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M1 Countertrend Scalping Strategy

  • #2,641
  • Feb 3, 2023 1:07pm Feb 3, 2023 1:07pm
Seabreeze,
Amen brother as I have stated many times, each Trader has to find his own style and system, Abade started this Forum and I have supported the theory and strategy from KoF from day one, have a great weekend my man.
cpfleger
  • #2,642
  • Feb 3, 2023 1:11pm Feb 3, 2023 1:11pm
Quoting cpfleger
Seabreeze, Amen brother as I have stated many times, each Trader has to find his own style and system, Abade started this Forum and I have supported the theory and strategy from KoF from day one, have a great weekend my man. cpfleger
Thanks cpfleger Have a good one yourself buddy
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #2,643
  • Feb 3, 2023 2:20pm Feb 3, 2023 2:20pm
Quoting Eagle-Eye
{quote} Anyone? Many, many thanks and pips.
The best investment you could make would be a $70 used laptop on eBay.
The odds are against you in this game and you really need all of your tools to succeed and they need to be sharp!
Don't be fooled by all of those One Day Lambo Rental Guys on YT trading with a phone, they really make all of their money from YT.
  • #2,644
  • Feb 3, 2023 2:59pm Feb 3, 2023 2:59pm
KoF's today NFP Video for all the haters....
Attached Image (click to enlarge)
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  • #2,645
  • Feb 3, 2023 3:05pm Feb 3, 2023 3:05pm
Quoting cpfleger
KoF's today NFP Video for all the haters.... {image}
Watching now
  • #2,646
  • Feb 3, 2023 3:15pm Feb 3, 2023 3:15pm
Quoting cpfleger
KoF's today NFP Video for all the haters.... {image}
It is very easy to show off like this...just take 2 demo accounts, in one you go all-in long and the other all-in short. Then you show the profitable one and everyone thinks you are such a good trader. This video does not convince me at all...

Also evidence for this is because he shows the account only after he has traded so "profitably"...absolute scam.

Trading without a stoploss will kill your account sooner or later. Thank me later for this advice.
  • #2,647
  • Feb 3, 2023 3:20pm Feb 3, 2023 3:20pm
Quoting Given1988
{quote} I've been following you for a while now and I see you post daily screenshots of the final operations, but you never post any history, even just for a few weeks, to understand if this strategy can actually be followed or if it simply depends on the trading day. It would be nice if you could post a history of at least a few weeks so that we can better understand if the strategy can work. The same goes for others who have been following the strategy for a while now.
Given1988,

Cpfleger has shown his history regularly. What are you talking about? lol
If you have been following this thread you would see that.
  • #2,648
  • Feb 3, 2023 3:32pm Feb 3, 2023 3:32pm
Quoting Olarion1975
{quote} It is very easy to show off like this...just take 2 demo accounts, in one you go all-in long and the other all-in short. Then you show the profitable one and everyone thinks you are such a good trader. This video does not convince me at all... Also evidence for this is because he shows the account only after he has traded so "profitably"...absolute scam. Trading without a stoploss will kill your account sooner or later. Thank me later for this advice.
Olarion1975,

We have debunked your previous notion that he uses a demo account. There are multiple videos, live trading sessions when KOF tries to close his trades but due to low liquidity, it takes longer to close his trades. Those things do not happen on a demo account.

One quick question for you, do banks and hedge funds use stop losses?????? It's only the retail traders that have been trained to use a stop loss. You can have a mental stop loss when trading this strategy, its up to you and reading the market.

You do have a good point that no stop loss can kill your account; that is true for any trader; if you do not know how to trade and do not know how to properly use risk management, then you will blow your account.

That is also true if you have a stop loss. If you do not know how to trade and continue to trade with bad risk management you can also blow your account.

The long story short is, I truly believe it is the trader that determines if his account will get blown or not.
  • #2,649
  • Feb 3, 2023 3:37pm Feb 3, 2023 3:37pm
Chucun,
Amen brother, every sport, every job is down to the human being, why do people think trading is any different, have a great weekend dude.


Olarian1975,
No one asked you to attend have they ??? But thanks for your opinion.
cpfleger
  • #2,650
  • Feb 3, 2023 4:50pm Feb 3, 2023 4:50pm
Quoting cpfleger
Chucun, See screenprint. cpfleger {image}
Hi Cpfleger,

Thanks for the clarification you provided. Sorry if I'm asking a lot of questions, I am an engineer so I analyze a lot.

Question 1: in the screenshot, you have the vertical arrows indicating an entry. Does every vertical arrow indicate a new position? So you would have 3 positions? Then close?

Question 2. The second screenshot, following your vertical arrows for entry. Will you still enter even though the RSI is approaching the oversold 30 level? Do you also consider where the RSI crossover happens before entering a trade; obviously the other criteria have to be met before taking the trade. Only sell if crossover happens above 50 and vice versa?

This is my last question for the week.
Have a great weekend.
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  • #2,651
  • Feb 3, 2023 8:58pm Feb 3, 2023 8:58pm
Quoting MichaelSch
How many here loose account trading latest moves in eurusd?
i'm sure many people did, were you one of them?

Quoting Olarion1975
{quote} Also evidence for this is because he shows the account only after he has traded so "profitably"...absolute scam. Trading without a stoploss will kill your account sooner or later. Thank me later for this advice.
all that might be true, especially if you actually follow KoF's complete disregard for risk management where in this video he maxed out his margin, traded excessive lot sizes, and multiple pairs at the same time - and to only show it AFTER he has made his entries is dubious at best

but Chucun is right, it is all about YOUR risk management PLAN - if YOU blow YOUR account it is YOUR fault
every minute matters!
  • #2,652
  • Edited 11:02pm Feb 3, 2023 10:46pm | Edited 11:02pm
I wouldn't worry about the haters it happens every NFP day. They loose their accounts so go searching other forums like an angry bear it makes them feel better after their loss.
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #2,653
  • Feb 4, 2023 12:25am Feb 4, 2023 12:25am
Quoting niks
{quote} i'm sure many people did, were you one of them? {quote} all that might be true, especially if you actually follow KoF's complete disregard for risk management where in this video he maxed out his margin, traded excessive lot sizes, and multiple pairs at the same time - and to only show it AFTER he has made his entries is dubious at best but Chucun is right, it is all about YOUR risk management PLAN - if YOU blow YOUR account it is YOUR fault
I concider that trading at extreme situation if this make sense in wider view. If someone not waited and jump in countertrend trading eurusd was the ultimate test.
Perfection is the enemy of good enough!
  • #2,654
  • Feb 4, 2023 2:08am Feb 4, 2023 2:08am
Chucun,
Never apologize for being curious or an Engineer, I am the only ex rocket engineer here in the great forum.
Anyway, the first Chart was trying to highlight the 3 Candle Rule with three arrows of the three candles that make up this Rule. The basic concept is one trade only for three candles but in the advance Traders mindset he / she would add per 5 Minute candle as the three arrows represent... This was not my intention but to highlight the 3 candle rule only.

Now Chart 2, the RSI / Continuation supporting Indicators as our Trading Rules define, are really used on Step 1 as the Market talks to us through the Candles per TF. I do not use the RSI again as I zoom inwards and spend my time watching the Candle (Step 6) make its communications to me. The problem with too many indicators is the ultimate question of; who is the Boss / Master, and the answer is - the Candle. Your thought is correct but in reality watch the Candle formation / continuation per TF.

I hope that makes sense from an Engineer to another Engineer - do not forget we may be trading financial markets but even their tool / Indicators originated in the Industrial Sector before the Financial (Moving Averages are a great example).
cpfleger
  • #2,655
  • Feb 4, 2023 2:38am Feb 4, 2023 2:38am
Quoting cpfleger
Chucun, Never apologize for being curious or an Engineer, I am the only ex rocket engineer here in the great forum. Anyway, the first Chart was trying to highlight the 3 Candle Rule with three arrows of the three candles that make up this Rule. The basic concept is one trade only for three candles but in the advance Traders mindset he / she would add per 5 Minute candle as the three arrows represent... This was not my intention but to highlight the 3 candle rule only. Now Chart 2, the RSI / Continuation supporting Indicators as our Trading Rules...

Thank you for the nice explanation cpleger
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #2,656
  • Feb 4, 2023 3:03am Feb 4, 2023 3:03am
Seabreeze,
No thank you for listening and I am going to continue with our education process today since Bitcoin is slow, I am paying it forward without criticizing methods of trading, stay tune.
cpfleger
  • #2,657
  • Feb 4, 2023 3:08am Feb 4, 2023 3:08am
Gents,
I have prepared a 3 Chart overview of the 3 types of Candles available using MT4.
Each has its goodness and badness as they are all correct but rely on input (Tick) data to paint which is not really a good descriptive word to use but whom am I to debate a silly English word.

Again, there is no right or wrong candle and all are ok but YOU will have to decide and this is how the Forex Market talks to us per Timeframe (TF). Learn it without questioning, as we would say in the quality assurance world - accept or reject the data (especially in the missile / rocket world) are the only words we need to have as a foundation in decision making.

To be continued. after breakfast of course, as I am a man with a belly.
cpfleger
Attached Image (click to enlarge)
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  • #2,658
  • Feb 4, 2023 3:29am Feb 4, 2023 3:29am
Gents,
Did you see the candle difference ? Did you make a Business decision on which candle to Master ?

Lets continue down a TF comparison...
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  • #2,659
  • Feb 4, 2023 3:39am Feb 4, 2023 3:39am
Gents,
Lets break down the HA Candles (my favorite - sorry boys)....the facts only.
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  • #2,660
  • Feb 4, 2023 3:47am Feb 4, 2023 3:47am
Gents,
Lets define entry and exit points now....
Attached Image (click to enlarge)
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