Trading is done for the day...
I hop someone else won some good trades today.
Laters.
cpfleger
I hop someone else won some good trades today.
Laters.
cpfleger
5
M1 Countertrend Scalping Strategy
- #5,803
- May 25, 2023 9:40am May 25, 2023 9:40am
You have a good thing going on here. I love outside-the-box trade management and scalping but never quite put it together 
. Mind if a scalping rookie joins the thread? I'll be picking it up from the start 
. Mind if a scalping rookie joins the thread? I'll be picking it up from the start 
- #5,805
- May 25, 2023 10:33am May 25, 2023 10:33am
- Joined Dec 2022 | Status: Trader | 3,259 Posts
welcome KoF fans!!!
every minute matters!
Target was been made! Im trying to be steady as possible , just a few days to end of the month. im using the rules of the first post, Thank you @Abade and @cpfleger For years i been strugling with FX maybe this is the way that fits me! {image} {image}
Sadly, I missed a lot of the action in GBPJPY M1:
Be welcome to the thread @Rfs199, @Ronin, @sonicvista12 and all new traders.
- #5,807
- Edited 3:32pm May 25, 2023 2:40pm | Edited 3:32pm
XAUUSD, price was bouncing off between the 20 and 50 zones, so I used it as target.
Also took a breakout trade because there is a tasty support below (not shown in the screenprint):
Edit 1: My guts told me to buy again, so I did:
In hindsight I could've trailed the breakout trade all the way down to tasty support.
Edit 2: Tried a pullback setup, but volume is drying up and spread is widening, also thought that price was reversing, so I got out ASAP with a small profit:
Edit 3: I heard "sell me @Abade", and couldn't resist to do one more:
Aimed at most recent support and EMAs.
Also took a breakout trade because there is a tasty support below (not shown in the screenprint):
Edit 1: My guts told me to buy again, so I did:
In hindsight I could've trailed the breakout trade all the way down to tasty support.
Edit 2: Tried a pullback setup, but volume is drying up and spread is widening, also thought that price was reversing, so I got out ASAP with a small profit:
Edit 3: I heard "sell me @Abade", and couldn't resist to do one more:
Aimed at most recent support and EMAs.
{quote} Excellent performance @Zidro, nice and steady. Sadly, I missed a lot of the action in GBPJPY M1: {image} Be welcome to the thread @Rfs199, @Ronin, @sonicvista12 and all new traders.
I will post some charts when I have traded using this system, but for now I'm still learning it, going through everyone's contributions, picking up a lot.
One early observation is just how much movement there is on a M1 chart, even during Asia session which is known for its 'accumulation' status (I live in Australia) and have long been frustrated waiting for LDN & NY to inject volatility into price action - HTFs.
My background using these EMAs was to trade trend continuation, from accumulation outwards towards a swing level.... so it's taking a bit of neural plasticity to think the opposite
We don't see things as they are - we see things as we are.
- #5,810
- Edited 10:56pm May 25, 2023 8:16pm | Edited 10:56pm
First setup of the day in the books.
Took a sell buy on USDJPY. Might have been a tad bit early:
I should have zoomed out as it was setting up to see the support/demand box underneath. Price tends to gravitate to the long standing support/demand and resistance/supply zones. If I saw it earlier I would have waited. But took another buy when I saw price reacting to the lower, older zone:
Price flirted with the zone for a moment then shot past the 50 EMA and printed a ZZ number so I jumped out of both positions. Got 3.1 and 8.8 pips for total of 11.9 pips on this setup! Took screenshot a bit later than when I exited as I was talking on the phone as I hit exit:
Someone earlier said my spread will lead to ruin. My performance is showing different I think (I know who it was, I'm just being playful and cheeky).
Took a sell buy on USDJPY. Might have been a tad bit early:
I should have zoomed out as it was setting up to see the support/demand box underneath. Price tends to gravitate to the long standing support/demand and resistance/supply zones. If I saw it earlier I would have waited. But took another buy when I saw price reacting to the lower, older zone:
Price flirted with the zone for a moment then shot past the 50 EMA and printed a ZZ number so I jumped out of both positions. Got 3.1 and 8.8 pips for total of 11.9 pips on this setup! Took screenshot a bit later than when I exited as I was talking on the phone as I hit exit:
Someone earlier said my spread will lead to ruin. My performance is showing different I think (I know who it was, I'm just being playful and cheeky).
First setup of the day in the book. Took a sell buy on USDJPY. Might have been a tad bit early: {image} I should have zoomed out as it was setting up to see the support/demand box underneath. Price tends to gravitate to the long standing support/demand and resistance/supply zones. If I saw it earlier I would have wait. But took another buy when I saw price reacting to the lower, older zone: {image} Price flirted with the zone for a moment then shot past the 50 EMA and printed a ZZ number so I jumped out of both positions. Got 3.1 and 8.8 pips for...
Spreads can affect the overall performance and P/L outcome, but won't take away your trading edge/profitability by itself.
I took a few cheeky trades with high spreads:
NZDCHF. Note that the spread looks HUGE in the M1, but you can still make profits if you get in early:
CADJPY, always doing weird stuff:
EURAUD. One of the scariest instruments to trade because it likes tough trends (spread and depth is nice though):
EURUSD, catched a very nice spike:
Performance report for the session:
Profitable for the day with a few sloppy entries and exits because I get distracted very easily.
- #5,814
- May 25, 2023 10:36pm May 25, 2023 10:36pm
{quote} Excellent trades and note-taking my friend! Spreads can affect the overall performance and P/L outcome, but won't take away your trading edge/profitability by itself. EURUSD, catched a very nice spike:
Today's theme seemed to be meandering price, threatening to go opposite so I get out at a goal when it slowly comes back around, and then it moves past that right after. But I'll take the profits and not fret!
Took a sell on GBPUSD:
I couldn't resist this really pretty setup on AUDUSD. Was figuring it was a break past 200 EMA and will either break back under or at least test if it really was a break. So I hit sell:
GBPUSD decided it wanted to hang out and loiter above my entry so I wrote it another sell ticket:
This isn't juggling! It's only 2 pairs!
Anyway, GBPUSD finally got it's act together and touched the 20 EMA. I planned on jumping out here as previous action showed only touches of the 20. I guess I'm like Abade and must have gotten distracted. Last I looked, price got near the 20 but moved back up. I looked again a couple minutes later and it touched the 20 but was above it almost at my initial entry. I thought if it gets back to the 20 I'll hop out for sure as that'll be 4 pips total. It shot down. I hit that exit 'x' fast twice when I saw it at 1 and 3 pips profit respectively. When I hit print screen I noticed I got 1.2 and 3.2 pips for a total of 4.4 pips! NICE! (it ended up going to the 50 EMA. Oh well, LOL):
For the AUDUSD exit, I must have gotten distracted again as it went past the 20 EMA AND printed a ZZ number but I missed it.
So when it returned to that ZZ area I jumped out at a cool 3 pips profit. It too went to it's 50 EMA but not much further. Cool Beans:
That's it for today and wraps up week 4 of KoF V3 by cpfleger. Here's the report so far:
{quote} Thanks Abade! That EURUSD entry is sweeeeeeeeeeeet! Today's theme seemed to be meandering price, threatening to go opposite so I get out at a goal when it slowly comes back around, and then it moves past that right after. But I'll take the profits and not fret! Took a sell on GBPUSD: {image} I couldn't resist this really pretty setup on AUDUSD. Was figuring it was a break past 200 EMA and will either break back under or at least test if it really was a break. So I hit sell: {image} GBPUSD decided it wanted to hang out and loiter above my...
I believe juggling isn't that bad as long as the pairs we are trading are not correlated and we don't miss any good re-entries/exits.
{quote} Thanks for the welcome Abade, I see you and the others are highly skilled at discretionary price action trading, which is my first passion about trading - reading charts and the narrative behind the price changes, rather than discuss (at length) whether price is HTF trending, countertrending, aiming for HTF liquidity, all of that HTF analysis, if you know what I mean... I prefer to get into the charts and read the price action as it is right there in front of me, here & now. I will post some charts when I have traded using this system, but...
Your past knowledge/experience is still very relevant as the "full" version of the original strategy includes continuation trades, but I personally find them to be a bit harder to execute.
- #5,817
- May 26, 2023 1:00am May 26, 2023 1:00am
- Joined Dec 2022 | Status: Trader | 3,259 Posts
XAUUSD
{quote} That's a very nice session! Only 3 losing trades out of 46, you are clearly very talented my friend. I believe juggling isn't that bad as long as the pairs we are trading are not correlated and we don't miss any good re-entries/exits. {quote}
juggling multiple pairs will become an issue when at least one moves into drawdown without proper money management using the recommended lot sizes of the original KoF strategy, otherwise i also believe it isn't that bad if traded responsibly but i'd suggest reducing the recommended lot size by a fraction of the number of pairs being traded
the one key advanced concept KoF has shared with us is to continue making money even while managing a drawdown risk to keep margin at a safe level, it makes perfect sense and beats just watching a drawdown get worse and worse
every minute matters!
{quote} it's great to see you back trading Abade, i especially liked this sharp shooter action! {image} {quote} excellent work donny! juggling multiple pairs will become an issue when at least one moves into drawdown without proper money management using the recommended lot sizes of the original KoF strategy, otherwise i also believe it isn't that bad if traded responsibly but i'd suggest reducing the recommended lot size by a fraction of the number of pairs being traded the one key advanced concept KoF has shared with us is to continue making money...
I remember you posted this awesome performance report that blew my socks off
Do you have an updated version of it by any chance?
That's still the most extensive and impressive report I've seen for the strategy, very valuable. Over 3000 trades, PF of 3.24, RF of 30.48, max balance DD of 1.99% over 6 month period (if I am not mistaken), only missing the max open DD for equity. Very impressive metrics/stats overall!
