HOW TO TRADE FOREX WITH COMMODITY CHANNEL INDEX ~ il business del forex trading pdf
Commodity Channel Index(CCI) is one of the top technical indicator in forex trading. Currently, my trading setup contains this indicator. With commodity channel index, you can gain 100 plus pips daily. In a CCI, you will find three levels -100, 0, and +100. This post explains the technique of trading forex with CCI. Read along the post.
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| Source:metatrader4.com |
Here in the image above, you can see CCI(100) and CCI(14) is drawn. The CCI of different periods is drawn to ensure the accuracy of the entry and exit signals. Usually, when a CCI crosses the -100 line from down, it indicates a bullish trend, and when a CCI crosses the +100 line from up, it indicates a bearish trend. It is very common that the CCI may have supports and resistance when it touches any of the tree lines.
A CCI indicator indicates reliable and long bullish trend, when the CCI(100) is bellow -100 line and CCI(14) crosses the -100 line. On the mobile metatrader4 platform, you can insert the both CCI(100) and CCI(14) on a same window, and can find the crossovers to enter and exit the market.
Divergence and Convergence technique can be implemented on the CCI. Trend line can be drawn on the CCI window and price chart to find the trend line breakout to enter into the market and to exit from it. Even the chart pattern breakout can be considered to ensure the accuracy of the signals.Additionally, you can also include some of the other technical indicators to increase your confidence. MACD can be an effective indicator to use with CCI.
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