Amiraven,
My countertrend trading is slightly different than others because I am allergic to Drawdown, hahaaaa, so why enter early when you can reduce the stress and strain by placing the initial trade later which is why I use a Indicator telling me the HH or LL of the Market (x and Arrows).
Plus, I when using candlesticks, base my entry point on previous candle resistance or support zones which is defined in my screenprint earlier.
cpfleger
Amiraven, My countertrend trading is slightly different than others because I am allergic to Drawdown, hahaaaa, so why enter early when you can reduce the stress and strain by placing the initial trade later which is why I use a Indicator telling me the HH or LL of the Market (x and Arrows). Plus, I when using candlesticks, base my entry point on previous candle resistance or support zones which is defined in my screenprint earlier. cpfleger
Ignored
Hi, I agree drawdown isnt great. Woul you mind sharing your templates and settings please? your chart looks really interesting, would like to learn from it. Thankyou
Sir ,
as you know the red arrow repainted many times during the upward movement , should I set SL zone every time it appears ?
see the screenprint please
Amiraven,
The x and arrows are only to indicate the HH or LL's. Yes it will repaint while the candle is OPEN. But its purpose is to identify and indicate at one candle point the HH or LL, not for entry of a trade. No Indicator in any of my systems are designed for entry only the HA Candles or in your case the previous candlestick resistance or support zones.
Even the MA's are designed for temporary Targets / exits BUT each Trader has to make their own decision, systems do not make decisions.
cpfleger
Amiraven,
So, this Indicator is only guide to tell YOU to prepare for a potential trade, you look left due to your candlestick setup and find the candle that allows you to mark up with a horizontal line your future entry point as I screenprinted earlier, then you wait for the Market to hit your line and open a trade, add positions and/or trailing stop loss is your decision.
cpfleger
Amiraven, So, this Indicator is only guide to tell YOU to prepare for a potential trade, you look left due to your candlestick setup and find the candle that allows you to mark up with a horizontal line your future entry point as I screenprinted earlier, then you wait for the Market to hit your line and open a trade, add positions and/or trailing stop loss is your decision. cpfleger
Amiraven,
This the effect of the Market zig zagging its way upwards and only time and experience will YOU get better at seeing this ebbing and flowing of the Market - KoF calls it - feeling the market. The more you watch and learn the market effect, the better you will become. I use the x / arrow indicator to allow me to look before entering a trade. According to KoF we should wait with patience until the EMA's are fanned (spread out away from the 200 EMA) as this is the FEAR Zone by traders and becomes our preparation area for a countertrend trade. Practice and patience will lead you to knowledge.
cpfleger
M1 Countertrend Scalping Strategy
