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M1 Countertrend Scalping Strategy

  • #1,101
  • Jan 4, 2023 11:05am Jan 4, 2023 11:05am
RieseP,
Due to the size (Balance) of my wife's account I only add a few positions sometimes, it is very hard to take a very small account and grow it quickly. I have learned to wait for the next double digit Balance value ($10 to $20, etc.) before I add a position as it easier to loose than win with small accounts. On my big account I increase my position lot size every third trade and now with my old EA I will probably start allowing the EA to add my positions with precision shortly.
cpfleger
  • #1,102
  • Jan 4, 2023 11:08am Jan 4, 2023 11:08am
Waiting .... the hardest part with trading.
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  • #1,103
  • Jan 4, 2023 11:18am Jan 4, 2023 11:18am
Watching USDJPY
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  • #1,104
  • Jan 4, 2023 11:21am Jan 4, 2023 11:21am
Quoting mojazz
{quote} Guys, this is a 9 minute snippet from the full EMA strategy I found on youtube. KOF talks about how to identify tough trends in advance and how to flip your trades to take advantage, hope you find it useful. https://www.youtube.com/watch?v=2wk20MqyKaI&t=5s
Thanks for sharing my friend, you are a hero by showing us a snippet of the full EMA strategy! Also @ross.d.

Sadly there are no live examples of him switching from trading mean reversion to trading the trend in that video. Instead, we got a 100% hindsight analysis and no clear instructions on how or when to flip the strategy BEFORE the trend starts, so this information isn't useful at all for real trading.

He is also talking about stops now and that's totally different from his "do or die" approach he uses during the live sessions (another big red flag to me).

As other traders point out, it's a bad idea to trade around the 200 EMA as this is where the breakouts and trends start and the bigger runaways may happen, especially when price is in a very tight consolidation and/or making rectangle formations such as this one:

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Trading against the faster EMAs as they are crossing the 200 is also a VERY BAD idea, that's why I've been testing different mechanical filters to improve the "bare-bones" entries and wait until the market itself gives me some proof that it is able reach the EMAs again.

Price doesn't always form a range or consolidation after a strong trend. It may just go into another strong trend and catch you with your pants down on a bad early entry!
  • #1,105
  • Jan 4, 2023 11:31am Jan 4, 2023 11:31am
Entering SELL now
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  • #1,106
  • Jan 4, 2023 11:36am Jan 4, 2023 11:36am
Quoting cpfleger
mansan, a few screenprint comments - see attachment. cpfleger {image}
You are correct ... I have updated the indicators now

As for the Heiken Ashi, I was checking if it was easier for me to enter using regular candlesticks.. I need to get used to using HA candles
veni vidi vici
  • #1,107
  • Jan 4, 2023 11:41am Jan 4, 2023 11:41am
Quoting cpfleger
Mellifluous, I use one trade and only add when in profit but the screenprints that present here are from my wife's account and is a small balance as she withdrawals her profits every weekend and leaves me a small balance as she knows I love a challenge. As for the 5M vs 1M TF and 20 EMA (Red MA Line) varies to each Instrument because every Instrument has a different personality and spread. I close most of my trades before the 20 EMA as I love receiving profits but I watch each candle Body and...
Thankyou Cpfleger for this, very helpful and much appreciated
  • #1,108
  • Jan 4, 2023 11:48am Jan 4, 2023 11:48am
Got out early with small profit before the breakout. Lucky
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  • #1,109
  • Jan 4, 2023 11:53am Jan 4, 2023 11:53am
Small scalp in the USDCAD:

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20 EMA hit in the GBPUSD

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I wouldn't trade USDJPY right now, it's not hitting the EMAs (yet), it's just acting silly.

AUDUSD is getting ready for a 1% setup...
  • #1,110
  • Jan 4, 2023 12:02pm Jan 4, 2023 12:02pm
Quoting Abade
Small scalp in the USDCAD: {image} 20 EMA hit in the GBPUSD {image} I wouldn't trade USDJPY right now, it's not hitting the EMAs (yet), it's just acting silly. AUDUSD is getting ready for a 1% setup...
Coming back to EMA's
A few more fake bucks.
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  • #1,111
  • Jan 4, 2023 12:02pm Jan 4, 2023 12:02pm
Josh1111,
Not luck, its called trade management, I do it during every trade because the Market talks and its our role to interpret its message. Pennies make pounds.
cpfleger
  • #1,112
  • Jan 4, 2023 12:19pm Jan 4, 2023 12:19pm
Quoting cpfleger
Josh1111, Not luck, its called trade management, I do it during every trade because the Market talks and its our role to interpret its message. Pennies make pounds. cpfleger
How long have you been trading this style. You seem very confident in your work and a natural. Im going to to test out your version and try to improve. I like to find a way to improve management
  • #1,113
  • Jan 4, 2023 12:22pm Jan 4, 2023 12:22pm
Quick scalp:

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  • #1,114
  • Jan 4, 2023 12:32pm Jan 4, 2023 12:32pm
watchi
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ng EURUSD
  • #1,115
  • Jan 4, 2023 12:49pm Jan 4, 2023 12:49pm
Worked out
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  • #1,116
  • Jan 4, 2023 12:55pm Jan 4, 2023 12:55pm
Quoting josh1111
Worked out {image}
Well done! I also got it.
  • #1,117
  • Jan 4, 2023 1:04pm Jan 4, 2023 1:04pm
GER30 getting some volume and action
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  • #1,118
  • Jan 4, 2023 1:09pm Jan 4, 2023 1:09pm
USD is getting a lot of action as well

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  • #1,119
  • Jan 4, 2023 1:10pm Jan 4, 2023 1:10pm
Using the chop to my advantage.
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  • #1,120
  • Edited 1:27pm Jan 4, 2023 1:13pm | Edited 1:27pm
Quoting josh1111
Using the chop to my advantage. {image}
Very nice scalps! Fast chops are life.
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