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M1 Countertrend Scalping Strategy

  • #2,581
  • Edited 3:54pm Feb 2, 2023 3:41pm | Edited 3:54pm
Quoting Chucun
{quote} Hi Cpfleger, Question about this setup that you posted earlier. Why didn't you take the buy after the green candle closed above the 6 LMMA line? It look like every thing lined up to take the buy? {image} {image}
I'm sure cpfleger will give his reasons but for me the green candles are indecisive double wick candles so not a strong entry.
But if you had taken that trade you had a chance 75 mins later for second entry and close trades just beyond 50 or 200 ema for two profitable trades. I've not been trading this long so take no notice of me just how I read it
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #2,582
  • Feb 2, 2023 4:10pm Feb 2, 2023 4:10pm
Chucun,
That screenprint was for the Team as a pre setup (future trade)... but to add as Seabreeze has, I normally trade One Wicked Candles only as he is correct by saying double wicked Candles are your enemies....The Trading Rules are defined to help the Team improve their performance.
cpfleger
  • #2,583
  • Feb 2, 2023 4:12pm Feb 2, 2023 4:12pm
Close of NY and day trading net profit... Guys you can do this.
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  • #2,584
  • Feb 2, 2023 4:31pm Feb 2, 2023 4:31pm
Gents,
The first hour of any new Session is bad due to Broker Spreads but as usual there is an exception, my new Coin Collection has begun....
Attached Image (click to enlarge)
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  • #2,585
  • Feb 2, 2023 5:23pm Feb 2, 2023 5:23pm
Quoting cpfleger
Gents, The first hour of any new Session is bad due to Broker Spreads but as usual there is an exception, my new Coin Collection has begun.... {image}
Nice going keep it up 23:22 here in the UK so bedtime for me. see you tomorrow.
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #2,586
  • Feb 2, 2023 5:30pm Feb 2, 2023 5:30pm
Quoting cpfleger
Gents, The first hour of any new Session is bad due to Broker Spreads but as usual there is an exception, my new Coin Collection has begun.... {image}
Cpfleger,
Did you enter these trades on the 1H or the 5 min?
  • #2,587
  • Feb 2, 2023 5:34pm Feb 2, 2023 5:34pm
Chucun,
1 Hour on my Big Boy Account...
cpfleger
  • #2,588
  • Feb 2, 2023 6:22pm Feb 2, 2023 6:22pm
Quoting cpfleger
Chucun, 1 Hour on my Big Boy Account... cpfleger
I hope you don't mind me asking another question about how you managed this trade on the 1 hour. Looking at your entry times and when you exited your trades on the 1 hour. What made you take profit on the sell and buy right after that? Nothing on the 1 hour (HA candle) showed the price action or would have given an indication to take profit and buy. Did you go down to the 5 min to manage the trade?

Thanks much, you have been a big help in me adapting your strategy. Im so comfortable with the candlesticks but I do see that your strategy works better for entries and exits. I have both the standard candlestick and the HA candles side by side to help. But can say that I am getting better and better with your strategy. Its really simple not hard at all. I think the part that requires more experience is when to exit (how to manage the trades.) As you say, trading is mainly how you manage your position.
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  • #2,589
  • Feb 2, 2023 6:28pm Feb 2, 2023 6:28pm
Chucun,
Advance training and development - in laymen terms I zoom inwards all the way and watch the Candle, refer to Step 6....
cpfleger
  • #2,590
  • Feb 2, 2023 6:30pm Feb 2, 2023 6:30pm
The Market talks to YOU through the candle and wick, watch and learn, any TF.
  • #2,591
  • Feb 2, 2023 6:32pm Feb 2, 2023 6:32pm
200 usd net profit in less than 3 hours....
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  • #2,592
  • Feb 2, 2023 7:02pm Feb 2, 2023 7:02pm
Chucun,
Your additional learnings....
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  • #2,593
  • Feb 2, 2023 7:26pm Feb 2, 2023 7:26pm
Chucun,
You liked that last screenprint, it made you smile, simplicity at its finest.
cpfleger
  • #2,594
  • Feb 2, 2023 7:32pm Feb 2, 2023 7:32pm
Hit 350 usd net profit....
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  • #2,595
  • Feb 2, 2023 7:37pm Feb 2, 2023 7:37pm
Pre setup...
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  • #2,596
  • Feb 2, 2023 7:39pm Feb 2, 2023 7:39pm
Quoting cpfleger
Chucun, Your additional learnings.... {image}
Thanks Cpfleger

Would you have entered for a sell where I pointed out in the image?
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  • #2,597
  • Feb 2, 2023 7:49pm Feb 2, 2023 7:49pm
Chucun,
See screenprint.
cpfleger
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  • #2,598
  • Feb 2, 2023 7:51pm Feb 2, 2023 7:51pm
Gents,
There has been many studies and cases stating Forex due to unregulated Market ranges over 75% of a 24 hour period, the 3 Candle Rule is your odds and probability study to make money.
cpfleger
  • #2,599
  • Feb 2, 2023 7:55pm Feb 2, 2023 7:55pm
One more time, we are not here to maximize potential profits, we are to manage a Trading Business, the odds are against us, so use every tip available - 1 Wicked Candles, watching wicks and candle body grow or shrink and put the odds in our favor (3 candle rule).
goodnight, wife time.
cpfleger
  • #2,600
  • Feb 2, 2023 11:40pm Feb 2, 2023 11:40pm
Quoting Eagle-Eye
Hey, I would like to get your suggestion. I'm trading on mobile. I can't have HA and RSI with MA on it. What can I use as trade trigger when price is around R or S? Thank you and many many pips. {image} {image}
Anyone? Many, many thanks and pips.
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jrpeng