Here is an example from "Incredible Charts" and although they only have the Triple Top, the same scenario applies for the Bottom:

Please note that they talk about "peaks and troughs" and there were no scope for "troughs" on the H4-chart - there were 3 consecutive candles, which does not validise the Triple Bottom description.

In your M30-chart that could be the case, but your reference was to the H4-chart and all I wanted to say was that Newbies must be aware that this is not a Triple Bottom on the H4-chart. That you read the re-trace correctly are cudos to you. My concern is just for the newly initiated trader to not lose any money.

Triple tops (or bottoms) are identified by three peaks (or troughs) of similar height.

I am unable to get their example copied here, but here is the link to the page:

http://www.incrediblecharts.com/technical/triple_tops.php

Best wishes.

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"Risk comes from not knowing what you are doing" The Tao of Warren Buffett.

"Avoiding mistakes, makes people STUPID and having to be RIGHT, makes you OBSOLETE." Robert Kiyosaki.

First signal came at 13h40 with an immediate overheating CCi-5. We wait and 2 candles later the trade continues and we enter @ 1.9685.

The reason for this entry can be found in the H1-RSi set-up where the RSi-4 broke the RSi-8 2 candles prior to the entry at the same time as the CCi-5 overheated!! For the reason given above, we waited and see the RSi-2 bounced off the RSi-4 on the previous candle. On the rebound we entered. Still in the trade; now @ +47.

Happy hunting.

Attached Images

this afternoon's entry m5.gif (30.8 KB, 351 views)

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"Risk comes from not knowing what you are doing" The Tao of Warren Buffett.

"Avoiding mistakes, makes people STUPID and having to be RIGHT, makes you OBSOLETE." Robert Kiyosaki.

Wow, was going to ask if anyone thought a retrace was in order after the overheated CCI on H1...no need to ask now.

ValeoFX I appreciate your point now. I have been trading double tops/bottoms for some time now, so I know how to spot them on higher timeframes, but you are quite right really and there are no shortcuts anyway IMHO.

Attached Images

h1retrace.gif (18.1 KB, 341 views)

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Hoping I really "got it" this time. This seems a similar setup to a previous post by ValeoFX and was good for 19pips (assuming 4 pip spread). May be more because it hasn't signalled an exit, but I'm a bit cautious regarding the overheating of H1 CCI and H1/H4 RSIs. Looking forward to comparing with ValeoFX's entry...

Short entry: 8a.m.

Attached Images

short-entry.gif (18.9 KB, 316 views)

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Good morning all, on this slow NFP-Friday morning.

Here is the H1-chart showing you that at the close of the 08h00 candle, we could have gone short and therefore selecting an entry on the M5.

1. The previous candle touched the 100-EMA and retreated immediately. By the time it had closed, the ............

2.......RSi-2 had closed LOWER than the previous close; ALSO, the RSi-2 on H4-TF showed a clear divergence as it closed lower than the 05h00-candle at 7h00-candle and making a higher High.

3. Close of 08h00-candle we also see a ZLR on CCi and we are ready to short @ 09h00 as soon as M5 gives us the correct signal for short.

Admittedly it was not an easy ride down, but remember it is NFP-Friday and we expect slow trades.

Nevertheless, there were +30 pips for the taking this morning.

Best wishes.

Attached Images

h1 entry this morning.gif (29.3 KB, 287 views)

__________________
"Risk comes from not knowing what you are doing" The Tao of Warren Buffett.

"Avoiding mistakes, makes people STUPID and having to be RIGHT, makes you OBSOLETE." Robert Kiyosaki.

Hi Valeo;

I have studied your method. Thank you for presenting it.

By the way I strongly believe that the new method, not being xo driven should be moved to a new thread. I have spent quite a few days studying the xo_method, only to find that you have switched to an rsi(2) cross rsi(8) trigger method, filtered by cci(15). what would the proper name be for this method? mtf_rsi_cross?

A couple of questions on your entries on this chart:
The first entry marked on this chart is triggered by the rsi(2) crossing rsi(8); but cci(15) has not crossed zero yet. Are you not taking into account price level relative to ema? (i.e. above or below ema(28)?) is the proper entry at 8:05 or 8:10 ?
What is the entry price? where was your exit?

On the second trade:
the H1 rsi(2) is below rsi(8): does this inhibit the trade or not (i.e. you care only for the H1 rsi(8) value being > 50?)

Regarding the short: it is counter-trend; thus NO GO (as your method is trend following - what was the xo(240) signaling at the time?). Nevertheless you could study these setups and come up with a complementary counter-trend method.

Keep up the good work.
Cheers.
Unicorn.

ValeoFX,


Thanks for all of the work that you have put into this thread. I have read it from end to end twice, as well as the PDF.

I am really starting to get the hang of reading the indicators, and have managed to put a few pips in the bank.

I have been patient enough to wait for good signals, but I am still learning the nuances of the system, and a few of my 'good' signals have turned out poorly due to my misreading of the indicators.

Please continue to post your daily chats, they are immensely helpful in understanding what the indicators are telling us.

J

Would just like to add that it can be considered a "Shamu" trade - one of the major CCI patterns from the Woodies CCI book I think (as well as ZLR) because previous CCI15 trend was long.

RE: XO_Method REVISED

See also Trading Woodies CCI System by Jeff - The Patterns by Jeff Gannon

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Thanks Unicorn, appreciate your kind words. Please refer to the Post number so that I can get to it immediately as your reference is in April. I will then respond immediately.

Best wishes.

__________________
"Risk comes from not knowing what you are doing" The Tao of Warren Buffett.

"Avoiding mistakes, makes people STUPID and having to be RIGHT, makes you OBSOLETE." Robert Kiyosaki.

Thanks James, much appreciated. Best is not to mix it with other's impressions of what these "nuances" may be. It is pretty straight forward, but you need to study real-time action to see how it changes.

Trust you will soon "master" this method - although we will never master Forex. That makes it so incredibly good to be a Forex Trader.

Best wishes.

__________________
"Risk comes from not knowing what you are doing" The Tao of Warren Buffett.

"Avoiding mistakes, makes people STUPID and having to be RIGHT, makes you OBSOLETE." Robert Kiyosaki.