M1 Countertrend Scalping Strategy

Abade,
Please review and make a decision.
cpfleger

Need expert suggestion on proper stop loss distance for this trade. Thank you.

Thanks to Niks ...

encryptedehs,
You are close as I would recommend a SL below the Green Arrow for a Buy position.
cpfleger

Thank you. I have few more questions to you. Probably those have been answered already buy would really appreciate you take a look at provide some insight.

1) eurusd spread is 1 for my broker. I am therefore trading only m15 chart cz trading 1m/5m chart doesn't seem to offer more than 2-4pips most of the times. Do you think it's a good idea in this case to only stick to m15 chart? Can I trust m15 chart for this KOF strategy?
2) I have noticed in your screenprints that You at times don't wait for rsidiv signal/price hit major SR but you look for a well fanned out price from 200ma and then an arrow print before you execute an order. Could you give me an idea what works in your mind?
3) last but not least, you mentioned you don't mind taking little profit. Does it mean you at times close a profitable trade even before it hits 20ema?

Thank you in advance. Appreciate what you're doing in here.

Regards

encryptedehs,
I usually tell newbies to read the entire post, watch KoF Video on page 1 as he talks about tough trades and points out alot of minor detailed information that most traders need.
All TF's are okay but if a trader does not have much money in his / her account then cost averaging should Not be used as it will hurt your confidence and account balance.
Fanning of the Price / Candles away from most MA's is the ideal opportunity to trade as we are in an odds and probability game.
I open using a small lot size and will close at small profit if I feel the Market maybe reversing, pennies make pounds...
Read the posts as the data defined is important.
cpfleger

it was your hard work that made it happen amiraven, thanks for sharing with us...

long off previous support targeting previous resistance as price travels back up breaking and holding above each ema, doesn't get any simpler than that!

the volumes were quite telling as well, you will notice the breaches and the peaks associated with selling therefore expecting price to rise once sellers were exhausted and volumes dropped, well done and hope to see many more!

M1 countertrend scalping is the name of the game here...

Please understand the purpose of these forums is to talk about trading and profit making, it's not a fighting club.

Quoting FF rules:

II. Respect fellow traders

Theoretically, all members are at Forex Factory for the same purpose: the pursuit of trading profits. Therefore, members should treat each other like professional colleagues. Members should not be mean-spirited, harassing, or otherwise show hatred toward a member. Unresolvable personality conflicts should be managed using the 'Ignore' feature.

III. No bickering

While trading-related debate is encouraged, members should not engage in mindless arguing, battling, or trolling. Not only does bickering distract others from trading, but it wastes energy for the bickering participants. Unresolvable personality conflicts should be managed using the 'Ignore' feature.

Let's respect the rules, I don't like to exclude traders from the thread but will do if such behavior persists.

Edit: After a brief review I decided to ban @bfx17 from the thread as he is the one that started the personal accusations/intrigue and also started to disrespect two more members of the thread unprovoked. Sorry about that, but won't risk having more of that negative energy in the following replies.

Thank you so much! I have another question to you. How do you incorporate news releases to this Cost averaging method?
You are such a huge support. Thank you in advance.

just on my jpy chart with the squiggly lines still hold , before open i did get some more buys all have tped with swap for the extra money , the ones from yesterday collected the swap how nice of them and waiting now for them to tp , we see what the day brings in the aussie session

swaps collected!

well done mate it is so much nicer win when the brokers give you the extra cash

has you can see mxn from yesterday tped with the large positive swap its a case of they dont like large swaps to be paid out , but they do get caught out on mxn

I'm currently using 0.02 lots with $1000 so it'd be 500 pips before I hit a 10% loss on a single trade. Of course that'd be less with averaging. 2 entries 250 pips, 3 entries 166.7 pips, 4 entries 125 pips, 5 entries 100 pips. I wouldn't ever exceed 5 entries due to FIFO rules since I'm a US citizen. It just get's too hairy not being able to close profitable trades out of chronological entry order on the same pair. If every entry is a different lot size then I could. I won't do that until I'm trading a $10k account. I wish MT4 would let me do nano lots (0.001 lots) since my broker allows it (if there's a way I don't know about it). Then I would make every averaged entry a different amount. I haven't even had 20-30 pips against me yet. I know it's not impossible, but I haven't experienced it... yet. Then there are times like right now where I'm careless. So this is a perfect transition into the trade situation I'm currently in:

Saw a setup forming on EURUSD and was patiently waiting. Then I saw a no-wick sell bar print under the LWMA like I was waiting for and hit sell. WHOOPS! I didn't heed cpflegers advise of looking from bottom up on indicators for this system. I jumped the gun as the RSI hadn't crossed:


I was still confident it'd go down by the other confluences so I sold again after a few pips in the wrong direction:

While I was waiting for it to go back into profit I decided to catch up on this thread to be up to date when documenting my practice trades. I saw the drama of that guy who got banned (thanks Abade for the moderation) and it had me hooked for 3 minutes straight. Of course price SLAMMED down withing those 3! This is what I saw when I alt+tabbed back to MT4. Expletives were most definitely involved. Of course I should have jumped out right away as I was still in profit. But I was kinda shocked and took this screenshot and just blanked out mentally:


When I was done being shocked I went to the 1 minute chart so I could see how fast price moved when looking away for 3 minutes. It dropped not once, but TWICE within those 3 minutes:


I sold again a few more pips against me:


There's so many other nice setups forming but I'm stuck with my attention here in this guy. UG. Experience is being made though and that's what I'm practicing for. Practicing until I stop being careless. Lessons repeat themselves with increasing severity until you either learn or the final lesson happens. [BREAKING] just took a sell on AUDUSD.:



OK, back to the EURUSD situation. Just took a 4th sell entry:


Yay fun (kinda is in a way). Will update when I have more. Posts take a lot longer to make when you are alt+tabbing back and forth every 20 seconds LOL.

hey donny, the eurusd is holding above em200 on the 1M chart after being rejected strongly, and the faster ema's are about to cross ema200 on the 5M chart, so you will be facing bullish pressure, stop adding orders and enjoy the ride! it will take time for price to break back below ema200 on both charts, watch price action closely to exit, it should hit resistance soon enough...

i'm not sure if you had any but you should set TP's on EVERY trade for situations like the one you just encountered, so work out your break even level, look for a suitable support level and set your targets now... good luck!

also, ALWAYS focus on your trades first, worry about us later!!!

totally inspired by you so thanks... so much to learn!

Exited AUDUSD at the 20 EMA. 3.1 pips:


Here's the EURUSD trade. It's just teasing me by ranging (cheers to anthropomorphizing the market):


Must have heard me. It's starting to move finally:

I saw all that too! It was originally supposed to be a quick in and out, even before getting in too early. I'm still formulating rules for how far from 200 it should be before entry. I remember early on in the thread Abade mentioned a 50 EMA touch once crossing the 200 as a filter. That said, I plan on jumping out no matter what once it hits the 200. It's slowly going that way already:



Sadly, I can set TP only if I a) have only 1 entry on a pair. b) have multiple entries but they are each a different lot size. FIFO rules are a horrible.

Thanks as always for the encouragement and advice!

And I'm out! Felt like KoF hitting that exit button so fast. Price on EURUSD got to 200 EMA and then some. Exited all 4 entries in profit. 0.1 pips, 3.7 pips, 5.8 pips, and 8.9 pips for a total of 18.5 pips on this single 5m timeframe trade! Actually not too shabby. But a lot of drama to get there lol.:


And then of course this happens! It drops like mad near to where it went before. All good though! LOL:



That's it for me today! As they would say on Celebrity Death Match, "Good fight! Good night!" (yes that's partially in reference to the banning today LOL)

[EDIT:] Reason I was confident on it going down was it rejected the 200 EMA on the 15 minute chart: