M1 Countertrend Scalping Strategy

Quoting Abade

Disliked

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 It looks very accurate: {image} You can use it to trigger your entries and to time (or lock) your exits by using the opposite signal. {image} Just don't forget to keep using the EMAs to...

Ignored

Quoting Abade

Disliked

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...

Ignored

Quoting dantpm

Disliked

{quote} Me too but have you found the indicator that can read the dual RSI and tell you the direction that the RSI is moving and whether the move is accelerating or slowing? The other one that I use is a dual MACD (4,8,4 and 8,48,8) with the same question, I need to know when both macd's have crossed, are pointing in the same direction and whether the lines are moving apart or not as a entry signal and whether the slower signal crosses as an exit signal. Come up with that indicator on the candles and I will sign up! I am always looking for the right...

Ignored

Quoting niks

Disliked

{quote} that is very nifty! never been a fan of these but this looks like something i haven't seen before, thanks for sharing Abade!!! i'll let you know how it goes if i start using it...

Ignored

Quoting Donny3rd

Disliked

"By the rules" trade #2 is a go! {image} 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. {image}

Ignored

Quoting dantpm

Disliked

{quote} ...but have you found the indicator that can read the dual RSI and tell you the direction that the RSI is moving and whether the move is accelerating or slowing? ...

Ignored

Quoting Donny3rd

Disliked

First demo trade for today. Two mistakes made... Anyone else got any trades? Let's see em! (please let me know if I'm cluttering the thread)

Ignored

Quoting niks

Disliked

{quote} what do you mean "dual rsi"? are you referring to multi timeframe RSI's in the same window like this? {image} and when you say "accelerating" or "slowing", do you mean something like this mufti coloured rsi? {image}

Ignored

Quoting niks

Disliked

{quote} and plenty more to come! it is the only way to learn and gain experience while developing your own ruleset that suits your trading style, good luck!

Ignored

Quoting Steverino832

Disliked

{quote} niks, are those two indicators that you coded?

Ignored

Quoting niks

Disliked

{quote} hey steve, the first one multi rsi is one i knocked up out of curiosity for this thread https://www.forexfactory.com/thread/...calping-system the second one is an example from mql5 website

Ignored

Quoting Donny3rd

Disliked

So, being a United States citizen, I guess I can't cost average my way out of price going against me. If I sold and price goes up, when I try to add more sell orders at a higher price, I get hit with FIFO violations. I thought that meant you couldn't close a newer trade before an older trade is closed on the same pair. I didn't know it meant I couldn't open another trade on the same pair away from profit direction of first entry. If price is past my entry into profit it seems I can add to my position. FIFO is horrible!

Ignored

Quoting Donny3rd

Disliked

So, being a United States citizen, I guess I can't cost average my way out of price going against me. If I sold and price goes up, when I try to add more sell orders at a higher price, I get hit with FIFO violations. I thought that meant you couldn't close a newer trade before an older trade is closed on the same pair. I didn't know it meant I couldn't open another trade on the same pair away from profit direction of first entry. If price is past my entry into profit it seems I can add to my position. FIFO is horrible!

Ignored

Quoting niks

Disliked

{quote} what do you mean "dual rsi"? are you referring to multi timeframe RSI's in the same window like this? {image} and when you say "accelerating" or "slowing", do you mean something like this mufti coloured rsi? {image}

Ignored

Quoting dantpm

Disliked

{quote} When I look at a dual RSI I am looking at a setting the standard indicator to a 7 period lookback and a 14 period lookback for the same time interval. The 7 period lookback responds more quickly to changes and becomes a leading indicator of market direction. You need to adjust the oversold / overbought to 80/20 instead of 70/30 so I leave both on the chart. In your example you are simply using the same 14 period lookback with a different time frame where what I show more about how the market is reacting. The two macd indicators show trend...

Ignored