the trade after closing on the second bar colour change (I use blue for down periods and green for up periods). Try to confirm the trend reversal with a reversal on the SMI and/or a line break on the CCI chart. It does miss some decent trades now and then but if you can ignor that the results seem very positive so far. Having said that in the very early trades 08.00-08.30 ignor the CCI filter. Still early days for this one but I have to find something to keep me out of early losses and in for early winners. The after 09.00 period Tema works just as good and the CCI long term trades are all working fine and making far more money than tema or price action. I didn't trade yesterday but have done well again this morning so far. I also am going to reactivate an IG account. I will leave £1K in CMC to cover any trades in the event of IG going down. I recall MTGlass saying that he likes to keep two accounts open whilst trading. Seems a good idea. |
Posted at 16/6/2008 14:12 by henryatkin Fives ... same thing happened to me - very frustrating but one of those "nothing works all the time" things. Another day it would work like a dream. Trading the opening few minutes will always be a bit of a gamble. There's always a bit of luck regards timing as well but not much we can do about it except hope we will make more later on to offset any loss.Getting back to that early trade when you chickened out on the pullback. The pullback was form a higher high and the next bar confirmed a higher low so the next move was likely to be upwards (a Ross 123). The next bar at 08.12 ftse 5805 gave me my first reference for a trend line on the CCI chart. I traced the line up fron the CCI chart at 08.04. This gave me a trade which was breached on the same trend line at 08.26 ftse 5826. I keep building these CCI trend lines throughout the day to get most of my best trades. They can get a bit confusing and often have to be errased to make way for a more recent trend line. Even so its a superb tool imo and gave me my best trade of the morning. |
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