Menu
Sister Sites

Options

Bookmark Thread

First Page First Unread Last Page Last Post

Print Thread

Similar Threads

Trying scalping with a 1000 bucks - Scalping is expensive! 39 replies

strategy builder/tester for new scalping strategy 1 reply

1M & 5M Scalping System (Scalping Paradise) 21 replies

Reversals vs. CounterTrend Trade 28 replies

CounterTrend Trading 58 replies

Attachments: M1 Countertrend Scalping Strategy
Exit Attachments

M1 Countertrend Scalping Strategy

Had a few moments before a meeting and watched this set up.
Quite a bit of news about today so trade well.
Attached Image (click to enlarge)
Click to Enlarge Name: USDCADM1q.png Size: 17 KB
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
Gents,
We make trading too hard and complicated, The Market is simple in design - up or down, red or green..... without any inputs from YOU.
So why do you have more Indicators? Why do you need more confirmations? The majority of trading techniques shown in YouTube or other sources are wrong.
Is walking hard? Is football kicking hard? Is arithmetic hard? Is breathing hard?
Simplicity and learn the Process.
Attached Image (click to enlarge)
Click to Enlarge Name: KoF.jpg Size: 360 KB
Retail Trader Partnership with The Market
The Market makes the money - The Trader reduces his / her losses (he who controls the losses wins).
Your role is to become a Process Master which no different than - A Football Master / A Karate Expert / The Best Boxer.
Do any of these Masters think about the Money during the activity / sport / task ??? NO SIR.
QUIT chasing the Money - Process Masters Only.
The Market talks every minute - You have 2 ears, 1 mouth but do YOU Listen which is the most important part of communications.
Use the Indicators as their purpose is to - what? INDICATE and not make decisions, thats YOUR role.
Attached Image (click to enlarge)
Click to Enlarge Name: KoF.jpg Size: 293 KB
Sir but I want more money - you will not get it dude.... not here.
But I see Lambo's on YouTube, fabrication and crapola son.
Sir, it must be easy as loads of people are doing it.... No Sir, they are fabricating stories to grab your hard earned money from your day job.
If it was easy, there would be NO MARKET, it was designed by the Banks to rob your stop losses, watch you make mistakes and call you Dumb Money.
STOP IT....
Your a Process Master and your mission is to drain the wealthy Banks...

Adios Amigo's
Have a great weekend.
Very good colleagues, I would like to tell you about my idea, my main problem when operating KOF is the dd and sometimes stacking many operations...so it occurred to me to add an adx with level 50 and only start taking inputs when the strength of the trend touches that level, it's just an idea, what do you think? yes it is true that we will have very few entries but I think they will be better
Attached Image (click to enlarge)
Click to Enlarge Name: Sin título.png Size: 38 KB
Quoting cpfleger
Gents, We make trading too hard and complicated, The Market is simple in design - up or down, red or green..... without any inputs from YOU. So why do you have more Indicators? Why do you need more confirmations? The majority of trading techniques shown in YouTube or other sources are wrong. Is walking hard? Is football kicking hard? Is arithmetic hard? Is breathing hard? Simplicity and learn the Process. {image}
Added to my daily Cliffnotes.
javipenjamo,
I guess you did not read my messages today.

So, due to the factoid I have watched all of KoF's video's over and over - he clearly states that only open one trade position with a small lot size until you build your account balance up enough to enable negative cost averaging which no one here seems to grasp lately. You cannot add until you learn the Process of The Market.

So as I have said for over 2 years since I learned from KoF, I use a small lot size and I can handle the DD even on my wife's very small balance account and then I use positive cost averaging when in profit, Why incur Stress.... I actually think majority of retail traders love stress and strain, I hate it.

The ADX Indicator is a good indicator but it fails at lower TF's (1 to 15M) and there is no real scalping as the ADX delays / lags.

Reduce the need for Indicators, 2 colors, 2 arrows, 2 supply / demand boxes and learn. The basic foundation for scalping.

2 Colors and 3 Candles is your goal... simple.
Final Friday Food For Thought..
Attached Image (click to enlarge)
Click to Enlarge Name: KoF.jpg Size: 302 KB
The Challenge......................
Attached Image (click to enlarge)
Click to Enlarge Name: KoF.jpg Size: 298 KB
The 3 90's....

90% of Retails Traders loose 90% of their live account money within 90 Days....

How many traders talk past a week.... much less 90 plus days later.... zero sir.

Control your losses and learn the Market Process.
Okay, Here's the score card for Day 5 of testing.
All testing conditions are same as the previous days.

  1. Mainly traded Gold, The Yen for the day with a few pips from other pairs.
  2. Most success came from GOLD and had a tough trend on gold as well. ( gold was really volatile today...)
  3. Due to the higher lot sizes I initiated with (0.05/0.06 only at Major SupDem zones on higher TFs and lower lot sizes of 0.01/0.02 were used in averaging) the tough trend caused me to have a Floating Loss of about 25% of my account at one point which is the highest floating DD I've had while averaging.
  4. Exited with profits but I've decided to reduce lot sizes back to a maximum of 0.02/0.03 , the pressure during the DD is not worth the trouble and in the longer term higher lot sizes with this small an account is definitely not sustainable as one wrong move will wipe it out. (Plus, if I ever do go live with this, I am gonna be using a small account anyway, so gonna work more on my accuracy which fell to 77% today .)


Finishing up for the week. SEE YA NEXT WEEK!!!

Attached Image (click to enlarge)
Click to Enlarge Name: 24-03-2023.jpg Size: 182 KB
Quoting Chucun
{quote} Hey UKsoundz, I've been thinking about getting magic keys. What are your thoughts?
An absolute game changer for me. Just the ability to set a percentage risk (if using stops) and the ability to set an auto break even point and split your take profit targets.

I only got the on screen version not the hardware version, but do love it.
Quoting cpfleger
Gents, We make trading too hard and complicated, The Market is simple in design - up or down, red or green..... without any inputs from YOU. So why do you have more Indicators? Why do you need more confirmations? The majority of trading techniques shown in YouTube or other sources are wrong. Is walking hard? Is football kicking hard? Is arithmetic hard? Is breathing hard? Simplicity and learn the Process. {image}
Are you no longer using the Volume indicator, I'm using and having success with the EMA Strategy V3, is that not what you use now?
Quoting cpfleger
Final Friday Food For Thought.. {image}

So just to clarify that I understand the entry technique.

1/ Red arrow
2/ Price moves away from supply Box
3/ Price crosses EMA
4/ Red candle closes with flat top (no double wick )
5/ Enter trade.

Opposite for Buy entry.
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
Seabreeze,
Correct, too simple isn't it... The Market is simple, it goes up or down, no such thing as sideways, every candle has a different high and a low, Humans make it hard.
If wanted, SL at the HH or LL but the target is the 3rd candle - somewhere on the 3rd candle because all we want is 95% winning trades and then profit will follow.
cpfleger
The Challenge.... The Power of 2's.
Attached Image (click to enlarge)
Click to Enlarge Name: KoF.jpg Size: 299 KB
Quoting cpfleger
Seabreeze, Correct, too simple isn't it... The Market is simple, it goes up or down, no such thing as sideways, every candle has a different high and a low, Humans make it hard. If wanted, SL at the HH or LL but the target is the 3rd candle - somewhere on the 3rd candle because all we want is 95% winning trades and then profit will follow. cpfleger
If you have a daily candle, how many minute candles are not changing the high or low? How many candle for sure drive the daily candle higher or lower. Market is simple, market have also sideway movement, all depends of the view.
Market is more simple as you think.
MichaelSch,
Show me 2 consecutive Daily Candles with the same HH and LL and I will believe you.... wick to wick my man, sideways is a Human Term.
cpfleger
Quoting cpfleger
The Challenge.... The Power of 2's. {image}
Something like this. A tad late getting in maybe
Attached Image (click to enlarge)
Click to Enlarge Name: XAUUSDM1aa.png Size: 24 KB
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
28 traders viewing now, 9 are members:
karan303
,
gerryjam
,
nonibadsha
,
fxfactor
,
hokcoy
,
zafar1988
,
BlackCap
,
josh1111
,
kwekugrind1