M1 Countertrend Scalping Strategy

Abade,
It came to my attention earlier by a member that we are trying to achieve 30% per trade and not 30 pips... This needs to be confirmed and our Challenge Rules re-written if agreed. We need to agree a date too.
cpfleger

Abade,
Indicators and Template in 2 parts due to file sizes.
cpfleger

Abade,
Part 2.
cpfleger

Thanks for sharing your insight my friend charli86! I actually saved the videos before they were taken down but could not extract any more useful information from them, including how and when to switch from mean reversion to trend following for the "full" approach. A few videos with live examples and cues of that switch would help immensely but I doubt he shares such information for free.

To tell you the truth I think it's impossible to know with 100% certainly that price will start to trend or even how long it will move before the peak so those stop loss hits would take a good chunk of your account. If you build a position into a trend it's even worse as you risk getting caught in a strong reversal and these are very common in USD pairs.

Best regards!

Thank you my friend! Yes, we are trying to archieve 30% per trade, I used 30 pips as an example of distance between the entry point and the take-profit and stop-loss, in reality the distance will depend 100% in the 20 EMA position.

Link shared in post #1

Abade,
Would it make sense to use and follow the Video spreadsheet example as it allows a small start up Balance of 20 usd with percentage and lot sizes over 24 trades and easier for the team to follow...
cpfleger

Sorry wrong screenprint, big fingers and small keyboard.

Edit: My friend, I will code a tool for the calculations (will make the entries with a simple keyboard stroke), this way we don't have to worry about these tables or formulas, we will only focus on making good entries and making a lot of wins in a row.

If challenge it's too hard or weird we can switch it for an easier one that uses cost averaging and less leverage, no prob.

I am coding the tool, it'll take a few minutes.

Abade,
Okay by me.
Is there anyway you can ask the team their opinions (Survey)?
cpfleger

Good idea, let me think of something (almost done with the tool).

Congratulations my friend josh1111! That's a very impressive feat

This will be interesting.

My friend, the tool is ready!


You only need to attach it to your charts and press the "Z" key in your keyboard to enter a new trade. It will automatically place a take-profit in the current 20 EMA level and a stop loss in the opposite side, if you hit any of these targets you will win or lose exactly 30% of your current balance for each trade and will allow us to continue with the challenge as intended.

I would like to know your opinion after testing the tool and the challenge itself to know if it's appropriate or we need to change it. Opinions and suggestions from other members are welcome as well! The purpose is to test and improve our first entries, and testing the viability of this compounding technique for growing very small accounts.

TO ALL TRADERS: Please be careful with this tool and ONLY use it in small demo accounts ($100 and below) for now. I will be posting the full rules/instructions below.

24 Wins in a Row Challenge

Instructions:

1) Install Cpfleger's template found in post #1,206.
2) Install the 24_Wins_In_A_Row_Challenge_Tool.ex under "Experts" folder and attach to chart (you don't need to change any settings).
3) Ensure the "AutoTrading" option is enabled in your platform:



4) Open a new demo account using $100 USD balance with max leverage. The minimum leverage you need is 500:1 (more = better for this experiment).

WARNING: Demo/Experimental only! Do not risk more than $100 USD as the initial balance.

5) When you see a proper setup press "Z" in your keyboard and the EA tool will open a new trade using the 20 EMA as take profit target and a symmetrical stop-loss in the opposite side. Position sizing is based on the distance between the entry and the stop-loss and uses a default 30% risk per trade (very high).

Please note: The more distance between the 20 EMA and the current price, the wider your targets will be (your trades will "breathe" better).
Note 2: If you hear a "ticking" sound when pressing "Z" but nothing happens your leverage may be too low to meet the requirements of your broker (try again using 500:1).

RULES:

1) You can use a starting balance of $100 USD or lower (as low as $20).
2) You can only place one trade at a time, no cost averaging is allowed in this challenge.
3) You can only use 30% risk per trade or lower.
4) You can trade ANY time-frame.
5) You may use break-even, or exit before hitting the fixed targets if you have new information on price action.
6) You may delete or widen your initial stop-loss. You can also place it closer (i.e. a breakeven or trailing move).
7) If you get 24 wins in a row and turn your initial $100 into $50,000 your timing is PERFECT and you also win this challenge (and the respect of everyone).

Note 1: If you start using $20, you must get 30 wins in a row instead.
Note 2: If you flip a $100 USD account up to $50,000 without the 24 (or 30) wins in a row you also win this challenge (mistakes are allowed).

Developed Skill Set:

1) Will radically improve your timing for first entries.
2) Will test the viability of a different type of risk management strategy that allows you to flip small accounts.
3) Will radically improve your patience and reduce risk aversion.

All is set! Let me know how it goes traders

If it's too hard we can modify the challenge or create a new one, suggestions are welcome.

Here is more context for traders interested in this type of risk management (it's also known as the 20 pips challenge, but we are using the 20 EMA instead):

Abade,
Excellent and I am in it to win it, be scared boys because this old man is going kick ass, arhhhhhhhhhhhhhhhhhhhhhhhhh.
cpfleger

Abafe,
This old man is firing on all v12 cylinders.....

24 Wins EA Testing....

Gents,
Broker Information Only
IC Markets has changed Demo balance to minimum of 200 usd.
FBS Demo balance is okay at 100 usd.
Blueberry allows 100usd Demo balance.
Anymore Brokers, please define for the Team.
cpfleger

First EA trade....

3rd Trade in work...

Summary So Far
4 trades - 3 loosers and 1 winner due to the addition of Trailing Stop Loss of 1.5 Pips.
May not be defined in Rules but encourage profitability it worked.
cpfleger