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M1 Countertrend Scalping Strategy

  • #6,121
  • Jun 5, 2023 11:06pm Jun 5, 2023 11:06pm
Quoting BlackCap
{quote} Yep, exactly what I'm trying to do hehe. With an account with huge capital, theoretically there can be an infinite number of rescue sequences to do cost-averaging, but since our resources are low, the better way is to identify when the trend is going to fail and place higher lots at that area for a quick retrace + profit Edit: If you see me suddenly going offline for > a week, think that's when I blew my acc HAHAHA
GANG!
Leave the Gun, Take the Armani
  • #6,122
  • Jun 5, 2023 11:24pm Jun 5, 2023 11:24pm
Quoting niks
{quote} not only are you trading well your also dishing out great advice, excellent! the trade history lines are the ONLY way to self review your entry and exit timing and the ONLY way anybody else will understand your trading style - showing numbers of pips or profits means nothing to me...
Thanks. I'm a firm believer that teaching others helps retention of knowledge in the teacher as much as the student. I also think the same about learning from others trades. You need to see when and where in a minute detail as possible the entries and exits. I also like showing the entry as it happened due to conditions changing after the entry is made. Screenshots can totally make it look like an invalid setup some time after the fact.



I basically just had lunch in Tokyo and Australia LOL. Took two more trades. One on EURUSD and one on GBPUSD:
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First they both started going my way immediately. Then price reversed with the spread straddling my entry point. Volume petered out right about when it was lunch time for the locales mentioned. Even though I there was evidence it could go to the 50, I almost thought I should have gotten out at the 35 EMA on EURUSD. GBPJPY I was getting ready to close when it got to break even out of boredom. Then I guess lunch ended over there and some volume returned and I got out of EURUSD at the 50 EMA for 2.1 pips and then a little later same for GBPUSD, 50 EMA and 2.3 pips:
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That's it for the day for a total of 45.2 pips. I mention the pips as it's just part of trading and a record of performance. Someone can also scale pips to their trade lot amount/risk for account size vs stating a monetary amount. I also mention it to show what can be achieved with this method on the 5M chart with largish spreads.

I'm getting good at just closing MT4 at the end of the day instead of watching it out of curiosity to see how far and which way price goes afterwards. I got mine and am not going to make anymore trades. Why keep watching? I'm actually quite happier this way. Less personal feelings. No fomo.
  • #6,123
  • Jun 5, 2023 11:34pm Jun 5, 2023 11:34pm
Quoting Aussi
2.30 news aud interest rate that will liven up a few tasty treats
45 pip candle

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  • #6,124
  • Jun 5, 2023 11:42pm Jun 5, 2023 11:42pm
not as easy as it looks.. Took the trade upon all confirmation yet price came back haunting the support but finally pushed up.. steady start of the day.
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Protect your capital
  • #6,125
  • Jun 5, 2023 11:53pm Jun 5, 2023 11:53pm
First profit booked. Waiting to see if Tokyo High gets swept then i'll add shorts.
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Leave the Gun, Take the Armani
  • #6,126
  • Jun 6, 2023 12:12am Jun 6, 2023 12:12am
Quoting encryptedehs
not as easy as it looks.. Took the trade upon all confirmation yet price came back haunting the support but finally pushed up.. steady start of the day. {image} {image}
can you give rsi dvi indicator
  • #6,127
  • Jun 6, 2023 12:19am Jun 6, 2023 12:19am
Quoting zafar1988
{quote} can you give rsi dvi indicator
Dude, click on the paperclip icon at the top of the thread. You can find all the files you need there.
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Leave the Gun, Take the Armani
  • #6,128
  • Jun 6, 2023 12:22am Jun 6, 2023 12:22am
Quoting zafar1988
{quote} can you give rsi dvi indicator
and never said please
people leave, but this thread will go on for ever
  • #6,129
  • Jun 6, 2023 12:31am Jun 6, 2023 12:31am
Quoting Aussi
{quote} and never said please
i would of told him to get stuffed the first time...

Quoting Donny3rd
{quote} That's it for the day for a total of 45.2 pips. I mention the pips as it's just part of trading and a record of performance. Someone can also scale pips to their trade lot amount/risk for account size vs stating a monetary amount. I also mention it to show what can be achieved with this method on the 5M chart with largish spreads. I'm getting good at just closing MT4 at the end of the day instead of watching it out of curiosity to see how far and which way price goes afterwards. I got mine and am not going to make anymore trades. Why keep...
excellent work and discipline donny, a true professional! and don't get me wrong, i admire seeing number of pip and profit announcements, it encourages everybody including myself, but when i don't see how those results were achieved, then it provides no value to me personally...
every minute matters!
  • #6,130
  • Jun 6, 2023 12:37am Jun 6, 2023 12:37am
Quoting niks
{quote} i would of told him to get stuffed the first time... {quote} excellent work and discipline donny, a true professional! and don't get me wrong, i admire seeing number of pip and profit announcements, it encourages everybody including myself, but when i don't see how those results were achieved, then it provides no value to me personally...
yes a little recognition for the member that post the indie to show them a little gratitude is a great idea keeps the forum pages happy
people leave, but this thread will go on for ever
  • #6,131
  • Jun 6, 2023 12:42am Jun 6, 2023 12:42am
Quoting BlackCap
{quote} 45 pip candle {file}
yes a nice one i always like the retrace on those candles and get in we see what happens when European markets open
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this pair is forgotten by traders but the retrace paid off
people leave, but this thread will go on for ever
  • #6,132
  • Jun 6, 2023 1:51am Jun 6, 2023 1:51am
Less talk and more action.........
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  • #6,133
  • Jun 6, 2023 1:54am Jun 6, 2023 1:54am
Secured few valuable pips.
I have questions to the advanced scalpers regarding the most profitable and safest entry zones for the cost averaging. So far I have been using the supdem box areas. Thing about this boxes in lower timeframe is that price at times disregards them and move to the next box thus taking in exessive orders. I know this is usual in trading but I want to minimize no of my orders and only takes optimal ones.

I have noticed the excellent high low configuration from dear @cliffjared's recent post. However I am dealing in mostly lower time frames where monthly weekly daily and session high low may have lower significance.

Thank you.
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Protect your capital
  • #6,134
  • Jun 6, 2023 1:59am Jun 6, 2023 1:59am
Quoting cpfleger
Less talk and more action......... {image}
nice catch mate
people leave, but this thread will go on for ever
  • #6,135
  • Jun 6, 2023 2:42am Jun 6, 2023 2:42am
Quoting encryptedehs
Secured few valuable pips. I have questions to the advanced scalpers regarding the most profitable and safest entry zones for the cost averaging. So far I have been using the supdem box areas. Thing about this boxes in lower timeframe is that price at times disregards them and move to the next box thus taking in exessive orders. I know this is usual in trading but I want to minimize no of my orders and only takes optimal ones. I have noticed the excellent high low configuration from dear @cliffjared's recent post. However I am dealing in mostly...
The Previous Day, Week and Month levels are not to be traded from their respective timeframes.
Here's what you do.

  1. Draw the High and Lows

    1. Previous Day (PDH & PDL)
    2. Previous Week (PWH & PWL)
    3. Previous Month (PMH & PML)
    4. Tokyo
    5. London
    6. Current Day - High of the Day (HOD) and Low of the Day (LOD)


  2. Set Alerts (Use an indicator - I have one if you need)
  3. When price reaches any of these levels, go down to a lower timeframe (M5/M1)
  4. Look for Displacement

    1. You want to see price breach the level and quick return back and close back under that level
    2. If you were to flip to a higher timeframe, it should look like a long pin bar - price stabbing that level and closing beneath it
    3. This is an indication of a reversal which is what a pin bar classically signifies


  5. Entry model

    1. Enter when price closes back under the level
    2. Wait for a minor retracement
    3. Wait for a price to close under a moving average of choice
    4. Wait for moving average crossover
    5. Change of Heiken Ashi colour
    6. Combination of above


  6. Targets

    1. Opposite Liquidity
    2. Opposite Points of Interests (POI)

      1. Fair Value Gaps (FVG) / Imbalance (they're the same thing)
      2. Order Blocks (OB)


    3. EMAs of choice

      1. Current TF (M5/M1)
      2. HTF

So why are these levels important? They are considered Buyside Liquidity (BSL) and Sellside Liquidity (SSL). People like to place Stops, Take Profits and Orders at these levels. Many retail traders and institutions like to look at these levels. Very often, you will see these levels get raided and reverse, at least for a minor movement.

With regard to your levels on a M1 and M5 chart, i also look for things like Equal Highs and Lows and Fair Value Gaps (FVGs) to take quick short trades from. But if those trades fail, I'm looking at bigger liquidity levels since they will provide a bigger reaction to so that I can escape an averaging sequence.

Here's an example on EURUSD right now. PDH and Tokyo High raided and price reveres. I entered on M1 but i'm observing on M15 now.

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Here's an example of EURUSD during Tokyo when i took profit at a M1 FVG.
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I know these concepts and terms are overwhelming. Don't bother looking at the ICT mentorship. If you quick short instruction, check out TTrades. He has an education playlist with each video spanning a couple of minutes explaining each ICT concept succinctly.

Inserted Video
Leave the Gun, Take the Armani
  • #6,136
  • Jun 6, 2023 2:43am Jun 6, 2023 2:43am
Price went down to 200ema, but seeing that there are interventions around the 0.6660 line, decided to cash out earlier and secure profits
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Also, curious of this spike that happened around 17 mins ago. Idk what caused it, but it seems to not affect usdjpy. Wonder why eh?
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  • #6,137
  • Jun 6, 2023 2:49am Jun 6, 2023 2:49am
And we continue with our daily commitment to Performance....
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  • #6,138
  • Jun 6, 2023 2:55am Jun 6, 2023 2:55am
Quoting cpfleger
Less talk and more action......... {image}
incredible result!
...attaching mine.
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Protect your capital
  • #6,139
  • Jun 6, 2023 3:01am Jun 6, 2023 3:01am
Quoting encryptedehs
{quote} incredible result! ...attaching mine. {image}
Incredible results both @cpfleger and @encryptedehs! You guys should attach the DrawProfit indicator on your charts and take screenshots so that we can observe your entries.

I also noticed you guys are using mini lots and above. One important question is what is your equity i.e. What is your risk per trade. 0.1 lot per $10 000 balance?

I normally trade 0.01 (1 micro lot) per $1000 balance but i've since been taking more risk and risking 1 micro lot per $100. Risky, i know.
Leave the Gun, Take the Armani
  • #6,140
  • Jun 6, 2023 3:08am Jun 6, 2023 3:08am
Quoting cliffjaded
{quote} The Previous Day, Week and Month levels are not to be traded from their respective timeframes. Here's what you do. Draw the High and Lows Previous Day (PDH & PDL) Previous Week (PWH & PWL) Previous Month (PMH & PML) Tokyo London Current Day - High of the Day (HOD) and Low of the Day (LOD) Set Alerts (Use an indicator - I have one if you need) When price reaches any of these levels, go down to a lower timeframe (M5/M1) Look for Displacement You want to see price breach the level and quick return back and close back under that level If you...
Thank you for the explanation. I will surely have a look at it. Looks very promising!
Please attach necessary indicators and alert tools. You're a gem!
Protect your capital
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