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Most of the traders use several currency to find trading opportunity. But few of them can be successful on that. I think the best is to follow one and use opportunities in full scale. No matter you are scalper or day trader, you also need to follow several timeframes. In this article, I will share my master workspace and trading approach. For that we will need to have three different timeframe charts at the same time. I will use EURUSD and 1H, 4H and Daily charts. 1H chart will be our main trading chart. 4H and Daily charts will be used for reference to get general view about market.
1) Daily Chart
Daily chart is very important for having clue about general market direction. We will use EMA, ADX for technical indicators to analyze market.

Timeframe: 1D
ADX: 13
MACD: 13
1st EMA: 34
2nd EMA: 120
Analyzing daily chart:
ADX is for checking trend strength. We will look for trade opportunity whenever ADX is climbing above level 25 and be aware of trend weakness when it will drop towards 25 and bellow. Check my article for December to know how to trade ADX.
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MbukhariIH avatar
MbukhariIH 29 Nov.

nice workspace

vadim0223 avatar
vadim0223 29 Nov.

good article

TforT avatar
TforT 18 Dec.

Well done .

tdbatinkov avatar
tdbatinkov 18 Dec.

good job

OlgaBLR avatar
OlgaBLR 19 Dec.

good job

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Preferred Instrument - EURUSDPreferred Timeframe - 4H & aboveBacktest - NoStrategy owner - Loke4300 Risk reward ratio - 1:2; Disclaimer - As with all other systems out there, the success or failure of a technique depends more on trader and his discipline. Try this technique on DEMO account before you decide to implement this on REAL account. I wish to share one of my favorite methods of trading by using the CCI indicator. CCI indicator is best explained here. The system that i present here has NOT been taken from the internet or copied from someone; Is this the holy grail?Far from it. This is just another method of trading. The success or failure of which depends on YOU - the trader. Because YOU are a bundle of mixed emotions, conflicting thoughts and a confused state of mind while trading. If you could achieve DISCIPLINE, any system would work.So, the strategy in brief:Go LONG when CCI indicator has dipped twice below 100 level;Go SHORT when CCI indicator has spiked twice above 100 level;Further Addition 1:Go LONG when CCI indicator has dipped twice below 100 level; AND has turned up;Go SHORT when CCI indicator has spiked twice above 100 level; AND has turned down;Further Addition…
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loke4300 avatar
loke4300 20 Nov.

@Likerty : thank you for reading and commenting on my article. Sure, there's always something new to learn everyday and I am looking forward to reading your article and see if it helps us in our trading pursuit.

Thanks again.

fxigor avatar
fxigor 20 Nov.

I read that CCI indicator is used for commodities. What is your oppinion and statistics about CCI indicator asnd major forex pairs?

loke4300 avatar
loke4300 21 Nov.

@fxigor : thank you for reading my article. CCI - although the name has commodity in it, is not confined to commodities; it is widely used to trade almost all instruments - equities, commodities, forex.
CCI like others - is put in the category of oscillators; However, the method to use CCI profitably, as i put forward in my article above, makes it even better at having an edge in trading at almost all types of conditions [except news time];
wrt to your question about statistics: Iam in the process of gathering some back test result [i need a reliable software/site to do so].

doctortyby avatar
doctortyby 25 Nov.

I personally use CCI indicator just for confirmation as it is a lagging indicator that shows past performance and does not have the same effect in the future development of the price. But i strongly belive it can be successfully used in Trends, trading in the direction of the trend (especially on pullbacks). Let me know when you test this strategy with more than 300 trades backtest to know extcly the average winn/loss ratio and the money management that you apply (reward/risk ratio, money risk ratio, profit factor, drawdown). Good luck

RobertPierce avatar

Great there an indicator that will identify CCI double dip opportunities ?
Best Regards -
Bob Pierce

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