Attachments: M1 Countertrend Scalping Strategy

M1 Countertrend Scalping Strategy

#3,301
Feb 16, 2023 9:27am Feb 16, 2023 9:27am

charli86
| Joined Jan 2017 | Status: Trader | 816 Posts

Quoting erod84

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{quote} charli86 you got the vibe bro. I would have taken Eur but got in on usdjpy. 1.0654 is huge liquidity for eur which it hit. Signal is there on 5M for a buy

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erod84,thanks bro,still far away from you with that great performance

...Exactlly was waiting around that lvl ,and exactlly what I am looking for, good distance between emas,finding that lvls of interest plus cpfleger setup,plus watching price how behave ...

Make your own rules and stick to it.

#3,302
Feb 16, 2023 9:29am Feb 16, 2023 9:29am

josh1111
| Joined Nov 2022 | Status: Trader | 792 Posts

Watching CADJPY

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#3,303
Feb 16, 2023 9:32am Feb 16, 2023 9:32am

cpfleger
Joined Jul 2015 | Status: Trader | 6,592 Posts

Patience Pulls Pips...........

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#3,304
Feb 16, 2023 9:35am Feb 16, 2023 9:35am

josh1111
| Joined Nov 2022 | Status: Trader | 792 Posts

Quoting Abade

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{quote} In a prior post my friend Cpfleger helped me with a similar experiment using 1:1 risk/reward ratio and adaptative targets with his own entries (the 24 wins-in-a-row challenge). After a few trades the stop-loss and preset 1:1 risk/reward ratio destroyed the performance of the original strategy, so we concluded that the original (fully dynamic) exits are better for this approach. If you want to eliminate cost averaging and hedging while using 1:1 ratios you could try breakouts (catching fast movements) or pullbacks instead, as they make better...

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All very good points, thanks for your input.

#3,305
Feb 16, 2023 9:37am Feb 16, 2023 9:37am

erod84
Joined Jul 2010 | Status: Trader | 190 Posts

Quoting josh1111

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{quote} YUP The Initial Stop Loss experiment is really annoying me. I think you are right about mixing my drinks, I just need to figure out how to make this work with less than 5% Daily Drawdown. I guess I could just kill everything at 4.9% loss on some days and stop trading until the next day? How is your prop account doing with Cost Averaging? {image}

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josh1111,

This might help you out bro.. it's personally how i enter trades on my prop challenge accounts. I took this trade earlier this morning for a $1.2K profit in about 5 minutes.

1 ) Open a 1 hour chart on the pair you are trading (e.g. USDJPY in this instance) look back at the nearest supply/demand order block levels

2 ) Mark them up on your chart (MT4/MT5/TradingView) with a rectangle (see my chart)

3 ) Wait for price to reach this area and even triple confirm with RSI 14 (not required, but again another confluence)

4 ) Check the 1/5M charts using the cpfleger template.

If all the indications align, PULL the trigger! and load up your orders. As you can see USD/JPY is still falling and HARD! after touching this supply level. I'll write up more detailed instructions, but this is how I trade the system with 99% win rates on prop firm challenges.

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#3,306
Feb 16, 2023 9:40am Feb 16, 2023 9:40am

charli86
| Joined Jan 2017 | Status: Trader | 816 Posts

Quoting charli86

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cadjp if not now lvl 99600 very interesting...

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got that one right

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Make your own rules and stick to it.

#3,307
Feb 16, 2023 9:44am Feb 16, 2023 9:44am

josh1111
| Joined Nov 2022 | Status: Trader | 792 Posts

Quoting erod84

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{quote} josh1111, This might help you out bro.. it's personally how i enter trades on my prop challenge accounts. I took this trade earlier this morning for a $1.2K profit in about 5 minutes. 1 ) Open a 1 hour chart on the pair you are trading (e.g. USDJPY in this instance) look back at the nearest supply/demand order block levels 2 ) Mark them up on your chart (MT4/MT5/TradingView) with a rectangle (see my chart) 3 ) Wait for price to reach this area and even triple confirm with RSI 14 (not required, but again another confluence) 4 ) Check the...

Ignored

Thank you for the input and good luck with completing your Phase 2 challenge it looks like it is just around the corner. I am sure you will nail it at this rate.
I think combining some Smart Money Concepts with the thread strategy makes a lot of sense and you seem to be proving it.
How many of those winning trades you posted used cost averaging to work out?
Thanks

#3,308
Feb 16, 2023 9:51am Feb 16, 2023 9:51am

erod84
Joined Jul 2010 | Status: Trader | 190 Posts

Quoting charli86

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{quote}erod84,thanks bro,still far away from you with that great performance ...Exactlly was waiting around that lvl ,and exactlly what I am looking for, good distance between emas,finding that lvls of interest plus cpfleger setup,plus watching price how behave ...

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You got this bro! i'm nobody special.. just practice and practice some more. I've been trading this system since Jan 2021 and cpfleger taught me A LOT! which is why you never want to get ahead of yourself and always be open minded. It's all about confluence in my opinion to be super successful with the system.

#3,309
Feb 16, 2023 9:53am Feb 16, 2023 9:53am

josh1111
| Joined Nov 2022 | Status: Trader | 792 Posts

Watching USDCHF

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#3,310
Feb 16, 2023 9:56am Feb 16, 2023 9:56am

erod84
Joined Jul 2010 | Status: Trader | 190 Posts

Quoting josh1111

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Watching USDCHF {image}

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I would look to enter around 0.9288ish if the 1/5M are in agreement.

#3,311
Feb 16, 2023 9:59am Feb 16, 2023 9:59am

josh1111
| Joined Nov 2022 | Status: Trader | 792 Posts

Quoting erod84

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{quote} I would look to enter around 0.9288ish if the 1/5M are in agreement.

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Already took my pips

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#3,312
Feb 16, 2023 10:00am Feb 16, 2023 10:00am

erod84
Joined Jul 2010 | Status: Trader | 190 Posts

Quoting josh1111

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{quote} Thank you for the input and good luck with completing your Phase 2 challenge it looks like it is just around the corner. I am sure you will nail it at this rate. I think combining some Smart Money Concepts with the thread strategy makes a lot of sense and you seem to be proving it. How many of those winning trades you posted used cost averaging to work out? Thanks

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Thank you! josh1111. I'm $3k away from passing phase 2.

Combining SMC is a must in my opinion! once I implemented this into my strategy of how i trade the cpfleger/KOF countertrend system, my winning rates are pretty much 100% at this point. Even in the rare instance I go into small drawdown, i hedge my positions and still close out with a small profit. Although 99% of the time, my open / close times are around max of 10 minutes due to the SMC concepts in my trading plan.

#3,313
Feb 16, 2023 10:04am Feb 16, 2023 10:04am

erod84
Joined Jul 2010 | Status: Trader | 190 Posts

I'm leaving a video for the group that helped me a lot, and i highly recommend ipdatatrader's channel to learn this concept. Again, it's a tool to put green in your pocket in my opinion. Combine this with Countertrend, you'll be a rockstar! because ultimately the market is always countertrend trading. It goes from level to level back and forth.

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