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M1 Countertrend Scalping Strategy

  • #161
  • Dec 9, 2022 7:29am Dec 9, 2022 7:29am
gerval,
okay, what your asking is if a Trader enters at a wrong time due to the market pullback how does the Trader manage the trade position? If you have watched any of KoF Video's you will see he opens trades very early and has actually closed trades in a loss (usually the first one to two trades) and I have perfected this countertrend strategy by adding a few Indicators to support my bad eyes, you will need to find your solution to fit your trading style..

But anyway, If I open a trade and a pullback happens, I either close immediately or wait with lots of patience. On my big accounts I usually wait because everything will return to the median and moving averages have been used my ex employer NASA since the 60's before the financial markets started using them. I have faith and loads of mathematics experience. cpfleger
Attached Image (click to enlarge)
Click to Enlarge Name: KoF.jpg Size: 518 KB
  • #162
  • Dec 9, 2022 7:37am Dec 9, 2022 7:37am
Quoting cpfleger
amrhamdy, just a comment or two, the more Indicators the more eye distraction. keep it simple and clean, less is best, I have an excuse - old age. cpfleger
Thank you so much for your advice,
its just an expert to open the orders and auto close them and to know where is the breakeven point and so on..
but no indicators or anything related to the order decision
  • #163
  • Dec 9, 2022 7:43am Dec 9, 2022 7:43am
amrhamcy,
just be aware that scripts and EAs fail especially during news events when you try and close the trades, lag big time as the Broker purposely ignores them... cpfleger
  • #164
  • Dec 9, 2022 8:48am Dec 9, 2022 8:48am
Wow, we went from 20 viewers to 1, damn this thread has lost its energy, so much for simplicity and easy trading, have a great weekend. cpfleger
  • #165
  • Dec 9, 2022 9:00am Dec 9, 2022 9:00am
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 37 KB
  • #166
  • Dec 9, 2022 9:22am Dec 9, 2022 9:22am
Quoting amrhamdy
{image}
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 35 KB
  • #167
  • Dec 9, 2022 9:33am Dec 9, 2022 9:33am
amrhamdy,
use the RSI more, wait for the top line to cross the bottom fat line and then look up to see of you have a 1 wicked HA Candle (Red) and then open the trade, add after each closed candle and then exit at 20 EMA. cpfleger
  • #168
  • Dec 9, 2022 9:48am Dec 9, 2022 9:48am
Quoting cpfleger
gerval, okay, what your asking is if a Trader enters at a wrong time due to the market pullback how does the Trader manage the trade position? If you have watched any of KoF Video's you will see he opens trades very early and has actually closed trades in a loss (usually the first one to two trades) and I have perfected this countertrend strategy by adding a few Indicators to support my bad eyes, you will need to find your solution to fit your trading style.. But anyway, If I open a trade and a pullback...
I understand Cpfleger, I will try different exits, in the past I used averaging with reentries in some system, but I didn't like it since you almost always come out in profit but on occasion... and if something can happen, will happen.
Thanks for the explanation.
Congratulations on the results and above all for the success rate.
  • #169
  • Dec 9, 2022 9:50am Dec 9, 2022 9:50am
see attachment.
Attached Image (click to enlarge)
Click to Enlarge Name: KoF.jpg Size: 415 KB
  • #170
  • Dec 9, 2022 9:56am Dec 9, 2022 9:56am
amrhamdy in case it helps.
A line that visually tells you where the breakeven point is when you have several open orders.

Attached File(s)
File Type: ex4 me_Breakeven_Line v2.2.ex4   12 KB | 574 downloads
  • #171
  • Dec 9, 2022 9:58am Dec 9, 2022 9:58am
The Brits go home in a few minutes, so the Market will drop by 35% in volume.....
  • #172
  • Dec 9, 2022 10:03am Dec 9, 2022 10:03am
audjpy m5 - we have red lines and new direction - sell.
  • #173
  • Dec 9, 2022 10:09am Dec 9, 2022 10:09am
Quoting cpfleger
audjpy m5 - we have red lines and new direction - sell.
On it

Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 19 KB
  • #174
  • Dec 9, 2022 10:11am Dec 9, 2022 10:11am
additional confirmation for those who need more colors and indicators...
Attached Image (click to enlarge)
Click to Enlarge Name: KoF.jpg Size: 457 KB
  • #175
  • Dec 9, 2022 10:13am Dec 9, 2022 10:13am
Quoting cpfleger
amrhamdy, use the RSI more, wait for the top line to cross the bottom fat line and then look up to see of you have a 1 wicked HA Candle (Red) and then open the trade, add after each closed candle and then exit at 20 EMA. cpfleger
I think I missed something

here
https://www.forexfactory.com/attachm...4?d=1670598001

the 2 lines are red and intersected and the HA candle is red right?
or which 2 lines exactly do you mean?

Thank you so much for you help.
  • #176
  • Dec 9, 2022 10:14am Dec 9, 2022 10:14am
Quoting gerval
amrhamdy in case it helps. A line that visually tells you where the breakeven point is when you have several open orders. {file}
Yes, It will help alot.
Thank you for sharing.
  • #177
  • Dec 9, 2022 10:16am Dec 9, 2022 10:16am
When they change color, do you wait for the candle to close, or does it enter as soon as it changes and touch lines?
  • #178
  • Dec 9, 2022 10:37am Dec 9, 2022 10:37am
armhamdy,
Reference your previous screenprint - post 166. It shows early trades when there was no real reason to open yet, which is why I commented.

gerval,
I answered in armhamdy above - RSI red lines touch and look upwards to HA Candle with 1 wick and red.
  • #179
  • Dec 9, 2022 10:42am Dec 9, 2022 10:42am
If you zoom inwards, you will see the firstb 1 wick HA Candle starting now and all the previous candles have been 2 wicked candles (indecision), due to Brits gone home and its Friday (volume has dropped). Using HA Candles means watch for the 1 wick candles as these are money (momentm) candles and not indecision candles, be patient.
  • #180
  • Dec 9, 2022 10:51am Dec 9, 2022 10:51am
They come from accumulating and it is the first explosive movement after the accumulation, also at the beginning of the American session they have cleaned liquidity in the lower part, now the path is clear. We wait patiently for the pullback.
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