In this paper, a new signal denoising algorithm is proposed by using the neighbouring wavelet coefficients. The dual-tree complex wavelet transform is employed due to its property of approximate shift invariance that is very important in signal denoising. Both translation-invariant (TI) and non-TI versions of the denoising algorithm are considered. Computer simulations show that the proposed method outperforms other existing methods in the literature for denoising artificial and real-life noisy signals.