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M1 Countertrend Scalping Strategy

  • #5,701
  • May 22, 2023 7:45pm May 22, 2023 7:45pm
Quoting Donny3rd
{quote} I agree with this. I can average down, but don't really pyramid up (or vise versa average up/pyramid down for sells). I'll try to make break even closer by averaging. Pyramiding just seems to create more drawdown if it starts going against you.
By doing that, are you not risking your equity? What happens if the market does not respect your emotions and goes 300/400 pips against you? You will blow your account. This seems to me a very risky approach until you know if it is safe to pyramid or close with some loss and go with the trend.

Regards!!
The best traders hone their skills through practice and discipline.
  • #5,702
  • May 22, 2023 8:03pm May 22, 2023 8:03pm
Calibrating the old mouse finger....
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  • #5,703
  • Edited 8:18pm May 22, 2023 8:06pm | Edited 8:18pm
Quoting ross.d
{quote} By doing that, are you not risking your equity? What happens if the market does not respect your emotions and goes 300/400 pips against you? You will blow your account. This seems to me a very risky approach until you know if it is safe to pyramid or close with some loss and go with the trend. Regards!!
I have a mental exit of say about 10% balance loss. Once I'm in the red for 10% on a given pair I close out. Haven't come close to that yet even with some over night trade and TP in place.

It's part of this method. Detailed all the way on post 1 and many more after that. It actually protects better than a SL on the smaller, volatile timeframes.

[EDIT:] LOL the market never respects my emotions! It's abusive like that. I'm kidding, but I'm fully aware the market cares not for anyone and their emotions. If that's what it seems like I'm doing, trading based on emotions, I'm not sure what evidence was given for that other than a self admitted greed comment a few weeks back, but perhaps it was a bit of projection on your part? Not flaming, just trying to be constructive.
  • #5,704
  • Edited 10:54pm May 22, 2023 8:10pm | Edited 10:54pm
This is where I should and would have entered if my fingers weren't so heavy. LOL
Blue arrows showing: (lower arrow) RSI cross and proper matching color on both histogram and RSI. (upper arrow) no-wick candle on proper side of LWMA, matching color LWMA and candle.

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It still panned out well. I tried to hit it at 5 pips as ask price was between 35 and 50 EMAs. When I closed out it scooted up 3 points, then slammed down further. 4.7 pips it is!
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  • #5,705
  • May 22, 2023 8:26pm May 22, 2023 8:26pm
Quoting Donny3rd
{quote} I have a mental exit of say about 10% balance loss. Once I'm in the red for 10% on a given pair I close out. Haven't come close to that yet even with some over night trade and TP in place. It's part of this method. Detailed all the way on post 1 and many more after that. It actually protects better than a SL on the smaller, volatile timeframes. [EDIT:] LOL the market never respects my emotions! It's abusive like that. I'm kidding, but I'm fully aware the market cares not for anyone and their emotions. If that's what it seems like I'm doing,...
This seems to me promising! But 10% is still huge, isn't it?
The best traders hone their skills through practice and discipline.
  • #5,706
  • May 22, 2023 8:33pm May 22, 2023 8:33pm
Most I've read have a mental 30% of account SL. That's too much risk for me. I'd hate to have to climb my equity back up knowing I'd let it go that far on a single setup. I'm ok with 10%. To each their own. Not to sound confrontational, but this is all detailed earlier in this thread by the likes of cpfleger, Abade and others. I know you've been subscribed to this thread since a month after it was started, and I've seen you interact in here a bunch. Strange you don't recall the averaging down tactic nor the 30% soft SL others have discussed. But it's all here my friend.
  • #5,707
  • May 22, 2023 9:07pm May 22, 2023 9:07pm
Some more dollars for the piggy bank...
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  • #5,708
  • May 22, 2023 10:48pm May 22, 2023 10:48pm
Well that was fun if not a bit chaotic. Just managed 3 setup consisting of 4 trade at the same time! That's a new one for me. Let me tell you the story with pictures.

GBPUSD was setting up again nicely. Took a buy:
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About 2 and a half minutes later I bought GBPUSD again to average down a little. I was watching two other pairs setup at the time as well:
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USDJPY and EURJPY seem to have close correlations and made good setups. I took a sell on each within 2 seconds of each other:
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Price action was slowing on the JPY pairs so I exited EURJPY at 20 EMA bid touch for 4.6pips. It eventually hit the 35 EMA 20 minutes later but then shot upwards from there. I'm ok with this:
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5 minutes later to the second I closed out USDJPY at 20 EMA touch for 6.7 pips. Half a minute later it went to the 35 EMA too and then up from there. Again, very cool with my result:
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Then, 17 seconds later, I closed both GBPUSD buy positions when the bid price was between the 20 and 35 EMA. Price had meandered on this pair for over 35 minutes and I was tired of it lol. It then proceeded to touch the 200 EMA about 12 minutes later. LOL. This has been such good practice to lock in profits and not care about fomo or greed. 1.1 and 3.5 pips profit:
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I'm very very please with today. Won 7 out of 7 trades over 6 setups for a total daily profit of 29.3 pips! Very stoked. However, I'm not so sure I'm going to juggle 3 pairs with 4 trades amongst them at the same time again lol. Was exciting but also a bit hairy. They all culminated pretty close to each other.

That's it for today.
  • #5,709
  • May 22, 2023 11:12pm May 22, 2023 11:12pm
Donny, your chances for long term success are reduced by spread. This system let you expect profits from 3to6 pips per trade and your spread is 1.5-1.9 pips . It is dangerous for system expectency. Try to find different broker or change trading hours. I mean GU only during London and NY session. Yen pairs during Tokyo sessions .
  • #5,710
  • May 23, 2023 12:09am May 23, 2023 12:09am
Quoting Donny3rd
Most I've read have a mental 30% of account SL. That's too much risk for me. I'd hate to have to climb my equity back up knowing I'd let it go that far on a single setup. I'm ok with 10%. To each their own. Not to sound confrontational, but this is all detailed earlier in this thread by the likes of cpfleger, Abade and others. I know you've been subscribed to this thread since a month after it was started, and I've seen you interact in here a bunch. Strange you don't recall the averaging down tactic nor the 30% soft SL others have discussed. But...
Maybe I missed a lot of this my friend, as I was out on vacation for approximately 1 and a half months. To be honest, I didn't read all the posts from the past. If this is calibrated in this thread, let's keep it that way.

Apparently, I am not confident with the Heiken Ashi Candles, so I look for the S/R created by the candles itself, and by that was, I am able to mitigate the losses and earn big. So my losses never cross 1% or 2%.
The best traders hone their skills through practice and discipline.
  • #5,711
  • May 23, 2023 12:38am May 23, 2023 12:38am
Quoting Donny3rd
However, I'm not so sure I'm going to juggle 3 pairs with 4 trades amongst them at the same time again lol. Was exciting but also a bit hairy. They all culminated pretty close to each other.
hey donny, your doing very well, and i highly recommend you listen to your own advice about juggling multiple pairs if you are going to use cost averaging, it is highly recommended to stick with one pair at a time if you are chasing maximum reward relative your account size, keep it up and best of luck mate!

regarding maximum drawdown losses - one mans 10% drawdown is another mans 1% drawdown when chasing the same reward, its all about proper money management in the event you face the worst case scenarios due to risk management failure, that's why the development of both management skills are essential when planning the next successful trade...
every minute matters!
  • #5,712
  • May 23, 2023 6:49am May 23, 2023 6:49am
Waiting game....
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  • #5,713
  • May 23, 2023 7:07am May 23, 2023 7:07am
Quoting cpfleger
Waiting game.... {image}
m5 to H1 playground
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  • #5,714
  • May 23, 2023 7:12am May 23, 2023 7:12am
xinitial,
Your learning a new technique that most traders are not aware of as they have been taught by Trainers or Brokers using higher TF's and then lower TF's...
Its amaxing when you work 1M to 1 Hour TF's....
cpfleger
  • #5,715
  • May 23, 2023 7:14am May 23, 2023 7:14am
Shooting for 50 Pips to continue the journey...
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  • #5,716
  • May 23, 2023 7:17am May 23, 2023 7:17am
Quoting cpfleger
xinitial, Your learning a new technique that most traders are not aware of as they have been taught by Trainers or Brokers using higher TF's and then lower TF's... Its amaxing when you work 1M to 1 Hour TF's.... cpfleger
While studying your system, I accidentally realized that a trend or counter trend started on a small time frame. I avoid m1, because I'm not comfortable with the spreads.

xinitial
  • #5,717
  • May 23, 2023 7:25am May 23, 2023 7:25am
xinitial,
You are earning your reward points.
cpfleger
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  • #5,718
  • May 23, 2023 7:30am May 23, 2023 7:30am
Performance is Profits....
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  • #5,719
  • May 23, 2023 7:34am May 23, 2023 7:34am
Trading is done for the day.
Project time.
Laters.
cpfleger
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  • #5,720
  • May 23, 2023 11:02am May 23, 2023 11:02am
cpfleger,

At least please share the black dotted PSAR setting which you mentioned in post # 5672.

Thanks,
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