woodiecci的ghost形态分析

1、May 2009 Volume 3, No. 5FUTURES STRATEGY:Short-term CCIp. 10ADJUSTING TOstock index futures shiftp. 14STRADDLES, STRANGLES, and volatilityp. 16FEAR AND LOATHINGin the options market p. 20TRADING IRON CONDORS in volatile markets p. 22FUTURES, OPTIONSvolume down,not outp. 24 The CCI ghostA well-known

2、chart pattern gets put to a new use when applied to a little-used indicator,resulting in trade setups that jump out when you least expect them.BY KEN WOODNote: Aversion of this article originally appeared in the May 2004 issueof Active Tradermagazine.f asked, most people would likely say theyve neve

3、rseen a ghost. And chances are, the majority of traderswould probably give the same response when asked iftheyve ever traded the Commodity Channel Index (CCI.However, spotting a pattern in the CCI called the “ghost”can alert you to favorable trade opportunities. The setup iseasy to identify and appe

4、ars regularly two helpful fac-tors for all traders. The patterns name is a reference to itstendency to jump out and yell “Boo” when price itself iscommunicating very little about what the market will do. Infact, the ghost pattern is so well defined you can base tradeson it without having to directly

5、 consult price action.For those people unfamiliar with the CCI, this indicatoressentially is an oscillator (a tool designed to highlight over-bought or oversold conditions that measures the differencebetween the current price and the average price over agiven period. However, the CCI uses unique cal

6、culations todefine these aspects of price. “CCI background” explainsthe indicator in detail.The ghost pattern is one of several CCI trading patternsthat evolved from years of trading and watching the mar-kets. The following identification and trading guidelinesreflect firsthand use of this indicator

7、.IPattern characteristics and trade managementThe CCI ghost is the indicator equivalent of the head-and-shoulders price pattern, which is a reversal formation con-sisting of three peaks (at a market top the highest peakin the middle being the “head” and the two lower peaks oneither side of it being

8、the shoulders (see Figure 1. Amove below the “neckline” (a trendline connecting the shoulderlows is typically used to trigger a short trade or sale.10Figures 2-6 show various intraday charts accompanied by14-bar CCIs containing ghost patterns. Although the patternsin these figures form above or near

9、 the zero line, many formaround +100/-100 as well. Like the head-and-shoulders pricepattern, the entry signal for a trade is a break of the ghostsneckline. Aghost that signals an upside reversal and a longtrade is referred to as an “inverted ghost.”Figure 2 shows a bearish ghost pattern on a three-minutechart that signaled a short trade when the indicatordropped below the neckline (and almost simultaneouslyMay 2009