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M1 Countertrend Scalping Strategy

  • #8,501
  • Jul 22, 2023 5:00am Jul 22, 2023 5:00am
M1 BTC scalps - targeting a breach of ema200...
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every minute matters!
  • #8,502
  • Jul 22, 2023 10:50am Jul 22, 2023 10:50am
M1 BTC scalps - targeting another breach of ema200!
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every minute matters!
  • #8,503
  • Jul 22, 2023 9:21pm Jul 22, 2023 9:21pm
It's Sunday morning, and I'm doing my regular journaling & reflecting...
Thought I'd share the 4 strongest reversal candlestick patterns (OHLC) that I find to be consistently good trade setups. (You might find different ones that work best.) Context is key, I'm looking at these at extreme highs & lows, and preferably after climactic price action towards the extremes of price.

1. Bullish/Bearish Engulfing candles
2. Morning/Evening Stars
3. M & W Patterns
4. Train Tracks/180s.

I'll attach some chart examples, starting with the Engulfing candles.
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We don't see things as they are - we see things as we are.
  • #8,504
  • Jul 22, 2023 9:22pm Jul 22, 2023 9:22pm
Morning & Evening Stars
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We don't see things as they are - we see things as we are.
  • #8,505
  • Jul 22, 2023 9:24pm Jul 22, 2023 9:24pm
W & M Patterns (these need to be tight/close together, not spread out over a large number of candlesticks)
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We don't see things as they are - we see things as we are.
  • #8,506
  • Edited 9:36pm Jul 22, 2023 9:25pm | Edited 9:36pm
Train Tracks/180s
(clearly I can't spell 'Tracks' on the chart)
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We don't see things as they are - we see things as we are.
  • #8,507
  • Jul 22, 2023 10:36pm Jul 22, 2023 10:36pm
Quoting sonicvista12
1. Bullish/Bearish Engulfing candles
price action is wonderful, great work - your examples of bullish engulfment appear to be bullish outside bars which is another pattern altogether along with inside bars, and don't underestimate the head and shoulders pattern, the most powerful of all in my opinion!
every minute matters!
  • #8,508
  • Jul 22, 2023 11:09pm Jul 22, 2023 11:09pm
Quoting Abade
{quote}The "congestion" I refer to is basically the same concept as the POC (Point Of Control) when studying volume profiles.
ok, i understand what you are referring to now, that is what i aim for when scalping both ways, trying to start in the middle hitting both ends for profits and then getting out!!! just never considered it that way technically!

and yes, your second setup had ema200 meet up with the control line and would of been an ideal exit point in hindsight!
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every minute matters!
  • #8,509
  • Jul 23, 2023 1:13am Jul 23, 2023 1:13am
there is an excellent tool for price action development that many brokers offer called autochartist - i highly recommend it for learning price action patterns, here is an inverse head and shoulders forecast and resulting price action
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every minute matters!
  • #8,510
  • Jul 23, 2023 3:43am Jul 23, 2023 3:43am
Is anyone still making money from this strategy currently?
  • #8,511
  • Jul 23, 2023 5:33am Jul 23, 2023 5:33am
Quoting Abade
{quote} I apologize, that was actually poorly explained. The "congestion" I refer to is basically the same concept as the POC (Point Of Control) when studying volume profiles. I added a volume profile indicator to the chart for clarification: {image} In hindsight I could've waited a bit to reach this zone before exiting the second setup for more profits. These zones are not precisely support and resistance, they rather act as magnets and "gravity" centers for price action inside a range, where you'd expect to see support and resistance (entry points)...
That's actually very smart using a TPO/Footprint chart to look at POC & High volume nodes as magnets for mean reversion targets. Typical of Sir Abade
Leave the Gun, Take the Armani
  • #8,512
  • Jul 23, 2023 7:35am Jul 23, 2023 7:35am
Ws and Ms
Attached File(s)
File Type: pdf Bank trader strategy.pdf   2.2 MB | 541 downloads
  • #8,513
  • Jul 23, 2023 9:25pm Jul 23, 2023 9:25pm
BTC scalps - not every trade goes to plan, this one got lost and took a wrong turn before finding its way again!
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every minute matters!
  • #8,514
  • Jul 23, 2023 10:50pm Jul 23, 2023 10:50pm
Quoting Abade
{quote} I apologize, that was actually poorly explained. The "congestion" I refer to is basically the same concept as the POC (Point Of Control) when studying volume profiles. I added a volume profile indicator to the chart for clarification: {image} In hindsight I could've waited a bit to reach this zone before exiting the second setup for more profits. These zones are not precisely support and resistance, they rather act as magnets and "gravity" centers for price action inside a range, where you'd expect to see support and resistance (entry points)...

Hi Abade,
Can you share the volume profile indicator?

Thanks
  • #8,515
  • Jul 24, 2023 5:31am Jul 24, 2023 5:31am
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I haven't come this far to only come this far !
  • #8,516
  • Jul 24, 2023 6:52am Jul 24, 2023 6:52am
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I haven't come this far to only come this far !
  • #8,517
  • Jul 24, 2023 6:57am Jul 24, 2023 6:57am
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I haven't come this far to only come this far !
  • #8,518
  • Jul 24, 2023 7:03am Jul 24, 2023 7:03am
Quoting Abade
You can find the full cpfleger's template and ruleset here: https://www.forexfactory.com/thread/...3#post14318063 Warning/Intro: This is a very aggresive/discretional strategy, so don't trade with money that you cannot afford to lose. Also, I AM NOT THE ORIGINAL CREATOR OF THIS STRATEGY! I just thought it would make a very interesting experiment to share and look into, as most systems online preach the "trend is your friend" mantra and in my experience this is not true (most of the time). The owner of the strategy claims that...
You can test it in a few hours using any trading simulator. I mean, it is quicker than waiting for someone to talk about it.
  • #8,519
  • Jul 24, 2023 7:51am Jul 24, 2023 7:51am
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I haven't come this far to only come this far !
  • #8,520
  • Jul 24, 2023 8:48am Jul 24, 2023 8:48am
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I haven't come this far to only come this far !
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