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M1 Countertrend Scalping Strategy

  • #3,601
  • Feb 23, 2023 10:00am Feb 23, 2023 10:00am
Gents,
V4 is attached in zip files and PLEASE delete or save somewhere else the previous files before you upload onto MT4.
Please ensure you unzip the TRO Notes preset file and load into Preset Folder.
Upload everything accordingly (Indicator and Template Folders) and Turn Off MT4, do not refresh, Turn Off and back On. MT4 is an old platform people.

Add the Template to the Chart and compare to the attached screenprint, your duty.
Read and adhere to the RULES.
Enjoy.
cpfleger
Attached Image (click to enlarge)
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Attached File(s)
File Type: zip TroNotes.zip   < 1 KB | 649 downloads
File Type: zip EMA System.zip   591 KB | 932 downloads
  • #3,602
  • Feb 23, 2023 10:06am Feb 23, 2023 10:06am
Additional V4 comments.

You can turn off the HA Candles and use candlesticks.
I added a Weekday Indicator that show the day of the week.
Always trade in the direction of the RSI (Big Line), Gann MA Colored Line and/or the 200 EMA, you have a choice.
I added a new Rule about SL, use it to safe-guard your Balance.
Only YOU can trade, no one else, so go SLOW and LEARN.

Adios Amigo's
  • #3,603
  • Feb 23, 2023 10:39am Feb 23, 2023 10:39am
See screenprint.
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  • #3,604
  • Feb 23, 2023 10:42am Feb 23, 2023 10:42am
Continuation screenprint.
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  • #3,605
  • Feb 23, 2023 10:43am Feb 23, 2023 10:43am
The Brits are going home shortly, so my day trading is over until tonight, laters....
  • #3,606
  • Feb 23, 2023 10:54am Feb 23, 2023 10:54am
Quoting cpfleger
The Brits are going home shortly, so my day trading is over until tonight, laters....
Thanks for your newest contribution I will check it out soon.
Diamonds look nice!
  • #3,607
  • Feb 23, 2023 11:06am Feb 23, 2023 11:06am
Quoting cpfleger
The Brits are going home shortly, so my day trading is over until tonight, laters....
Thanks a lot again cpfleger
  • #3,608
  • Feb 23, 2023 12:20pm Feb 23, 2023 12:20pm
Grabbed a quick $600 on gbpjpy.. GREAT opportunity! and still more in that poi area if you gents keep a watch on it. Do you see how powerful confluence is? combined with this system you'll make some GREEN.. in n out like a fresh hamburger daily.

I’m done for today, made my profits.
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  • #3,609
  • Feb 23, 2023 12:30pm Feb 23, 2023 12:30pm
Quoting Danielesse87
{quote} yes, I know many brokers too, this is not the problem. Sorry, maybe I didn't explain it well. I would like to know if there are legal problems if I were to open an account with non-European regulation. Thank you very much
No legal repercussions.. I would check out Dukascopy they offer up to 1:200 leverage for EU residents.
  • #3,610
  • Feb 23, 2023 12:39pm Feb 23, 2023 12:39pm
Quoting peheccahc
{quote} Hello, erod84! I dont really understand the SMC narrative behind this trade (you wrote you normally use POIs to have a confirmation to enter). Could you explain please? Thanks in advance!
Yes, I mark up areas where price made a sudden move up/down and use this as confluence to my trades. It helps because otherwise you may end up with big drawdowns (this can be bad if you trade on prop firms for example) implement this into the cpfleger strategy and watch your profitability skyrocket.

"And if you could explain your POI selection rules in general that you use within your plan it would be also very-very helpful, as there are like hundreds ways SMC traders mark them.. Want to do some backtesting for this strat and like the way you trade it very much, but not sure if I will be able to mark same levels as you do.."

It's honestly not difficult. Open a 4 or 1 hour chart and look for sharp quick moves in price action either upward or downward... for sells mark the last up candle before the sharp down move. For buys mark the last down candle before the upmove. Once you highlight the POI go down to the 15 or 5 min chart to further refine (I like to use 15 min) Check my earlier post on GBP/JPY where I marked up a good poi. You see the aggressive move up? That red candle is where sellers are trapped and unfilled orders remain. So guess what you might expect when price returns? of course always watch for change of character etc for verification. This is only used a confluence for this strategy it's a means for me to pull the trigger to enter trades. Use cpfleger to further confirm your bias.

I'll leave a video that might help you to locate these on a chart and use for your trading:

Inserted Video
  • #3,611
  • Feb 23, 2023 12:55pm Feb 23, 2023 12:55pm
Quoting erod84
Some more commentary for usdjpy to help some... {image}
Hi Brandon, very good analysis and good trades as well, what do you think about lvl 134,500 and 134,360. and 134,146, I personally think they are still valid if pa show us an aggressive approach there with ema/rsi approach?It is late now but i think they are still valid....
Make your own rules and stick to it.
  • #3,612
  • Feb 23, 2023 1:14pm Feb 23, 2023 1:14pm
Quoting charli86
{quote}Hi Brandon, very good analysis and good trades as well, what do you think about lvl 134,500 and 134,360. and 134,146, I personally think they are still valid if pa show us an aggressive approach there with ema/rsi approach?It is late now but i think they are still valid....
And also some mighty lvls there as well 133.914 and 133.595 ,but all depends of pa I think...
Make your own rules and stick to it.
  • #3,613
  • Feb 23, 2023 1:36pm Feb 23, 2023 1:36pm
Quoting Darwati
{quote} In simple terms it can be concluded as follows It's better to buy if all the colors are similar, especially if the price is above ema200 Sell the opposite because indicators only have tendencies, and there is no certainty, then adjust them according to the strategy you are using arrow around the candle = trigger EA open order M1-H1 arrow around ema 200 = trigger EA open Order for M5 only to change the maximum order opened by EA you can change the "edit box" on the left of the same line as the open order button to change hidden TP , on the...
Hi Darwati,

Thank you for the information. I've been traveling for the last few days. I will take a look in the next few days.
  • #3,614
  • Feb 23, 2023 1:42pm Feb 23, 2023 1:42pm
usdjpy 134500 worked for 5 pips ema 9 exit ,maybe explosion up, but to late and to many lvls down to reach
Make your own rules and stick to it.
  • #3,615
  • Feb 23, 2023 2:07pm Feb 23, 2023 2:07pm
Quoting Darrenchong
Hi all, I started running through all 179 pages to find out what's going on. I have been trying out the indicators as what cpfleger shared on post #2887, but I have not been getting consistent results. This group has probably been the most helpful people in paying forward and I would also love to pick up this strategy and pay forward. I hope those getting results from this strategy would also be happy to help traders like me that are not really getting the full picture of this entire strategy. I hope someone could correct my understanding if I am...
In my opinion it's very hard to grab a bunch of different indicators from other experienced traders and then come up with a list of 100% mechanical (if-then) rules that can be traded successfuly and consistently. The fact of the matter is that the true "edge" of discretional systems comes from the implicit knowledge of the markets (understanding the moves that are being exploited) and not the indicator signals by themselves.

Therefore, the right way to approach discretional trading is to study the market movements until you have memorized these implicit rules/moves by yourself and then tweak/add these indicators to give you more confidence and consistency in your trading decisions and not the other way around (using them as stand-alone signals). It's just like learning to ride a bike, nobody can put together this implicit knowledge for you.

You should also keep in mind that the main purpose of indicators is to reduce noise, which may produce slow/late entries as a trade-off and there is no way to prevent this. I am personally not very keen on using indicators discretionally (as signals) and would rather use a robot for that purpose.
  • #3,616
  • Feb 23, 2023 2:11pm Feb 23, 2023 2:11pm
My interpretation of erod84 comments earlier, 1 Hour evaluation of liquidity and then lower TF trading chart.
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  • #3,617
  • Feb 23, 2023 2:35pm Feb 23, 2023 2:35pm
Quoting cpfleger
My interpretation of erod84 comments earlier, 1 Hour evaluation of liquidity and then lower TF trading chart. {image}
You got it!! Just move your yellow lines a bit lower as liquidity is at the last red candle before the move up. This is your poi (point of interest) to watch and use as confluence to take big trades with the strategy.
  • #3,618
  • Feb 23, 2023 2:49pm Feb 23, 2023 2:49pm
erod84,
I have a bad habit of using the SR Boxes as my entry point (the Support Box top Line for a Buy) but I believe we are aligned in theory, have a great day.
cpfleger
  • #3,619
  • Feb 23, 2023 3:02pm Feb 23, 2023 3:02pm
Quoting cpfleger
erod84, I have a bad habit of using the SR Boxes as my entry point (the Support Box top Line for a Buy) but I believe we are aligned in theory, have a great day. cpfleger
You are good bro. Yes, the SR box generated by the indicator I use as further confirmation aside from the order blocks I highlight on the 1 hour chart. Once you highlight on the hourly drill down to 15 min to refine the points. They are powerful in your trading! Would a video help the members step by step on the process I take? Let’s see how many likes I get on this suggestion and I’ll do it.
  • #3,620
  • Feb 23, 2023 3:08pm Feb 23, 2023 3:08pm
Quoting Abade
{quote} In my opinion it's very hard to grab a bunch of different indicators from other experienced traders and then come up with a list of 100% mechanical (if-then) rules that can be traded successfuly and consistently. The fact of the matter is that the true "edge" of discretional systems comes from the implicit knowledge of the markets (understanding the moves that are being exploited) and not the indicator signals by themselves. Therefore, the right way to approach discretional trading is to study the market movements until you have memorized...
Amen! Abade very well said.. I use indicators as a tool to further filter my trades however not solely in themselves. Confluence is your friend in trading, and until one learns this being consistently profitable “take note of consistent” is going to be far off.
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