Woodies CCI system

I have been reading about this system and get the first impression that it is quite a good system. But then if it was that good as has been portrayed , lots of people would have been using it. I did a search on T2W but did not find many posts on this system

If you have used this system or know anything about this system , please post your comments. It seems I am missing something about this system. I have read positive comments but I would like to read negative comments as well. How to get the total picture?

Responses would be much appreciated. Thanks

Check out Elite trader dot com. They have past threads with views from both detractors and disciples.

osho67 said:

......Responses would be much appreciated. Thanks

Click to expand...

Woodies system did not work for me, not because it is bad, purely because it did not fit my trading personality. Have to admit a lot of systems did not fit my trading personality.

Try it out, it is free. See what you like, what you don’t like. Maybe you like the while system. Change the bits that don’t feel like YOU and see what the impact is on the system. Make sure that the changes you made was not made because your trading personality is at fault. In my case after changing, the system did not work anymore. Learn from the whole process. Make notes and you will be one step closer to finding the system that works for you and most important, in finding your trading personality.

Hope it helps.

osho67
it is a good system if it works for you; for me it was a seamless transition from what i had been doing in the past. other people think the approach is crazy and perhaps that is the reason it works for me. good luck!

I did spend nearly 18 months around Woodies room so I have a good idea of how many of the 800 visitors to his room are succeeding in following Woodies method ... close to zero.

I have issued a challenge in a number of Internet Environments that has not been answered. I now suspect the reason is that there are not enough members who can say "yes." But just in case, let me offer it again.

I invite 3 people who are not members of Woodies Inner Circle to step forward and answer yes to this question: "Have you been consistently profitable for at least 3 months using the CCI exactly as Woodie teaches it?" If you say yes then I will believe you.

"Exactly" eliminates people who use a bunch of extra CCIs to determine trend or add MACDs, Moving Averages or other filters to achieve profitability. The successes seem to follow GB007's advice so if you decide to hang out there pay close attention to the man. Personally I was able to succeed by using a couple of EMAs for trend and the CCI to signal entry .... but then I discovered that you don't need the CCI at all, just the 2 emas and price action to signal an even quicker, more reliable entry.

Woodies room is a nice place to visit with some wonderful people. Don't say anything that W disagrees with though or you will join a great group of traders who are ".. outa here" :cheesy:

After a year most folk have gone anyway.

OS

Woodie's system is really for futures day traders using direct access looking for scalping trades (I use the word loosely to mean say 2-10 points per trade on the YM contract for example). It's of no use whatsoever if you SB and do not watch real-time intra-day charts. The whole thing operates like a club. There are subtle suggestions of contributions to a favoured childrens charity if you find it useful. This is fair enough I guess since there are some impressive looking gizmos for use on the ESignal platform (not sure about others) which are free. However the whole thing does have the air of a Guru - Acolyte project which frankly turns me right off.

The system itself is just that - a 'system' that produces buy and sell signals which you are urged to be absolutely disciplined about acting upon. But like all 'systems' it certainly isn't magic and I found that, with realistic slippage parameters employed, it didn't back-test anywhere near as well as many others I have tried. The name "Woodie' is a bit unfortunate too since in common useage it refers to a wooden duck which makes an easier target than the live feathered variety

Kiwi's post is spot on too IMHO. If you want to belong to an agreeable club (Free so long as you have unwavering respect for the Guru - Acolyte relationship - Woodie-Guru, you eager acolyte), then by all means. But as an effective path to solid professional trading ? I personally think not.

I remember visiting Paltalk a couple of years back and listening to an engaging character called Fitzy talking his way through trading Woodies approach. He seemed pretty good at it. Whether he's still trading this way I have no idea. There was soneone called Blinkie (I think) who was also doing alright. I have a suspicion there was a guy called Kiwi, too, but maybe my memory's playing me false.

This is a link to the setup Fitzy used:

http://www.r7.com/fitzy.htm

There is no doubt that in this business one encounters lovely things also. Fitzy and Binkie, giggle.

Kiwi=me (price and mas).
Fitzy's setup still works ... essentially its a derivative of GB007's work that I mentioned above however he uses a couple of stoch's and bands now instead.
Blinky ... I'm not sure but I suspect hes still using CCI like he did then.
Socraty, hes probably using a transcendentally sophisticated version that no one else understands.

I don't know about 'pure' Woodie but Fitzy's approach was basically entering on pullbacks in a decent trend. This can and is applied to all time frames, from 1 min to weekly. Fitzy used 5 min for setups and 1 min for entries.

Quite why the CCI should be used I don't know. As I understood it, the idea was to draw trendlines on the retracement as it formed on the CCI rather than on the price itself and to trade the break of those lines. An alternative was to trade the price bars in anticipation of a break of the CCI based trendline. I supposed the reasoning was that as the CCI neared the zero line and was 'rejected' by it, this, more often than not, represented a useful sized retracement by price that could be relied on to make a sustained move more often than those times when the CCI turned either before or after reaching the zero line.

Trading pullbacks in trends does throw up the perennial problem of knowing when the turn back in the direction of the trend is most likely to occur, and whether the move is likely to be sustained. I didn't find the CCI made this much clearer; but I take my hat off to Fitzy who seemed to have second sight in this respect.

I've found the combination of cci patterns and 34 combo as used by fitzy and gboo7 to be very useful, although I must say that if I had to dump one and keep one I would keep the 34 ema. The cci just gives a nice visual of when to enter a pullback but if you have a nice slope on the 34 anyway its often good enough to buy/sell on kisses of this line. I had difficulties early on with 5 and 1 min charts on forex largely due to the spreads, but since switching mainly to a 4hr/60 min combo I find it works much better, more relaxing anyway.

A guy called Oleman posted some files somewhere and one of the "guarenteed" trades he mentioned was waiting on the 15 min chart for a candle to leave a nice spike through a sloping ema and then buying/selling the breakout of it's high/low. But then the sloping 34 ema is just a visual aid which you get when higher lows/lower highs start forming.

I must say though that a subtantial and clear trendline break on a 4hr chart very often gives a very good indication of a largish move and keep a close eye on those, and then zoom into the 60 min and enter on price action.

That would take more patience than I have. I find five minute bars frustrating, never mind anything longer. In realtime, that is. Looking at them afterwards is no problem. The principle of trading pullbacks in strong trends works in pretty much any time frame, though, and, obviously, the longer that is the less problem there'll be with wide spreads. Personally, I'd use a weekly chart for your 4hr one and a daily for your 60 min. That'd be even more relaxing!

Woodie is a great trader, an old dog that has a feel for the market, but unfortunately his system does not pass that intuitive feel along to his fanatical, frothing disciples who continue to lose money because they are not Woodie

And that is the bottom line, there are a few stars in the room making money but the sad truth is that they would make money with any system because the reason they are stars has nothing to do with Woodie's system and everything to do with discipline and money management

Woodie wants to leave behind a legacy.... sadly he cannot teach what takes decades to master with a simple indicator and a slightly different way of interpretting it to people who would rather idolise him than focus on their own psychology

Dod,

yes indeed your suggestion of weekly/daily charts is a good one, and the cci signals do show some excellent moves on those timeframes, but they don't trigger that often and stops need to be very large. Still, I keep an eye on them and am looking to keep one account separate to trade those longer frames.

woodies cci works great for me. kiwis challenge for 3 people to come and tell him "I am" is silly. just because we all know most people add things to their system and cant focus on woodies classic cci. thats why they fail in woodies cci AND on all other systems. im a professional trader and can focus adn have found it an invaluable addition to my overall strategies. however, when i trade woodies cci i ONLY use woodies cci. thats they seceret. go read the documents at his site and they tell you so.

i suspect kiwi couldnt focus either and thats why he failed. as for the system it works very well.

judgeing from prior posts kiwi has made i suspect he will argue it further, demand some more of this or that, like he alwasy does trying to win his point. however, truth be told he couldnt make it work because he does not focus.

im new to the system but i was told by several people after recently inquiring as to who kiwi was that he alwasy said he loved the system adn that it worked well. now hes saying it doesnt work. hmmm, strange.

you be the judge. sounds like cry babying to me. he will never be professional. maybe he acts like it but truth be told i guarantee he doesnt trade like it.

Woodies CCI

Hi

I would say Woodies CCI was really a good tool for newbies particularly, firstly it gives u a good idea about market strategy, secondly gives idea of pshycology on trading and discipline...Iam a newbie and trying woodies CCI and have got good improvement when compared to my previous trading, after going thru too many strategies to see which one suits my style on first reading thru the Woodies techinuque and started working on it iam so confident that this would suit my style and it is....

Once when i get good hands on market trend, will bring in couple of indicators to get early entry...

Goodluck in trading ...
Cheers
Viswa

Let us know when you get to 3 months trading profitably with it Viswa. You can be my first success

If it was as good as portrayed, everyone would use it

osho67 said:

I have been reading about this system and get the first impression that it is quite a good system. But then if it was that good as has been portrayed , lots of people would have been using it. I did a search on T2W but did not find many posts on this system

If you have used this system or know anything about this system , please post your comments. It seems I am missing something about this system. I have read positive comments but I would like to read negative comments as well. How to get the total picture?

Responses would be much appreciated. Thanks

Click to expand...

I see this said a lot but because of the essential nature of man, its just not true. Below is a repirnt of a post I made months ago at clearstation.com

From: mr_cassandra Replying To : jstri (post 90368) May 22 2005 11:00AM
Title: Partial reprint and additional thoughts
Here's a bit of what I've posted before and some other perspectives as to why 'nothing' would ever become so widespread
I'd add a few things from personal experience as to why distribution of an investing system would 'not' change the face of the investing world (in short because of the human condition).

One big reason it would become that widespread is money. Don't know what Rydexs direct minimum is but Brownco is $5,000. How many people did you just rule out by this starting minimum?

One reason is seen a lot on this board as various systems are discussed. It would strongly appear from many posters comments that they are looking for a system/method which never has a loss or worse, 2-3 losses in a row. How many MORE people have you now ruled out because they expected NO losers?

Then theres a corollary to the above;… about drawdowns: even if you delivered a system which had 100% winners, many people can’t tolerate a drawdown during the trade, before its completed. How many more people did this drawdown problem just eliminate on top of the two prior concerns?

There is an additional corollary: suppose the guy had $5,000 (or whatever) and is all convinced to go, then the first trade is that minus 6% loss shown in the spreadsheet. Be honest and consider how many normal people that might discourage.

Then you come to another and perhaps the last and hardest problem, even for me, ‘sticking with something’ long enough for it to work. This cross ties with all the above issues and really they all relate to instant gratification. It probably also cross-ties to pokersams statistics of only 8% of traders make money, those 8% probably are dogmatic about sticking to their rules.

Another issue is just greed, plain and simple. Even if they endure all the above, many people will always be looking for a 'better' holy grail system. Take for example the widespread FOREX' systems all over the internet. So, you will have X amount of people who fade away and go chase that other grail.

In addition, no matter how much documentation you present here, X amount of people will still believe that atrocious euphemism 'You can't TIME the market'; which is widely disseminated by financial advisors, amongst others. Adherents of this line of thinking won't even try, though I suspect if you showed up in a Porsche in a year, they might then.

One last reason is second guessing and/or raw fear. When the market is booming and everyones all ecstatic over the bull market, many people would 2nd guess the sell signals. When things are excessively gloomy, they'd be scared to buy. Then, missing signals, they'd get discouraged.
So with out meaning to be a wise-guy, and with respect for the various systems and ‘proprietary’ indicators discussed here; unless you have a system which delivers cash daily to peoples bank accounts with zero work at all, I totally disagree that revealing a concept would cause mass usage and invalidate its underlying functionality.

When you take all the above issues and rule out more and more people who would drop by the wayside, you just don't have enough people left to make a tidal change.

Woodies CCI

hi kiwi
sure will let u know after 3months ...
thanks, cheers
viswa

Woodie CCI

My feeling is that there could be people who do, in fact succeed using the method as prescribed... I am not quite as astute as they are, and I use a couple extra coloured LSMA's on my chart to confirm entry and exit...

I use 6, 14, 25 and those I find, to be quite a help... and I well know that I have not followed protocol...

In my opinion, the market shows a different face to us every day, and we have to all find a method to extract an income, power to the people who follow the rules precisely and succeed.., I have found that I can do better and eat better food if I cheat...