M1 Countertrend Scalping Strategy | Page 303 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

EUR/USD, GBP/USD

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

  • #6,041
  • Jun 4, 2023 3:21am Jun 4, 2023 3:21am
Quoting encryptedehs
{quote} Thank you Niks. Part of the reason is that I am new to cost averaging and It was my plan to test the strategy by letting it run into a strong draw down so I can learn and safeguard in future. Tomorrow I will see if gold retraces and gives me a break even. If not, I might will have to force close with loss and of course will refrain from trading cost averaging during strong news events like nfp, interest rate etc. Also a failure of retracement to break even would also mean I might rather follow cpfleger's path of trading rsidiv, lwma, continuation...
your most welcome encryptedehs, thank you for your reply - that makes perfect sense and although not fun is the only way to develop your risk and money management, glad to hear you are working on it, keep it up and best of luck!
every minute matters!
  • #6,042
  • Jun 4, 2023 8:17am Jun 4, 2023 8:17am
And another trading day with success....
Attached Image (click to enlarge)
Click to Enlarge Name: KoF.jpg Size: 506 KB
  • #6,043
  • Jun 4, 2023 8:40am Jun 4, 2023 8:40am
Less talk and more action - performance is my daily habit...
Attached Image (click to enlarge)
Click to Enlarge Name: KoF.jpg Size: 471 KB
  • #6,044
  • Jun 4, 2023 11:25am Jun 4, 2023 11:25am
1500 Points is the next Target....
Attached Image (click to enlarge)
Click to Enlarge Name: KoF.jpg Size: 535 KB
  • #6,045
  • Edited 3:38pm Jun 4, 2023 1:24pm | Edited 3:38pm
Heya guys, been a long while.

I discovered a video by a trader called Michael Storm who averages down his losers in what he calls "Damage Control" and "Washes".
Inserted Video


There's also a book by Shonn Campbell called "Inventory Trading". I haven't read it but it's a similar concept i reckon.

I've been studying and practising ICT/SMC techniques for a while. I've found that certain concepts are very much applicable to any other style of trading. So I will attempt to apply them to M1 countertrend trading tomorrow.

Concepts

  1. PDH & PDL - Previous Day High & Previous Day Low
  2. PWH & PWL - Previous Week High & Previous Week Low
  3. PMH & PML - Previous Month High & Previous Month Low
  4. Session Highs & Lows - Tokyo High/Low & London High/Low
  5. HTF Swing Highs & Lows - Potential Reaction Zones
  6. Liquidity Sweep - Potential Stop Hunts
  7. Displacement - Large candles
  8. FVG - Fair Value Gaps aka Imbalance
  9. OB - Order Blocks
  10. MSS - Market Structure Shift aka Reversal
  11. MSB - Market Structure Break aka Continuation

To summarise the above kerfuffle, I'll be drawing a bunch of boxes and lines and anticipating price to react from those. The point is to not blindly average in but have a proper excuse to add to a loser

Also, trading in isolation is boring.

Leave the Gun, Take the Armani
  • #6,046
  • Jun 4, 2023 4:19pm Jun 4, 2023 4:19pm
Target met and exceeded...
Attached Image (click to enlarge)
Click to Enlarge Name: KoF.jpg Size: 515 KB
  • #6,047
  • Jun 4, 2023 4:36pm Jun 4, 2023 4:36pm
Quoting cpfleger
Target met and exceeded... {image}
the indi on the left side of your chart the currency strength meter can you please share it
without patience how can you be a trader?
  • #6,048
  • Jun 4, 2023 4:46pm Jun 4, 2023 4:46pm
Steverino832,
Enjoy as it actually works better than most... watch the percentages as a slight edge to the Market.
cpfleger
Attached File(s)
File Type: ex4 !Currency Power.ex4   14 KB | 404 downloads
  • #6,049
  • Jun 4, 2023 4:51pm Jun 4, 2023 4:51pm
Steverino832,

I forgot to mention, the Instruments defined in your Navigator Window are what the Currency Power Indicator captures but it does not mix Instruments, i.e., Pairs Only,

Indexes Only but not both, so if you upload it and it goes wrong this why. I strip all Instruments and only load the Instruments I trade on this account and do the same for both MT4 Platform accounts. My screenprints do Not show Bitcoin only USD, so be aware.
cpfleger
  • #6,050
  • Jun 4, 2023 4:56pm Jun 4, 2023 4:56pm
Quoting cpfleger
Steverino832, I forgot to mention, the Instruments defined in your Navigator Window are what the Currency Power Indicator captures but it does not mix Instruments, i.e., Pairs Only, Indexes Only but not both, so if you upload it and it goes wrong this why. I strip all Instruments and only load the Instruments I trade on this account and do the same for both MT4 Platform accounts. My screenprints do Not show Bitcoin only USD, so be aware. cpfleger
thank you so much
without patience how can you be a trader?
  • #6,051
  • Jun 4, 2023 4:59pm Jun 4, 2023 4:59pm
Steverino832
See screenprint also.
cpfleger
Attached Image (click to enlarge)
Click to Enlarge Name: KoF.jpg Size: 409 KB
  • #6,052
  • Jun 4, 2023 7:02pm Jun 4, 2023 7:02pm
Quoting xinitial
{quote} Hi abokwaik, how to attach these files to mt4 ? there are no .ex4, mq4 or .set and .tpl ? xinitial{image} {image}
what happened here is they copied the files to shortcuts and compressed only the shortcuts hence the ico file extensions.




Regarding the over weekend trade, I turned on MT4 just before market open. Took about 30 minutes for people to start placing orders it seems. Never been int he market this early and holy giant spreads Batman!
Attached Image (click to enlarge)
Click to Enlarge Name: 2023-06-04 142629_03 AUDUSD insane spreads early sunday.png Size: 82 KB


I'm almost in profit on all the trades. The 4H time frame shows a strong bounce off it's 200 EMA with the 20, 35, and 50 emas well below my entries. I like. So, I'm holding out to get all trades in profit:
Attached Image (click to enlarge)
Click to Enlarge Name: 2023-06-04 165539_03 4h looks good.png Size: 81 KB


Here is where I stand as of 5pm my time (8pm NY time). Zoomed out a bit to visualize all 6 trades for this setup:
Attached Image (click to enlarge)
Click to Enlarge Name: 2023-06-04 170048_03 current 5pm.png Size: 83 KB



Will update when I'm out or if I'm take other trades on other pairs.
  • #6,053
  • Jun 4, 2023 7:08pm Jun 4, 2023 7:08pm
Quoting Donny3rd
{quote} what happened here is they copied the files to shortcuts and compressed only the shortcuts hence the ico file extensions. Regarding the over weekend trade, I turned on MT4 just before market open. Took about 30 minutes for people to start placing orders it seems. Never been int he market this early and holy giant spreads Batman! {image} I'm almost in profit on all the trades. The 4H time frame shows a strong bounce off it's 200 EMA with the 20, 35, and 50 emas well below my entries. I like. So, I'm holding out to get all trades in profit:...
great job Donny way to stick to your guns!
without patience how can you be a trader?
  • #6,054
  • Jun 4, 2023 7:30pm Jun 4, 2023 7:30pm
Quoting niks
{quote} excellent advice - or if your going to trade pre news, close all positions well prior to announcement if you are not comfortable with a drawdown - then trade post news when things have settled down a bit - trading during the news is only for very advanced and adventurous traders...
Made me chuckle to myself


Quoting Steverino832
{quote} great job Donny way to stick to your guns!
Thank you very much!
  • #6,055
  • Jun 4, 2023 7:31pm Jun 4, 2023 7:31pm
Sunday Forex trading started for the week...
Attached Image (click to enlarge)
Click to Enlarge Name: KoF.jpg Size: 426 KB
  • #6,056
  • Jun 4, 2023 7:38pm Jun 4, 2023 7:38pm
Quoting Steverino832
{quote} Welcome deaftrader
Thank you for your nice welcome. I am new to using this EMA strategy on chart. I am looking for the indicator showing the market sessions like Donny3rd's chart.
We only trade when there is AGREEMENT. Get 1% Better Each Day!
  • #6,057
  • Edited 7:57pm Jun 4, 2023 7:40pm | Edited 7:57pm
Quoting encryptedehs
I am facing big drawdown on xauusd. Eager to see how price react going forward. Need your suggestions what I could do to not fall for this trap.
I would have gotten out here at this nice EMA touch.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_2023-06-03-17-59-51-960_net.metaquotes.metatrader4.jpg Size: 220 KB



In my opinion, the 100 and/or 200 EMA should be used as targets only if your first or first few order entries is/are now further than the 9/20/35/50 EMAs, meaning an exit at those EMAs would result in a loss (not breakeven or small profit). Still, then, based on market conditions, a loss might need to be taken.



Quoting deaftrader
{quote} Thank you for your nice welcome. I am new to using this EMA strategy on chart. I am looking for the indicator showing the market sessions like Donny3rd's chart.
Hello, thank you for the mention and welcome to this thread. I'd highly recommend reading it ALL if you haven't already. So many great nuggets of knowledge and strategy interspersed all throughout this thread.

You can find the market sessions indicator by click the little paperclip guy at the top right of this thread. It's called TimeZone.ex4 with my screen name next to it.
  • #6,058
  • Jun 4, 2023 7:57pm Jun 4, 2023 7:57pm
Quoting cpfleger
Sunday Forex trading started for the week... {image}
Hey, you're riding it down with me! I Prefer your entry to mine though LOL. Less stress to say the least.
  • #6,059
  • Jun 4, 2023 8:34pm Jun 4, 2023 8:34pm
Alright, that's it, I'm out. All 6 trades in profit. 90.4 pips total! :
Attached Image (click to enlarge)
Click to Enlarge Name: 2023-06-04 182919_03abcdef AUDUSD exit when all trades in profit .png Size: 82 KB


I'm extremely confident that it'll go down even farther based on the 4H but I want out of this setup after holding it over the weekend lol.

Enjoy the ride down cpfleger!
  • #6,060
  • Jun 4, 2023 8:41pm Jun 4, 2023 8:41pm
Quoting Donny3rd
{quote} I would have gotten out here at this nice EMA touch. {image} In my opinion, the 100 and/or 200 EMA should be used as targets only if your first or first few order entries is/are now further than the 9/20/35/50 EMAs, meaning an exit at those EMAs would result in a loss (not breakeven or small profit). Still, then, based on market conditions, a loss might need to be taken. {quote} Hello, thank you for the mention and welcome to this thread. I'd highly recommend reading it ALL if you haven't already. So many great nuggets of knowledge and strategy...
hi donney3rd , it seems you were chasing it down perhaps one buy and then wait for a good entry plenty of the brokers books say dont chase the trade not that i always agree with them , i know its hard to do some times because of the mind set to get in . kindest regards
people leave, but this thread will go on for ever
8 traders viewing now