M1 Countertrend Scalping Strategy

mario777,

I answered your Broker question to another person above and over 13 hours ago, please read the above Posts.

KoF Video's as stated at the very beginning over 2 years ago, are for educational purposes and his Shorts will show higher Lot sizes but the purpose is to educate retail traders about countertrend scalping, cost averaging which is why is lot size stays the same during a trade and not chase the profit but follow the scalping process.

It pays to watch and learn his video's and I have personally watched all of them over 3 times in last 2 years as they motivate me. Which is why I have upgraded his strategy into my systems V1 to V5 as I pick up more golden nuggets each time I watch and learn.
cpfleger

Patience is the real secret sauce to Forex Trading - even on the 1 Hour TF, it pays well.

Here's 2 scripts I wrote when I was trading last week. I use them to set a collective break-even, trailing stoploss and a takeprofit. Together with the Averaging Breakeven lines indicator, I know the cash value of those levels. Either macro the scripts to hotkeys or drop them onto a chart. Then key in the price level you want to set them to. You can also use them to remove SL & TP of all orders by leaving the input to 0.

Averaging Breakeven Indicator

Are you collecting coins today ????
Thank you for allowing me to be a winner again.
cpfleger

I simply love my Sunday hobby of collecting coins from the Market....

Some more coins...

Pretty boring this morning. I only took 4 pips from EJ

first day with a small account applying the proven

javipenjamo,
excellent, just go slow and steady.
cpfleger

Slow saclping on the 1 HR TF...

Catching some slow Pips...

these are beautiful

this is the work of the last 5 days. I still have to improve

Danielesse87,
good trades and report.
cpfleger

Adding to my weekend profits...

This is how my day goes today, with patience, enjoying and learning little by little, gaining experience

javipenjamo,
excellent trades and report.
cpfleger

Scalping is soooo fun.

Thanks for sharing my friend!

How are you doing with the system?

I've been messing around with other systems - both indicator-based and price action - and achieved a negative expectancy. In fact, the losses piled on quickly due to use of stoploss. Whenever I revert back to this system with averaging, albeit with my own tweaks, I make money. The drawdown can be a bit uncomfortable but it's no different than taking multiple losses in succession.

I now do both trend and counter-trend trading using Supply & Demand from higher TFs with riskier lot sizes - 0.1 lots per $1000. Drawdown can get uncomfortable. I hit -$300 (-30%) last week but price reversed after hitting a significant supply zone on the EURUSD and fell nicely, profiting me $500 (+50%). I shoot for the 20 and 100ema as initial targets and once they are achieved, i start to aggressively trail using my ModifySL script. I will set a TP at a higher TF (15m-1H) POI using my Modify TP script.

I've accepted using margin call as my ultimate stoploss. As long as i can flip my account before that happens, then it's all good. If I manage to make $2000 profit and withdraw it, then even if my $1000 account goes bust, i still made 100% profit. Risky. It's not for everybody. You can try with a $100 account and 0.01 lots and see if you can stomach it.

I'm familiar with SMC and S&D but I'm now actively drawing zones on M1 and M5 to see how price reacts in order to make quick scalps. Here's a screenshot of a shitty series on trades in progress now. Zones are all manually drawn using Drawing Toolbox from Jagg (https://www.forexfactory.com/thread/...6#post14111196). Rectangle alert is Alerter4U (https://www.forexfactory.com/thread/...85#post1101688). If anyone needs help setting them up, let me know and i'll explain. There's some peculiarities in order to use them properly.

Another 3 useful indicators.
OHLC Magnet
Snaps lines and rectangles to OHLC of candles. Useful for drawing accurate S&R and S&D.

Quick Style
Change colours of lines and shapes by opening a toolbox window by pressing SHIFT key.

FXSSI Calendar
News calendar that display vertical lines of past and upcoming news events. You can click the lines and know what event it is.