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M1 Countertrend Scalping Strategy

  • #2,781
  • Feb 6, 2023 8:12am Feb 6, 2023 8:12am
CJ setting up
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  • #2,782
  • Feb 6, 2023 8:14am Feb 6, 2023 8:14am
pulled trigger on CJ
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  • #2,783
  • Feb 6, 2023 8:20am Feb 6, 2023 8:20am
josh1111,
Are you gaining confidence young man ??? arhhhhhhhhhhh.
Can we say - easy peasy.
cpfleger
  • #2,784
  • Feb 6, 2023 8:35am Feb 6, 2023 8:35am
Quoting cpfleger
josh1111, Are you gaining confidence young man ??? arhhhhhhhhhhh. Can we say - easy peasy. cpfleger
Definately gaining some confidence. Managing to beat the max 5% daily drawdown still seems like the more challenging part. Leftover trades from Friday only got worse.
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  • #2,785
  • Feb 6, 2023 8:48am Feb 6, 2023 8:48am
josh1111,
Food For Thought.
Trade NY Session only
No overnight trades.
No after 11am Friday trades
cpfleger
  • #2,786
  • Feb 6, 2023 9:33am Feb 6, 2023 9:33am
Quoting cpfleger
josh1111, Food For Thought. Trade NY Session only No overnight trades. No after 11am Friday trades cpfleger
And shoot for a 5 pip TP. Get in, and get out. You can make a living with 5 pips.
  • #2,787
  • Feb 6, 2023 9:41am Feb 6, 2023 9:41am
Quoting cpfleger
josh1111, Food For Thought. Trade NY Session only No overnight trades. No after 11am Friday trades cpfleger
That is what I shoot for but it doesn't always work out. I trade NY 6-12PST so I skip the first and last hours as per KOF's advice.
Maybe I should just kill all trades losing or not before NY is up?
With this prop firm I can't hold trades over the weekend either.
  • #2,788
  • Feb 6, 2023 9:52am Feb 6, 2023 9:52am
josh1111,
Dont kill them, try and open earlier and close earlier.
It sounds easy but work the week, Tuesday to Thursdays are the volume days and Monday and Fridays are the emotional days due to coming from the weekend and going into the weekend.
Sort of like when do you buy a car from the Factory, which day of the week - Wednesday - stable human factory.
cpfleger
  • #2,789
  • Feb 6, 2023 10:39am Feb 6, 2023 10:39am
Another good day for you cpfleger well done buddy.

just checking in and catching up with days posts. its back to reality of running a business for me today so no trades taken, but well done everyone.
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #2,790
  • Feb 6, 2023 11:04am Feb 6, 2023 11:04am
Seabreeze,
Thanks matey, damn I just chipped a tooth, ohhh damn that was a gold nugget, arhhhhhhhhhh.
cpfleger
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  • #2,791
  • Feb 6, 2023 11:17am Feb 6, 2023 11:17am
Watching AU
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  • #2,792
  • Feb 6, 2023 11:22am Feb 6, 2023 11:22am
Quoting cpfleger
Seabreeze, Thanks matey, damn I just chipped a tooth, ohhh damn that was a gold nugget, arhhhhhhhhhh. cpfleger {image}
I am doing my training on simulator and I try to compare result with yours.(I can only simulate 1 week later) U dont start trading today from 1:30PM?
  • #2,793
  • Feb 6, 2023 11:40am Feb 6, 2023 11:40am
Quoting cpfleger
Seabreeze, Thanks matey, damn I just chipped a tooth, ohhh damn that was a gold nugget, arhhhhhhhhhh. cpfleger {image}
Sweet!
Hard trying to keep up with you old man!
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  • #2,794
  • Feb 6, 2023 11:42am Feb 6, 2023 11:42am
AU cash
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  • #2,795
  • Feb 6, 2023 9:44pm Feb 6, 2023 9:44pm
Quoting josh1111
{quote} That is what I shoot for but it doesn't always work out. I trade NY 6-12PST so I skip the first and last hours as per KOF's advice. Maybe I should just kill all trades losing or not before NY is up? With this prop firm I can't hold trades over the weekend either.
hey josh, its all about YOUR risk management plan. does it allow for overnight trades? if not, why allow them? - not many here here like to discuss RISK management, their drawdowns and losses or find it boring, i find it fascinating and it's my primary focus when trading live with hard earned CASH - as most successful traders do, especially when dealing with a very high risk high reward strategy

ask yourself and look deep inside for an answer, what drives the execution of your risk management plan? - is it fear, greed, or OBJECTIVE analysis? once you understand what it is, then you will get better at it, best of luck with your challenge!

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thanks again darwati!
every minute matters!
  • #2,796
  • Feb 6, 2023 9:55pm Feb 6, 2023 9:55pm
Can someone explain how to use Buyers/Sellers indicator? What number to look for? Positive, negative? Thank you.
  • #2,797
  • Feb 6, 2023 10:17pm Feb 6, 2023 10:17pm
Nice little oil trade before work.
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Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #2,798
  • Feb 6, 2023 10:39pm Feb 6, 2023 10:39pm
the best way to manage risk is to time your entries to perfection where possible, catching the top or bottom of every move vastly improves risk management, it allows you to exit a trade as quickly as possible, its all about reading the price action, late entries will always add unnecessary risk to manage

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every minute matters!
  • #2,799
  • Feb 6, 2023 11:28pm Feb 6, 2023 11:28pm
Quoting josh1111
pulled trigger on CJ {image}
risk management is fluid, not fixed, it changes every candle, when your target moves, you need to follow it, sometimes its a matter of millimeters and milliseconds, you must be precise, its the details that matter, to avoid a major drawdown

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every minute matters!
  • #2,800
  • Feb 7, 2023 12:14am Feb 7, 2023 12:14am
Hi all!

I am new to scalping and I find mean-reversion strategy really interesting.
Have been following this tread for some time and tried out cpfleger's templates.
But I always got caught out by the breakout and lose as a result.
Really need to work on my entry point. Can some one care to explain my entry point? Did I made a mistake ?
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