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M1 Countertrend Scalping Strategy

  • #2,821
  • Feb 7, 2023 8:15am Feb 7, 2023 8:15am
Quoting newandconfus
thank you cpfleger!!! Just want to understand the entry point. For example below, i noticed a strong downtrend, is this valid opportunity for entry point (red arrow) for counter-trend? Thanks! {image}
NO, you have to look for one wicked candle.
  • #2,822
  • Feb 7, 2023 8:16am Feb 7, 2023 8:16am
newandconfus,
Firstly, why are you trading on the 1 Hour TF ?
Secondly, you are missing the Continuation Indicator (see above Paperclip to download).
Thirdly, once you update the Template with the Indicator, re-read Steps 1 to 3 above.
cpfleger
  • #2,823
  • Feb 7, 2023 8:52am Feb 7, 2023 8:52am
thks Eagle-Eye!

Do you mean by this candle for entry point? Do you open right after this candle?

Greatly appreciate if you can provide me with an example to follow.

Thanks cheer!
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  • #2,824
  • Feb 7, 2023 8:57am Feb 7, 2023 8:57am
hi cpfleger,

thank you once again!

1) it was a M1 AUDJPY, downloaded the template but not sure why XAUUSD H1 appear at the side.
2) downloaded continuation indicator but may i know how do I map it with RSI like yours?
3) can you explain abit more on point 3? candle open on or below 6 LWMA = sell & candle open on or above 6 LWMA = buy?



Cheers
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  • #2,825
  • Feb 7, 2023 9:10am Feb 7, 2023 9:10am
EJ
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  • #2,826
  • Feb 7, 2023 9:16am Feb 7, 2023 9:16am
paid
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  • #2,827
  • Feb 7, 2023 9:18am Feb 7, 2023 9:18am
josh1111,
Be patient now, she will go back up...
cpfleger
  • #2,828
  • Feb 7, 2023 9:21am Feb 7, 2023 9:21am
josh1111,
Nice one dude...
cpfleger
  • #2,829
  • Feb 7, 2023 9:28am Feb 7, 2023 9:28am
newandconfus,
First, delete the Template in your template folder.
Second, upload the attached Template.
Thirdly, make sure all Indicators are loaded.
Fourthly, we start at the bottom Indicators and go upwards (reading Trading Rules) until we open a trade.
NOTE: The Template should load all Indicator settings... On or above or below the 6 LWMA means - the candle open on or above or below the 6 LWMA, not close.
cpfleger
Attached File(s)
File Type: tpl EMA Strategy with Rules Feb 2023.tpl   126 KB | 344 downloads
  • #2,830
  • Feb 7, 2023 9:36am Feb 7, 2023 9:36am
EJ preset
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  • #2,831
  • Feb 7, 2023 9:37am Feb 7, 2023 9:37am
josh1111,
great reaction, feeling the Market...
cpfleger
  • #2,832
  • Feb 7, 2023 9:40am Feb 7, 2023 9:40am
going EJ
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  • #2,833
  • Feb 7, 2023 9:43am Feb 7, 2023 9:43am
Quoting cpfleger
josh1111, great reaction, feeling the Market... cpfleger
Thanks cpfleger
I appreciate your guidance and input soooooooo much.
If there is anything I can do for you beyond the interaction and thank yous please let me know.
  • #2,834
  • Feb 7, 2023 9:43am Feb 7, 2023 9:43am
went wrong way
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  • #2,835
  • Feb 7, 2023 9:45am Feb 7, 2023 9:45am
CJ worked
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  • #2,836
  • Feb 7, 2023 9:46am Feb 7, 2023 9:46am
Quoting newandconfus
thks Eagle-Eye! Do you mean by this candle for entry point? Do you open right after this candle? Greatly appreciate if you can provide me with an example to follow. Thanks cheer! {image}
Great entry if you look for countertrend trade. TP at EMAs or after 3 candles.
  • #2,837
  • Feb 7, 2023 9:49am Feb 7, 2023 9:49am
Quoting cpfleger
Meeting the Plan. {image}
How is this trade, still in it?
  • #2,838
  • Feb 7, 2023 9:59am Feb 7, 2023 9:59am
Thanks cpfleger! The chart looks decent now i guess.

Hope I am interpreting the trading rules right. appreciate if you can comment on that

For example, at TF M1,
1) The general trend is downwards, so wait for buy signal for counter trend.
2) When RSI / continuation indicators both turn green, check if HA candle is green as well.
3) The next candle opens on / or below / above the 6 LWMA
4) Enter the trade (small lots)

Do opposite for uptrend?

Cheers thanks!
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  • #2,839
  • Feb 7, 2023 10:03am Feb 7, 2023 10:03am
thanks Eagle-Eye!

May I understand the reason for entering only on single wicked candle? does the top-wicked / bottom-wicked candle matters?

Thank you for your guidance.

Cheers
  • #2,840
  • Feb 7, 2023 10:05am Feb 7, 2023 10:05am
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