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M1 Countertrend Scalping Strategy

  • #5,601
  • May 19, 2023 8:09am May 19, 2023 8:09am
Quoting josh1111
{quote} For a loss {image}
Tried again lost again
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  • #5,602
  • May 19, 2023 8:17am May 19, 2023 8:17am
Check first...
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  • #5,603
  • May 19, 2023 8:21am May 19, 2023 8:21am
Boooommmm
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  • #5,604
  • May 19, 2023 8:23am May 19, 2023 8:23am
Quoting Present
{quote} I was down 3,000 pips on 17 entries last week. Came back to 300 pips profit at closing. It took 5 days, including the weekend. I learned a lot about managing my margin from it. It was stressful, but well worth it. I'm a better trader now.
i'm sure it was, and i'm sure you are! your definitely on the right path, well done...
every minute matters!
  • #5,605
  • May 19, 2023 8:25am May 19, 2023 8:25am
josh1111,
PSAR may help...
cpfleger
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  • #5,606
  • May 19, 2023 8:45am May 19, 2023 8:45am
Boooooommmm No 2
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  • #5,607
  • May 19, 2023 9:06am May 19, 2023 9:06am
Quoting josh1111
{quote} Tried again lost again {image}
1) You are against the trend. Look left and you see that the price made a new HH
2) Look your oscillator and ask yourself " why the price go up and the oscillator go down?". Wait the download of the oscillator and buy when give you a signal.
  • #5,608
  • May 19, 2023 9:30am May 19, 2023 9:30am
Quoting 19monza64
{quote} 1) You are against the trend. Look left and you see that the price made a new HH 2) Look your oscillator and ask yourself " why the price go up and the oscillator go down?". Wait the download of the oscillator and buy when give you a signal.
also, it was a countertrend trade, and the uptrend showed no clear signs of continuing, best option was to wait for at least a return to ema200 imo...

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every minute matters!
  • #5,609
  • May 19, 2023 9:44am May 19, 2023 9:44am
Quoting cpfleger
Process Master... {image}
wow, I really like this art, clean and easy to read.
  • #5,610
  • May 19, 2023 10:03am May 19, 2023 10:03am
Done for the day...
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  • #5,611
  • May 19, 2023 10:20am May 19, 2023 10:20am
took its time but finally got there, no boxes required!

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every minute matters!
  • #5,612
  • May 19, 2023 10:23am May 19, 2023 10:23am
nothing beats ending the week with a stash of gold!!!!!!

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every minute matters!
  • #5,613
  • May 19, 2023 10:38am May 19, 2023 10:38am
Quoting cpfleger
josh1111, PSAR may help... cpfleger {image}
I cant find the PSAR indicator in files ?

cpfleger, i see you use many templates in your trading, do you have
a favorite one ?

And thanks a lot for the knowledge you share with us beginners :-)
  • #5,614
  • May 19, 2023 2:50pm May 19, 2023 2:50pm
Quoting FerruFx
Definitely a good one for (large) ranging markets ... but once you are caught in a strong trend, all your previous gains will be wiped out.
That's why stop loss has been invented. You can't be always right so you limit the impact of wrong trades.
  • #5,615
  • May 19, 2023 6:05pm May 19, 2023 6:05pm
Quoting josh1111
{quote} Tried again lost again {image}
My friend, try adding another order instead of using a stop-loss in those levels and then exit at the next EMA touch, don't hold for long periods.

There were a lot of oportunities to scalp that top and exit at the 9, 20, 50 and 200 touches, keep it simple:

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Stop-loss DOES NOT limit risk, that's a myth.
  • #5,616
  • May 19, 2023 6:19pm May 19, 2023 6:19pm
Quoting pizd0s
{quote} That's why stop loss has been invented. You can't be always right so you limit the impact of wrong trades.
Stop-loss is just another tool in the toolbox.

It makes sense to use it when trading breakouts or "continuation" moves as the break of the "x" level implies the initial setup is invalid.

In this case we are trying to catch the top of a very strong move and you can expect price to keep pushing at resistance before weakening, especially in a VERY noisy time-frame such as the M1 where it is very unlikely to make a sudden and clear move in the opposite direction. This is true, even if we try to smooth price action with multiple indicators.
  • #5,617
  • May 19, 2023 6:42pm May 19, 2023 6:42pm
Quoting pizd0s
{quote} That's why stop loss has been invented. You can't be always right so you limit the impact of wrong trades.
stoplosses were invented by brokers to get the cash , every book you read is by a broker or people that worked for brokerages or in the industry , think about it
people leave, but this thread will go on for ever
  • #5,618
  • May 19, 2023 7:19pm May 19, 2023 7:19pm
Quoting Spank1969
{quote} Hi, what oscillator is below the RSI? Thanks
Attached File(s)
File Type: mq4 Ma distance.mq4   2 KB | 246 downloads

Enjoy
  • #5,619
  • May 19, 2023 11:02pm May 19, 2023 11:02pm
Hi Cpfleger,
I have been following your trading for quite some time. I was operating with version 3. The latest charts looks very clean. Would you please share the template in the post 5610?

I have all the indicators but want to make sure I can get that clean template.

Thanks and Regards,
dreampips.
  • #5,620
  • May 19, 2023 11:35pm May 19, 2023 11:35pm
Quoting pizd0s
{quote} That's why stop loss has been invented. You can't be always right so you limit the impact of wrong trades.
solid risk and money management are required to limit the impact of "wrong" trades - not stop losses

every trade is "wrong" 50% of the time, using stop losses on every trade generally means a trader thinks they have a system that will be more accurate than the market - good luck with that

as Abade so often correctly states, stop loss is just another tool and should only be used when it makes sense to use it...

an alternative that works well for me is to close manually if i think i really got it wrong or just have that feeling for whatever reason...
every minute matters!
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