M1 Countertrend Scalping Strategy

There was a point where it was at break even or just a little profit but I was hoping for more (greed) and didn't get out when I should.
I decided to try and see if I could close a newer entry in profit. NOPE. Got FIFO violation warnings:


Once I was at break even again with good market structure (I'm actually trend riding now on M1 and M5, but still counter trending higher that M5) I closed out the first three losing trades:


Then I finally closed the last 2 trades ending up actually in a slight profit of $0.05 for the day LOL. :




Super glad I'm still just demo trading. Learned a lot today! Till next time...

Donny3rd,
It may be just my opinion but your Broker spread is always above 1.5 pips and was wondering if this could be a reason for your unhappiness with M1 TF and/or as you say lack of volume considering you have no Volume Indicator to judge the actual volume per trade.
cpfleger

EU pips

Gold Mining anyone?

Clean and simple.

Simple PSAR Scalping System

AU pips - should've stop at the green arrow

still a good trade, good job!

UC pips - The target was the 20 EMA, closed with small pips when the market turned south

vocc242,
Pennies makes pounds, performance is king.
cpfleger

A question: I find myself sticking to the screen and waiting for the moment but most of the time, the movements are lackluster and usually it run 1 side for no more than 4-5 bars and stop moving. By the time I get in, I’m barely breaking even with spreads.

do you guys wait for setups, or scan for setups? Is there an efficient way to look for pairs that work well for this strategy?

thanks

sbongo,
Most people do not watch the KoF YouTube Video's which defines the countertrend methodology the best. The ideal location of the entrance candle should be a further point away from the MA's to give enough countertrend direction for you can trade 3 to 10 candles before touching the MAs as they act as temporary targets. So to answer your question, I compile a list of Instruments in my navigator window to the left of Pairs with less than 1 Pip as this is a manual trading challenge and the Templated Chart to the right. I swipe and paste each Instrument to the Chart to check their status of candle(s) to the MAs every 15 minutes. When I find an acceptable Instrument, I focus and zoom inwards to watch the indicator's setup and decide to trade or not. I use a small lot size to reduce the Drawdown and risk unlike others or KoF. When the trade starts to make profit, I decide to add a position or not and the MAs become my targets, but I do close early most of the time to ensure profitability.
Watch KoF Tough Video, page 1 or 2 in this Forum.
cpfleger

Trading...

Continuation...

Trailing Stop Loss.

Guys,
YOU have the tools, the awareness, the capability, now it's down to YOU.
cpfleger

Sluicing today

Nice one josh1111...

Setup coming...

As predicted...

Now I am getting spoiled....