I haven't come this far to only come this far !
M1 Countertrend Scalping Strategy
My trades today with cpfleger trading system on demo.
I took a lot of layering trades per entry. The results were fantastic
I will trade the system for the whole week, and possibly use a small live account next week
Thank you cpfleger
I took a lot of layering trades per entry. The results were fantastic
I will trade the system for the whole week, and possibly use a small live account next week
Thank you cpfleger
- #8,539
- Jul 24, 2023 10:08pm Jul 24, 2023 10:08pm
- Joined Dec 2022 | Status: Trader | 3,246 Posts
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as you are progressing very well with countertrend, it may be worth considering the following extension of the KoF ema system and how it may have played out in this scenario...
1\ price topped out making a lower high
2\ support level is being approached and a break may signal a downtrend
3\ support level broke and held now ema50 is about to cross ema200
your first set of countertrend longs were good catching the inevitable pullback, but then after taking profits, and after seeing conditions 1, 2 and 3 play out, it was a good time to start thinking about shorts to catch a bit of the trend at 4!
keep up the great work and as always, thanks for sharing...
every minute matters!
- #8,540
- Edited 11:44pm Jul 24, 2023 11:29pm | Edited 11:44pm
{quote} Hi Abade, Can you share the volume profile indicator? Thanks
And source: https://www.mql5.com/en/code/28523
The indicator needs some tweaks to be useful and less intrusive in my opinion:
1) The most important setting to change is "Maximum Color" from "none" to any color of your preference (this points to the POC).
2) The second most important thing is to change the range of calculations to something that makes sense for current market conditions by moving both of the vertical lines (in blue and red):
3) If you pick a whole day for measure you may get 1, 2 or even 3 of these congestion zones, but only one POC:
You should always assume that a strong breakout may invalidate the latest congestion zone and start to create a new one.
These zones don't last forever and are not as dynamic as EMAs, but are nice for confluence and picking exits/entry points inside a range.