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M1 Countertrend Scalping Strategy

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  • Edited May 5, 2023 12:03am May 4, 2023 11:51pm | Edited May 5, 2023 12:03am
Quoting Donny3rd
{quote} So as long as I average down in a different amount each time I should be golden. FIFO sucks! Also, (haven't actually tried it yet) seems like I should be able to buy lower than initial buy entry at same amount (cost averaging), but i can't sell higher than initial sell entry at same amount. Weird.
Well, there goes that idea. I just attempted to buy lower than initial entry with a .011 lot size and got another FIFO message. Still making good progress on the trades though despite not being able to average.

Any other U.S. traders out there dealing with this? Steverino832?

[NOTE:] everything in this screenshot pertains to the FIFO message
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[UPDATE:] Just decided to try an averaged down .02 lot buy and it actually worked!!! Sooooooo MT4 or Oanda didn't want to differentiate .01 and .011 lots, but it will .01 and .02 and get me away from the hated FIFO junk. OK I'll take it!
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Results:

Lowered both TPs
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Second entry TP hit
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Dropped down to M1 with decreasing momentum and manually exited original entry at 1pip profit
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No one is on here afternoon into evening Arizona time lol ( I don't say mountain time as we don't observe daylight savings in AZ ).
Goodnight everyone and green pips to you all!
NASDAQ
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Quoting Donny3rd
{quote} Well, there goes that idea. I just attempted to buy lower than initial entry with a .011 lot size and got another FIFO message. Still making good progress on the trades though despite not being able to average. Any other U.S. traders out there dealing with this? Steverino832? [NOTE:] everything in this screenshot pertains to the FIFO message {image} [UPDATE:] Just decided to try an averaged down .02 lot buy and it actually worked!!! Sooooooo MT4 or Oanda didn't want to differentiate .01 and .011 lots, but it will .01 and .02 and get me away...
I am not a legal or financial advisor so do your own Due Diligence as this is just my opinion, but I think a lot of US traders use one of the 13 offshore brokers that still accept them.
This is due to trading rules and and lack of high leverage in the US. US tax requirements still apply.
Only 13 out of thousands are available to US traders making them one of the most discriminated against in the entire world.
US30
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As a wise old trader on here has said over and over.
Performance not profits should be the focus.
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an old wise man told me to go slow, enjoy the journey and paddle your own canoe....
cpfleger
Post NFP...
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Some KOF V6 Action
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josh1111,
Wait a little long, watch the CCI Line.
cpfleger
The CCI Level 0 is the entry point.
If the Line stays above the Level 0 its still a BUY and if it stays below the Level 0 is still a SELL.
cpfleger
See screenprint from yesterday...
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The next Challenge...
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I think now we have the good strategy and we can shift from V1 to V6. We hesitate betwin M1 and M5. I found very interesting to trade with M2
UpDownHehe,
Would you kindly share your Template and Indicators as I would like to start a Challenge next week as system demonstrators.
cpfleger
Happy Friday everyone. Here's my first week using the KoF V3 forward testing on a demo account. Only 50:1 leverage and annoying FIFO rules and large-ish spreads (mostly just because I haven't switched to low spread with commissions yet). But still loving the system! Let's hope I can keep this up, especially when I go live lol. I know 17 trades is no where near enough practice for that though LOL!

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I also have more info on the FIFO rules and how they work. This is from my broker's actual website (Oanda).

1. What is FIFO? (<--- click for source)
First in First Out (FIFO) is a forex trading requirement that complies with National Futures Association (NFA) regulation. It is a requirement that the first (or oldest) trade must be closed first if a customer has more than one open trade of the same pair and size.
In order to address this, changes will be implemented that will require all trades that have a take profit (TP), stop loss (SL), or trailing stop (TS) to be a unique size. After these changes are implemented, the only scenario in which two trades of the same currency pair can be the same size is if neither trade has a TP, SL, or TS.



SO... in order to "protect new traders" the US made laws that encourage them to trade without SL, TP, or TS to avoid FIFO violation order cancelations. Riiiiiiiiight.
Josh,

I hear ya! I've tried looking into which brokers accept US clients but haven't found any. Haven't tried too hard admittedly. Only 13 brokers? SHEESH! I just don't see how these rules help protect anyone. They let US citizens make a any number of trades as long as they don't use SL, TP, or TSL. Don't get me started on the low leverage. Anyway, sending you a PM and thanks.
Quoting sbongo
A question: given the huge spread on BTC and weekends. What's your recommended broker? Thanks!
I use Afterprime, they do 0 spread on ethusd and btcusd on weekends.
Trading is very similar to Fishing.
You got a fishing pole (MT4), you got some worms (System), you got some water (Market), you got some information (Cycles), you got some patience (Waiting).
But both have no guarantees of obtaining a fish or profit.
3 traders viewing now, 1 is a member:
axelgr