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I'm new to futures and I have been exploring many different setups/techniques to use, one of which is the Woodie CCI setups. I find it very strange that this seems to work without paying attention to the price chart or key levels at all -- today I was following it along with their radio host calling plays and it caught a few good moves in the YM (that's the market I was paying attention to most, I could hear them call plays in other markets). I guess I'm just curious and wondering what some of you more seasoned traders think of this method, do you think it's bogus to ignore the price chart completely?
I'm really intrigued by this method. It seemed to work from my perspective but I'm too new to form a valid opinion.
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When I was first learning how to trade futures, I would visit Woodie's online site to learn some techniques. What I liked about it is they had live real time charts with commentary. It's a good place to get started. That being said, CCI is no better or worse than any other TA indicator contrary to Woodie and his followers. It is not a leading indicator as Woodie would like to believe. Woodie basically has some CCI pattern recognition entries, that win as often as they lose. So be careful. If you use them, try it in simulation mode for a while and see how you do.