M1 Countertrend Scalping Strategy

there's still more to go...

Got in late on that one and once it started to consolidate before news, i piled on some orders and exited with a little profit......

AU confirmed

Nice trades my man....

AJ

Ouch, closed in a loss

Hello everyone, New guy over here... I just made this FF account after I finished reading this whole thread.
First of all, Thank You Abade for starting this awesome thread and thank you CPFledger for this awesome Strat and a shout out to every one here developing and testing this system . You guys are awesome!!!!

So , after 220 pages and 4400 replies later ( which took a few days), I finally started testing this on Monday on a small DEMO with $400.
I trade both Trend and Counter trend depending on the Market conditions with the EMS System.
I tried to stick with CPFledgers 1 trade at a time with no cost averaging (mainly due to small acc. size) and had quite good accuracy with it, nearly 85%.

But here and there I ran into 3 runways (which I should have exited early, specially with all the craziness in the markets these days) but added too much into them so had to go through the cost averaging process... (not sure about final win rate as I had loosers in cost averaging)
Though , on the good, side I managed to close with little to some profit in all 3 cases.

I did go with a minimum lot size of 0.02 (I know it's a lot of risk but my approach was "clinical entries with Small TPs").
I closed early as possible on Counter-trend trades but let profits run on trend trades.

So for the Profits ;
Day 1 - $51
Day 2 - $82

Honestly , I dont wanna get over exited so I am counting that part as beginners luck. Will continue to test and give some updates.
Keep up the good work everyone!!!!

Oh , One question for CPFLEDGER :
Are the rules for the EMS V5 the same as V4 ?
I tried V5 but it felt a bit off with both the tick volumes and arrows repainting continously so i went back to V4 for now to do the testing. (it repaints too but the RSI helps more.) Would it be fine to use the RSI along with the V5 as well ? or was there a separate reason you dropped it?

And to all the other guys testing this, if any of you have found the MT5 equivalents of these set of indicators , can you please upload them here??? Would be really grateful .....

ART2498,
Firstly, welcome on board and all Indicators either repaint or lag as all Trading Platforms MUST collect data before an Indicator can paint or repaint or lag. Sometimes we even forget about Price as it bounces too, so nothing is perfect. But once you accept this little factoid it becomes easier.

As for runways or tough trades as KoF calls them, remember this little tip - a trend will pullback / reverse at least 3 times before it commits to a real reversal (countertrend). This is based on averaging data, so remember this tip too - Forex Market is an emotional rollercoaster based on Human Emotions - no logic.

I do have a basic version for MT5 and will send later tonight as the wife has work for me.
cpfleger

GU

USDCAD - Original KoF. Still learning from cpfleger indicators, templates and tips.

rather never will use this approach again...

With the right lot sizes, a real account killer approach, I really like it...

Mental weakness will kill me before get rich...

It is highly dangerous and without any further informations from higher timeframe connections it is a account killer. Without a good money management it can not be done long.
I test it also, do not point this to new trader. Beside that i have a running system, so no need to follow that here.

all closed

As I mentioned earlier, GBPJPY is NOT a good pick for mean-reversion/contrarian strategies in the long-term, don't be fooled by a few good trades/examples.

Try EURUSD instead, add the suggested EMAs to the chart and use them as dynamic targets.

Also, don't trade blindly, use your implicit knowledge of the market, support & resistance, divergences, oscillators, bands, fibonacci levels and anything that helps you catch extremes moves on their way back to the mean. Remember that your own equity has nothing to do with this fair-value.

Best regards.

Congratulations! It's not luck, the FX markets are (almost) always chopping up and down like a drunk sailor.

Hej, I wasn't do it blindly just showed chart with only candles... I used MA price channels form different TFs to find opportunity... but still, I do prefer to add position than have a mental pain due to be in a uncomfortable drawdown quite long time... but this is me...
All the best to you
Green pips

A couple of pre work breakfast trades. I could not post up yesterday, think there was some kind of web mainteinace.

Some red news later on today.
Trade well everyone.

EA is one of those pairs I'm very wary of trading with this countertrend approach.

Yes totally agree with you, it can be tricky, but certain times of day and close eye on price action anything can be traded with the right mindset.