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M1 Countertrend Scalping Strategy

  • #1,341
  • Jan 10, 2023 4:19am Jan 10, 2023 4:19am
Quoting chhico
{image}Double top..it's time to take my profit.... no price action and volume reading no party... this is what I would like ypu to understand..
nice profit and thanks again for sharing

holding as it fell below ema50 is curious though, and i don't understand "no price action and volume reading no party" - based on the image you posted it wasn't a double top and volume was still high - not saying there was anything wrong with it - did you just "feel it" or were there other reasons?
every minute matters!
  • #1,342
  • Jan 10, 2023 4:31am Jan 10, 2023 4:31am
Quoting Olarion1975
{quote}All live traders that followed his entries last Friday are f$cked...
again, another assumption!!! the situation is still well and truly survivable for those that used appropriate lot sizes and exercised excellent money management skills - a quick look at the 1 hour chart for eurusd shows potential for a return to ema200 which would easily provide a break even or profit opportunity, and because they are short positions, plenty of swaps to sweeten the deal!

its a tough ask i know, but its a tough job
every minute matters!
  • #1,343
  • Jan 10, 2023 4:48am Jan 10, 2023 4:48am
Another forex victim...
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  • #1,344
  • Jan 10, 2023 4:50am Jan 10, 2023 4:50am
Quoting niks
{quote} nice profit and thanks again for sharing holding as it fell below ema50 is curious though, and i don't understand "no price action and volume reading no party" - based on the image you posted it wasn't a double top and volume was still high - not saying there was anything wrong with it - did you just "feel it" or were there other reasons?
I kept positions open when price reached ema50 for 2 reasons: 1- price was at the bottom of a consolidation phase...
2- ema 200 came very close to the 50ema so I switched my SL to 200ema.

I closed because on the first top volume was decrasing a little and when price reached it again I was quite sure that price would have retrace. So there you have to close and sell immediately and rebuy again aiming a new high...
  • #1,345
  • Jan 10, 2023 4:59am Jan 10, 2023 4:59am
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Look at this uptrend.. price is riding up while volume is going down.. where do you think price will go?
  • #1,346
  • Jan 10, 2023 4:59am Jan 10, 2023 4:59am
Will the 7th Trade be the negative trade ???
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  • #1,347
  • Jan 10, 2023 5:01am Jan 10, 2023 5:01am
Quoting chhico
{quote} I kept positions open when price reached ema50 for 2 reasons: 1- price was at the bottom of a consolidation phase... 2- ema 200 came very close to the 50ema so I switched my SL to 200ema. I closed because on the first top volume was decrasing a little and when price reached it again I was quite sure that price would have retrace. So there you have to close and sell immediately and rebuy again aiming a new high...
very well done... may i ask if you re-entered to continue following the trend after closing and how that went if you did?
every minute matters!
  • #1,348
  • Jan 10, 2023 5:03am Jan 10, 2023 5:03am
Ouch..........
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  • #1,349
  • Edited 5:25am Jan 10, 2023 5:07am | Edited 5:25am
Quoting chhico
{image} Look at this uptrend.. price is riding up while volume is going down.. where do you think price will go?
thanks for the quiz! i guessed down before taking a closer look at your orders... very nice trade and profit!!! i use volume as much as i can but still have not fully grasped it, you understand it very well

actually, i think i see it now, you detected the weakness in the uptrend as it crossed ema200 and the volume going down was a sign that it ran out of steam?
every minute matters!
  • #1,350
  • Jan 10, 2023 5:07am Jan 10, 2023 5:07am
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and that's it.. great time to reach emas and TP taken
  • #1,351
  • Jan 10, 2023 5:08am Jan 10, 2023 5:08am
A small recovery - scorecard 7 winners and 1 loss, so far.
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  • #1,352
  • Jan 10, 2023 5:11am Jan 10, 2023 5:11am
Quoting niks
{quote} very well done... may i ask if you re-entered to continue following the trend after closing and how that went if you did?
After that profit I quitted my trading day because I was busy... But I would have sold immediately til the 50ema and re-entered long aiming for a new HH.
  • #1,353
  • Jan 10, 2023 5:19am Jan 10, 2023 5:19am
I Just finished reading the entire thread and i like all the shared info with this counter trend strategy. thank you abade all other contributors
  • #1,354
  • Jan 10, 2023 5:28am Jan 10, 2023 5:28am
Another winner...
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  • #1,355
  • Jan 10, 2023 5:36am Jan 10, 2023 5:36am
9 winners and 1 loss so far, EA is working great.
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  • #1,356
  • Jan 10, 2023 5:43am Jan 10, 2023 5:43am
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Let's where it wants to go
  • #1,357
  • Jan 10, 2023 5:45am Jan 10, 2023 5:45am
chhico,
nice trades, soon a live account and then the fun begins.
cpfleger
  • #1,358
  • Jan 10, 2023 5:49am Jan 10, 2023 5:49am
Quoting niks
{quote} thanks for the quiz! i guessed down before taking a closer look at your orders... very nice trade and profit!!! i use volume as much as i can but still have not fully grasped it, you understand it very well actually, i think i see it now, you detected the weakness in the uptrend as it crossed ema200 and the volume going down was a sign that it ran out of steam?
Start with simple things... price needs high volume to move.. movements with low volume are fakes...
  • #1,359
  • Jan 10, 2023 5:51am Jan 10, 2023 5:51am
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closed with a slight profit on the ema20 due to difficulties at the top of the movement
  • #1,360
  • Jan 10, 2023 5:55am Jan 10, 2023 5:55am
Quoting cpfleger
chhico, nice trades, soon a live account and then the fun begins. cpfleger
I am already on a live account.. I am a FTMO trader from some months... Waiting for you to start with your system's variation
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