How to use Double- CCI- Woodie
Woodies CCI looks and feels more like a complete trading system rather than a standalone indicator. It can, therefore, be used on its own unlike simpler indicators that require confirmation from other technical analysis tools.
Read the full article to learn how to set up and use Woodies CCI in trading. How does it work? When we say that Woodies CCI is a trading system of its own, we mean that it effectively incorporates several different indicators and metrics.
Asset prices are well above average when the indicator is up, asset prices are well below average when the indicator is down.
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The CCI is the most important part of this trading setup. The CCI Histogram is the second part of this trading system. It behaves according to the following rules: when the trend is positive the histogram is above the zero line, when the trend is negative it is below the zero line.
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The color of the histogram bars is determined by the previous performance of the CCI. When the indicator stays above the zero line for 6 bars and longer, the following bar turns green. When the indicator stays below the zero line for 6 bars and longer, the following bar turns red. The baseline is at zero.
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How to use it in trading? Now, to the most interesting part. There are several signals that traders are usually looking for when working woodies cci strategy for binary options this indicator. It is used to receive one of the most popular Woodies CCI signals.
When the CCI gets close to the zero line during a strong trend and then bounces off in the opposite direction, a new trend is considered to be established. Consider making an entry based on the prevailing trend direction.
Zero-line reject pattern and subsequent trend reversal 2 Reverse Divergence When there are peaks and woodies cci strategy for binary options on the CCI that all can be connected by a straight line, and the straight line is pointing at zero, a strong trend in the direction of the straight line can be expected.
This signal is tricky to use, as it can be both in the direction of the prevailing trend and against it. However, it is still good to keep an eye on this pattern.
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Horizontal trend line break hints at an upcoming trend With a complex trading system like this, you will definitely need some time and practice to use it properly.
What may sound intimidating in the very beginning gets clearer and more logical once you grasp the basic principles of trading with Woodies CCI.
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Note that Ken Wood was against the use of take-profit orders but relied heavily on stop-loss orders. How to set up?
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Setting up the indicator is easy. In the menu that appears you can adjust numerical and visual settings of the Woodies CC: the color of each element, CCI periods, support and resistance levels, as well as the source price. Some traders use the indicator with standard parameters, while others adjust the settings to their personal needs.
So it is totally up to you. Now, when you know how to use Woodies CCI in trading, you can proceed to the platform and give this indicator a try. Any references to historical price movements or levels is informational and based on external analysis and we do not warranty that any such movements or levels are likely to reoccur in the future.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.