You know about Woodie. You know about his methods of trading markets with the CCI indicator. Is Woodie just and old man, rambling? Or does his methods really work?
Well, let's examine this and see . . .
First, let me say that there is one thing (if nothing else), that is really attractive about the whole Woodie's CCI method. That is the simplicity.
There isn't a lot to watch. Just look at one indicator. Watch it for setups and patterns to develop. It's simple
I mean Woodie even goes so far as to say that you don't need price on the chart. All you need to be watching is the CCI. Kind of crazy sounding.
Woodie says some other things that are crazy. One of them is that the CCI is a leading indicator. That's saying the same thing as saying that a mathematical formula knows the future.
The future (at least from our linear human perspective) is dynamic. Our human mathmatics has the same perspective we have, therefore, it cannot predict the future. So, there is no such thing as a leading indicator.
So then, does Woodie's CCI methods work?
Well, you need to understand that he developed them for futures trading. They weren't developed with forex trading in mind.
You can use Woodie's CCI patterns with forex, but don't get rid of the chart. Watch it. And watch the indicator.
Also, there are only one or two patterns that seem to work well in forex. Watch the Zero-Line Reject. Also keep an eye on the Ghost. (that's Woodie's personal favorite pattern)
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