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The count is clear now. All it tells me (I assume) is that the momentum in your direction is weakening and you may need to exit the position. This is similar to exiting a position when CCI crosses the major support and resistant levels at 100 and -100 or zero in Woodies CCI where all the entries and exits are based on CCI patterns and levels.
Bar Count ......1..................2...................3....................4..................5
CCI Values 200,195,194,199,195,194,198,195,194,197,195,194,196
Slopes ...............................D...................D...................D.................D
Bar Count ......1..................2...................3....................4..................5
CCI Values 200,195,194,199,195,194,198,195,194,197,195,194,196
Slopes ............................U..................U..................U....................U
Bar Count ......1..................2...................3....................4..................5
CCI Values 200,195,194,199,195,194,198,195,194,197,195,194,196
Slopes ..............D.....D....U.....D...D.....U....D....D....U....D....D.....U
I see what you were saying, but you would still have to know how to do the bar count to know which bars to ignore.
I vote that everyone use Mike's super cool , headache preventing indicator!
I'm just a simple man trading a simple plan.
My daddy always said, "Every day above ground is a good day!"
I don't have a dog in this fight, I don't use ESFXtrader's system. I was just trying to answer the folks that asked if someone could explain how ESFXtrader said it worked.
Thanks Cory for offering a different insight. I had never thought of it in terms of slope.
I'm just a simple man trading a simple plan.
My daddy always said, "Every day above ground is a good day!"
My indicator counts the bars the way Cory explained it. It just looks back keeping track of the last 5 highest bars if above the +45 OR last 5 lowest bars if below the -45. It quits counting when it reaches 5 or the CCI goes past the opposite 45. Simple as that.
Thanks for sharing this method with us ESFXTrader, I think it is great! I have added my own little twist by adding a second CCI as well with a higher value (79 or 100) and look for the dual confirmations of the CCI 14 break of +/- 45 as well as directional confirmation from the higher value CCI... results are looking good.
I need to become more familiar with the BB as it seems to provide you some great additional context for the trade. Thanks for sharing your ideas on futures.io (formerly BMT).