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M1 Countertrend Scalping Strategy

  • #1,541
  • Jan 12, 2023 6:55pm Jan 12, 2023 6:55pm
Quoting cpfleger
Over 25 people watching but no messages, why ?
I like the new volume indicator nice to see it separated and I have only been able to figure that out on TradingView so thanks.
I just laid it over my traditional tick volume indicator so it didn't waste any extra space and I still have that data as well.
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  • #1,542
  • Jan 12, 2023 7:04pm Jan 12, 2023 7:04pm
Quoting niks
{quote} give it a try for around 20 trades and let us know the results... the keyword you mentioned there is "might" - if you find the magic formula that will avoid all runaway trends, then your on a winner
I have been recently experimenting with something like this recently for the past few weeks. I used 2 sets of moving averages to achieve this.

 

  1. 8 and 20ema crossover to determine short-term trend change
  2. 240ema (H1 20ema) and 960ema (H4 20ema) for targets

This is executed on M5. The second part is to have a minimum step of 20pips between averaging orders and increase lot size after n number of orders (e.g. first 3 orders, 0.1, second 3 orders, 0.2, etc.)

This isn't exactly scalping but the current volatility of EURUSD prompted me to do some experimenting. The potential be caught on the wrong side of a short-term M1 mean reversion isn't very pretty as reflected by KOF's recent attempt last friday.

I'm still just kinda messing around and seeing if I can incorporate short-term M1 with this, and looking at all the nice volume stuff you've all been discussing. Nice work guys.

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Leave the Gun, Take the Armani
  • #1,543
  • Jan 12, 2023 7:32pm Jan 12, 2023 7:32pm
Quoting cpfleger
A start to a new day, calibrating my Mouse finder, hahaaa. {image}
Could you pls explain what are the numbers at each swing pivot, are you using them for your analysis?
  • #1,544
  • Jan 12, 2023 9:33pm Jan 12, 2023 9:33pm
Selling this downtrend
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  • #1,545
  • Jan 12, 2023 9:36pm Jan 12, 2023 9:36pm
If it breaks into the 2nd resistance zone between the 20 and the 50, i will close.
  • #1,546
  • Jan 12, 2023 10:01pm Jan 12, 2023 10:01pm
Buying it back up

Looking like price is trying to go the 50 ema. Volume was decreasing a bit. as the volume increase price action shows the an upwards mini trend. See how the 9 ema is cupping the wicks.
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  • #1,547
  • Jan 12, 2023 10:10pm Jan 12, 2023 10:10pm
I have price as a hostage. Let's see which way it goes.
Will trail it up if price action shows it can still go higher.
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  • #1,548
  • Jan 12, 2023 10:20pm Jan 12, 2023 10:20pm
Quoting Chucun
I have price as a hostage. Let's see which way it goes. Will trail it up if price action shows it can still go higher. {image}
exactly where you want it to be!

wish i had your patience today, i missed the bottom and misread the price action again on this one

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every minute matters!
  • #1,549
  • Jan 12, 2023 10:24pm Jan 12, 2023 10:24pm
Quoting Chucun
If it breaks into the 2nd resistance zone between the 20 and the 50, i will close.
where did you end up closing this one?
every minute matters!
  • #1,550
  • Jan 12, 2023 10:41pm Jan 12, 2023 10:41pm
Quoting niks
{quote} where did you end up closing this one?
Close right after the huge bullish engulfing candle.
Then bought it back up to the 200
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  • #1,551
  • Jan 12, 2023 10:48pm Jan 12, 2023 10:48pm
Quoting Chucun
{quote} Close right after the huge bullish engulfing candle. Then bought it back up to the 200 {image}
excellent, both ways!

i probably would of closed on the first bullish engulfment for the first trade, and i definitely wouldn't of had the patience to hold as long as you did on the second one
every minute matters!
  • #1,552
  • Jan 12, 2023 11:02pm Jan 12, 2023 11:02pm
Quoting niks
{quote} exactly where you want it to be! wish i had your patience today, i missed the bottom and misread the price action again on this one {image}
You should have bought at least one more. That deep of a drop without touching the 9 ema, the pullback would have broken the 1st resistance area and gone into the 2nd resistance area.
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  • #1,553
  • Jan 12, 2023 11:09pm Jan 12, 2023 11:09pm
Quoting RickM
{quote} Hi Chucun Here is two charts, Top - EURUSD from spot forex showing MT5 volume Bottom - EU6H23 which is the EURUSD Futures Version showing Futures Volume. Spot EURUSD & Futures EU6H23 are both connected by swaps, creating a way to measure volume as if it came from a centralized exchange. You can trade spot EURUSD and borrow the signals off the Futures version and you can be sure its accurate representation as seen on a histogram indicator. Just use ClusterDelta on MT4 or MT5 and your back in the game. This was from yesterday's open on EURUSD...
+1 for ClusterDelta. Excellent suite of tools.

I think I will revisit it with stuff like CumDelta in mind with regards to mean reversion.
Leave the Gun, Take the Armani
  • #1,554
  • Jan 12, 2023 11:10pm Jan 12, 2023 11:10pm
Quoting Chucun
{quote} You should have bought at least one more. That deep of a drop without touching the 9 ema, the pullback would have broken the 1st resistance area and gone into the 2nd resistance area. {image}
yes, exactly, that is my interpretation as well now that you have broken it down, just missed it live for some reason, brain is a bit slow today! thanks for that...

also, i was watching the volume closely when it came time to close and when i saw the drop in volume i closed because i thought the bullish movement topped out, that turned out to be fake, interpreting volume is very tricky and must always be combined with price action, in this case, the previous bar closed strongly just above ema20 and just below ema50 so i should of held a bit longer
every minute matters!
  • #1,555
  • Jan 12, 2023 11:12pm Jan 12, 2023 11:12pm
Quoting cliffjaded
{quote} +1 for ClusterDelta. Excellent suite of tools. I think I will revisit it with stuff like CumDelta in mind with regards to mean reversion.
i had a quick look at clusterdelta, is it free or does it require subscription?
every minute matters!
  • #1,556
  • Jan 12, 2023 11:19pm Jan 12, 2023 11:19pm
Quoting niks
{quote} i had a quick look at clusterdelta, is it free or does it require subscription?
There's a free trial period. I think for 7 days. Subsequently, u need to pay for subscription which is really cheap. I tried out for 1 month for $7.50 USD.

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Leave the Gun, Take the Armani
  • #1,557
  • Jan 12, 2023 11:22pm Jan 12, 2023 11:22pm
Quoting niks
{quote} i had a quick look at clusterdelta, is it free or does it require subscription?
I looked into it. It is $7 monthly. They have other subscription packages, every 4 months and yearly and also lifetime. I was going to purchase the monthly subscription to test it out. But I will wait until after the trading week. I wanted to continue the rest of the week without introducing anything else to my charts. I will try to have both volumes on the chart at once and see how it differs from each other.
  • #1,558
  • Jan 12, 2023 11:23pm Jan 12, 2023 11:23pm
Quoting cliffjaded
{quote} There's a free trial period. I think for 7 days. Subsequently, u need to pay for subscription which is really cheap. I tried out for 1 month for $7.50 USD. {image}
Nice!!! Have you loaded it to your chart?
  • #1,559
  • Jan 12, 2023 11:24pm Jan 12, 2023 11:24pm
Quoting cliffjaded
{quote} There's a free trial period. I think for 7 days. Subsequently, u need to pay for subscription which is really cheap. I tried out for 1 month for $7.50 USD. {image}
ok, thanks - personally, i'm not really sure how actual volume will help with a forex scalping strategy where every millisecond counts sometimes, price will always move and that's what we trade, but always willing to learn something new!
every minute matters!
  • #1,560
  • Jan 12, 2023 11:31pm Jan 12, 2023 11:31pm
Quoting Chucun
{quote} Nice!!! Have you loaded it to your chart?
This was about 8 months back when i was trying out Footprint charts and following RickM and RyuRyu's posts on CumDelta. My subscription has since lapsed. I've never been able to properly interpret volume. But with the information presented in this thread, I might just try again!
Leave the Gun, Take the Armani
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