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M1 Countertrend Scalping Strategy

  • #5,721
  • May 23, 2023 11:33am May 23, 2023 11:33am
what is happening here..
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  • #5,722
  • May 23, 2023 11:33am May 23, 2023 11:33am
Overlooked pairs that chop nicely (H1 timeframe):

AUDCAD:

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EURGBP:
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NZDCHF (CHF pairs in general):

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Aim for the 9,20 and 50 EMAs.
  • #5,723
  • May 23, 2023 11:43am May 23, 2023 11:43am
Quoting wahajshera79
what is happening here.. {image}
1) What's your current balance? You are most probably overleveraging.

2) Price will always whipsaw/chop, it doesn't matter how many indicators are plotted on the chart.

If you count the HA candles you may notice that downmoves are taking about 5-6 bars, so your entry/exit points are way out of sync with current market conditions.
  • #5,724
  • May 23, 2023 11:58am May 23, 2023 11:58am
Quoting Abade
{quote} 1) What's your current balance? You are most probably overleveraging. 2) Price will always whipsaw/chop, it doesn't matter how many indicators are plotted on the chart. If you count the HA candles you may notice that downmoves are taking about 5-6 bars, so your entry/exit points are way out of sync with current market conditions.
Abade,

Don't worry, it's a demo account..

Ohh, it means that I opened positions very late. I'm just a beginner in forex so please ignore my stupidity.

Thanks Abade,
  • #5,725
  • May 23, 2023 12:15pm May 23, 2023 12:15pm
Quoting wahajshera79
{quote} Abade, Don't worry, it's a demo account.. Ohh, it means that I opened positions very late. I'm just a beginner in forex so please ignore my stupidity. Thanks Abade,
Yes my friend! PSAR made you open the trade a bit too late.

You may also notice that price picked a different support to bounce off than the one you were targeting:

Attached Image (click to enlarge)
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You should create a journal with all your trades and take notes on price action and trade execution, it really helps!
  • #5,726
  • Edited 2:07pm May 23, 2023 1:19pm | Edited 2:07pm
Quoting wahajshera79
what is happening here.. {image}
It doesn't matter if it is live or demo account . As you said you are beginer so you should work hard on right habits. If you haven't forgotten to put TP why have forgotten to put SL also ?
  • #5,727
  • May 23, 2023 3:56pm May 23, 2023 3:56pm
wahajshera79,
Basically your last reply is correct - late entry.
You had a Red Arrow, red Resistance Box and a Gann MA Line with a red HA Candle telling you to sell but you did not open on the first two candles as the system states. SAR Dots are directional bias only and not entry if you had followed this system rules over the last few months.
cpfleger
  • #5,728
  • May 23, 2023 4:11pm May 23, 2023 4:11pm
Sure wish you would label your templates so we know which one we are looking at.
  • #5,729
  • May 23, 2023 4:42pm May 23, 2023 4:42pm
rcbarlow,
If you review the attached screenprint from an earlier post, the PSAR was added to help josh1111 but did not change the template structure as I have made various templates since January 23 to help people if they decide to use them. All templates are good but every trader is an individual and has the right to tweak or use earlier templates or indicators as various people have done within this Forum, just look at Abade's screenprints, choice is here. Nothing is perfect including us humans.

Its only a system (toolbox) but the Holy Grail is the Trader.
cpfleger
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  • #5,730
  • May 23, 2023 6:35pm May 23, 2023 6:35pm
Quoting cpfleger
xinitial, You are earning your reward points. cpfleger {image}
I'm still learning, and hopefully one day can rock the market with you.

xinitial
  • #5,731
  • May 23, 2023 6:51pm May 23, 2023 6:51pm
Intuition trading using the 9 EMA (not always this accurate):

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Later I will reveal/share a mechanical variation of the classic KoF system and a few examples.
  • #5,732
  • May 23, 2023 8:36pm May 23, 2023 8:36pm
Quoting cpfleger
rcbarlow, If you review the attached screenprint from an earlier post, the PSAR was added to help josh1111 but did not change the template structure as I have made various templates since January 23 to help people if they decide to use them. All templates are good but every trader is an individual and has the right to tweak or use earlier templates or indicators as various people have done within this Forum, just look at Abade's screenprints, choice is here. Nothing is perfect including us humans. Its only a system (toolbox) but the Holy Grail is...
Thank you but that still does not tell me which template it is or what the psaR settings are.
  • #5,733
  • May 23, 2023 9:18pm May 23, 2023 9:18pm
rcbarlow,
I guess you do not recall reading the previous posts about PSAR Template and your comments... Download it and try it this time.
MMmmmm.
cpfleger
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  • #5,734
  • May 23, 2023 9:19pm May 23, 2023 9:19pm
Quoting rcbarlow
{quote} Thank you but that still does not tell me which template it is or what the psaR settings are.
perhaps if you do your research and learn how the indie works is a better option
people leave, but this thread will go on for ever
  • #5,735
  • May 23, 2023 9:24pm May 23, 2023 9:24pm
Quoting cpfleger
rcbarlow, I guess you do not recall reading the previous posts about PSAR Template and your comments... Download it and try it this time. MMmmmm. cpfleger {image}
yes it does show us how many can read mate
people leave, but this thread will go on for ever
  • #5,736
  • May 24, 2023 5:23am May 24, 2023 5:23am
Mhhhh..... A very long green line/box down there...
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  • #5,737
  • May 24, 2023 5:50am May 24, 2023 5:50am
xinitial,
Think reversal / countertrend is heading your way BUT expect a mini pullback before the actual reversal...
Wait for the RSI to converge in the same color / green.
cpfleger
  • #5,738
  • May 24, 2023 5:53am May 24, 2023 5:53am
Quoting cpfleger
xinitial, Think reversal / countertrend is heading your way BUT expect a mini pullback before the actual reversal... Wait for the RSI to converge in the same color / green. cpfleger
Playground... M1 to M5
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  • #5,739
  • May 24, 2023 5:56am May 24, 2023 5:56am
Hey Abade and cpfleger,

Thanks for sharing the method.

Why not make an EA for the method something like this:

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Just a thought, initial idea.
  • #5,740
  • May 24, 2023 6:03am May 24, 2023 6:03am
Ronin,
We had a chap make an EA over a month ago and it disappeared, so we will try another version if ready.
But if we follow the original KoF EMA Strategy it would be hard to make an effective EA especially on the 1M TF BUT we can be proven wrong anytime.
A challenge for you young man.
cpfleger
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