CCW Setup
Chart Champions Wizardry, better known as (CCW Setup) was put together to form a trading strategy based on criteria.
CCW setups consist of Fibonacci levels that are complemented with at least two additional factors of confluence.
The ideal entry for a CCW is a laddering strategy where the original position size is split into four equal portions, ie: 25%.
A stop loss should be placed just below the low of where the Fibonacci Retracement was pulled.
As the trade moves into profit you should look to take profits by laddering out of the trade and by the time you hit the take profit level 2, you should move your stop loss to break even at the very least.
CCW Setup
Chart Champions Wizardry, better known as (CCW Setup) was put together to form a trading strategy based on criteria.
CCW setups consist of Fibonacci levels that are complemented with at least two additional factors of confluence.
The ideal entry for a CCW is a laddering strategy where the original position size is split into four equal portions, ie: 25%.
A stop loss should be placed just below the low of where the Fibonacci Retracement was pulled.
As the trade moves into profit you should look to take profits by laddering out of the trade and by the time you hit the take profit level 2, you should move your stop loss to break even at the very least.
This tutorial will show the required levels to validate a CCW setup and how you can actually trade them on your charts.
The above summary is a very brief introduction to this setup, be sure to study this tutorial thoroughly before you apply a CCW.
Setups like the CCW are great for traders who often find themselves overwhelmed with emotion before executing a trade.
You can apply such strategies for practising a more style of trading as you master your emotions.
Whether you do this with a small position size or a paper trader, practise this strategy by committing to executing when each criterion is met.
Follow it up by recording the results and adding it to your trading journal.
Key Points of the Lesson
UTILITY
A mechanical trading method that removes emotions.
A good system to get started in trading ⇒ use confluence!
Ladder entries and take profits regularly with a defined stop loss.
IMPLEMENTATION
Fibonacci retracement using two significant pivots.
Levels:
Red: 1.0172
Golden: 0.616, 0.66, 0.706, 0.796
Green: 0.28, -0.234, -0.616, -0.99, -1.616
Follow these steps:
Ladder entries at the golden levels ⇒ 25% of total position size at each level.
Stop loss at the red line.
Take profits at each green level ⇒ move stop loss to break even after TP1 or TP2.
PRACTICAL EXAMPLE
TIPS & TRICKS
Always use stop losses ⇒ use market structure for placement.
Take profits regularly ⇒ do not let a winning trade reverse into a losing trade.
Use confluence and check the market context.
TAKE HOME MESSAGE
CCW eliminates emotions.
Ladder entries and take profit regularly with a defined stop loss
Use confluence to fine-tune entries and take profit levels, market structure for S