without patience how can you be a trader?
M1 Countertrend Scalping Strategy
- #5,387
- Edited 8:49pm Apr 30, 2023 7:43pm | Edited 8:49pm
First off, a huge thank you is owed to Abade for starting this thread and cpfleger for all the effort, work, patience, examples, templates, indicators, versions, and mentorship. There are several others who have contributed a lot to the knowledge. Even the mistakes, and how they were mentored out of them, were beyond valuable. I've spent the last few weeks reading every letter of this thread when I had time. I tried to get it all to work on tradingview,as that's where my experience lies, but I just couldn't find anything as good as the supdem box indi. So I installed the Oanda version of MT4, loaded all the indies and template for KoF EMS V3, and I'm going to town praccticing. I also like the OG V1 but with the trend continuation indi. However, V3 feels like the bee's knees to me.
Just wanted to say thanks and to start sharing my paper trades from a $1000 demo account. Spreads are dumb for the times I have to trade (after 5pm Arizona time). I'll look into the no/low spread with commissions if the spread continues to be a hinderance. I'm going for the 5 min to try and mitigate the spreads. I originally took about 5 trades just playing around to get used to MT4 and the system. Still made a tiny profit on those. Now I'll show the entry and in profit of the first "by the rules" trade on m5.
Tests patience waiting for everything to line up but comforting to know I have concrete confirmations to look for.
In profit!
Just wanted to say thanks and to start sharing my paper trades from a $1000 demo account. Spreads are dumb for the times I have to trade (after 5pm Arizona time). I'll look into the no/low spread with commissions if the spread continues to be a hinderance. I'm going for the 5 min to try and mitigate the spreads. I originally took about 5 trades just playing around to get used to MT4 and the system. Still made a tiny profit on those. Now I'll show the entry and in profit of the first "by the rules" trade on m5.
Tests patience waiting for everything to line up but comforting to know I have concrete confirmations to look for.
In profit!
- #5,390
- Apr 30, 2023 8:33pm Apr 30, 2023 8:33pm
"By the rules" trade #2 is a go!
Well damn, aren't large spreads annoying! Look at the tap into TP but spread said no. Waiting it out currently. Might have to close. I'm at work so i wasn't able to super keep an eye on it, otherwise would have manually closed at 20 ema.
Well damn, aren't large spreads annoying! Look at the tap into TP but spread said no. Waiting it out currently. Might have to close. I'm at work so i wasn't able to super keep an eye on it, otherwise would have manually closed at 20 ema.
- #5,391
- Edited May 1, 2023 8:58am Apr 30, 2023 9:56pm | Edited May 1, 2023 8:58am
For anybody using MT5 and/or having timing problems, I found this nifty contrarian indicator that doesn't repaint or lag:
https://www.mql5.com/en/market/produ...06#description
Here is the MT4 version:
https://www.mql5.com/en/market/produ...Free+Rating006
Important note: You may need to be logged into a MQL5 account inside the website AND your trading platform to download and use the MQL5 market indicators. They will be downloaded into the "Market" sub-folder.
It looks very accurate:
You can use it to trigger your entries and to time (or lock) your exits by using the opposite signal.
Just don't forget to keep using the EMAs to help you see the bigger picture and target zones.
https://www.mql5.com/en/market/produ...06#description
Here is the MT4 version:
https://www.mql5.com/en/market/produ...Free+Rating006
Important note: You may need to be logged into a MQL5 account inside the website AND your trading platform to download and use the MQL5 market indicators. They will be downloaded into the "Market" sub-folder.
It looks very accurate:
You can use it to trigger your entries and to time (or lock) your exits by using the opposite signal.
Just don't forget to keep using the EMAs to help you see the bigger picture and target zones.
- #5,394
- Apr 30, 2023 10:22pm Apr 30, 2023 10:22pm
- Joined Aug 2022 | Status: Trader | 4,859 Posts
{quote} Thank you!
Blue 14 RSI line uses 70 and 30 for thresholds, magenta 7 uses 80 and 20, a leading indicator.
{quote} I know your goal is to minimize the indicators that you are looking at but I added a dual RSI to confirm or validate your contrarian indicator.
- #5,399
- Edited 1:11am May 1, 2023 1:00am | Edited 1:11am
- Joined Aug 2022 | Status: Trader | 4,859 Posts
- #5,400
- May 1, 2023 5:16am May 1, 2023 5:16am
- Joined Dec 2022 | Status: Trader | 3,299 Posts
every minute matters!