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M1 Countertrend Scalping Strategy

  • #6,081
  • Jun 5, 2023 9:33am Jun 5, 2023 9:33am
Quoting cpfleger
Wife is happy again... {image}
you're a champ! Can't wait to trade like you.
Protect your capital
  • #6,082
  • Jun 5, 2023 9:48am Jun 5, 2023 9:48am
Fought against the news.... could've let the profits run but decided to call it a night.
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  • #6,083
  • Jun 5, 2023 10:51am Jun 5, 2023 10:51am
Quoting BlackCap
Fought against the news.... could've let the profits run but decided to call it a night. {image}
Hi, send me all these indicators too, thanks
  • #6,084
  • Jun 5, 2023 11:05am Jun 5, 2023 11:05am
Quoting zafar1988
{quote} Hi, send me all these indicators too, thanks
Here you go, but these are for MT5. You'll have to find the drawprofit indicator for MT4 a few posts back. Think there's a MT4 template lurking around this forum though
Attached File(s)
File Type: ex5 IceFX.DrawProfit.ex5   118 KB | 274 downloads
File Type: tpl M1CounterTrend.tpl   27 KB | 218 downloads
  • #6,085
  • Jun 5, 2023 11:05am Jun 5, 2023 11:05am
Made it out alive.
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Leave the Gun, Take the Armani
  • #6,086
  • Jun 5, 2023 11:11am Jun 5, 2023 11:11am
Quoting cliffjaded
Made it out alive. {image} {image}
Well done! That ability to hold on to trades for that long though.... must've been very nerve-wracking
  • #6,087
  • Jun 5, 2023 11:14am Jun 5, 2023 11:14am
Quoting cliffjaded
Made it out alive. {image} {image}
Hi, send me all these indicators too, thanks
  • #6,088
  • Jun 5, 2023 11:18am Jun 5, 2023 11:18am
Quoting BlackCap
{quote} Well done! That ability to hold on to trades for that long though.... must've been very nerve-wracking
I actually fell asleep after lunch lol. I just marked out some zones and set limits and let it do its thing. These screenshots are from my home PC. The markups are missing as they are on my office PC. Maybe tomorrow i'll post them to show how i entered. No matter, you still need math and luck.
Leave the Gun, Take the Armani
  • #6,089
  • Jun 5, 2023 11:23am Jun 5, 2023 11:23am
Quoting cliffjaded
{quote} I actually fell asleep after lunch lol. I just marked out some zones and set limits and let it do its thing. These screenshots are from my home PC. The markups are missing as they are on my office PC. Maybe tomorrow i'll post them to show how i entered. No matter, you still need math and luck.
Agree with you on the last bit. But to hold trades for more than 4 hours, thats a whole new level of patience for a 1-minute strategy. Not an easy feat
  • #6,090
  • Jun 5, 2023 11:35am Jun 5, 2023 11:35am
Quoting BlackCap
{quote} Agree with you on the last bit. But to hold trades for more than 4 hours, thats a whole new level of patience for a 1-minute strategy. Not an easy feat
I think if you check my earlier posts in this thread, i pretty much hold my trades for the day. Sometimes into the next day. And I will hedge if the averaging starts to get heavy. I've just been stupid lucky. But i've been blown accounts, albeit small ones, by blindly averaging against a heavy trend. So, I'm always trying to find some logic to apply averaging and hedging rather than just blindly.

In my earlier posts, I even traded 10 tick and 15s charts. Usually, I try to trade a 12s chart with a 100ema slapped on because it's equivalent to a 20ema on a M1 chart. But it's a mostly pointless endeavour because even though there's increased resolution allowing you to see price action within M1 candles, the average movement per swing is so small that you can't beat spread and commission. If I do use, it's because i'm trying to find micro breaks in structure or micro imbalances. Even then, it's pretty dumb because sub-M1 structure breaks and imbalances don't hold much weight. But i always like to experiment.

Even on a seconds chart, I can hold trades for hours. I don't average very close together so I need greater movement to escape an averaging sequence.
Leave the Gun, Take the Armani
  • #6,091
  • Jun 5, 2023 11:38am Jun 5, 2023 11:38am
Quoting zafar1988
{quote} Hi, send me all these indicators too, thanks
What do you need bro? I have a lot of then.
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Leave the Gun, Take the Armani
  • #6,092
  • Jun 5, 2023 11:52am Jun 5, 2023 11:52am
Quoting cliffjaded
{quote} But i've been blown accounts, albeit small ones, by blindly averaging against a heavy trend.
This is definitely the killer when it comes to applying this strategy. IMO, think the only way to resolve it is by proper money management and having the feel of when the movement is ending and price starts to retrace back to the mean, then whack it heavily with higher lots to reduce the amount of pips needed to breakeven and profit.
  • #6,093
  • Jun 5, 2023 12:23pm Jun 5, 2023 12:23pm
Quoting cliffjaded
{quote} What do you need bro? I have a lot of then. {image} {image}
I'm sorry, send them all, I'll try to use them
  • #6,094
  • Jun 5, 2023 6:30pm Jun 5, 2023 6:30pm
Quoting niks
{quote} hi chucun, i'm sure donny can tell you all about it on monday! it's very simple, if you hold a position during the rollover period, a swap fee will be applied to your floating pnl, not your balance like commission does, take note of his swap column when he posts an updated snapshot on monday... he will pay 0.54 points * lot size for each sell order he has open during each rollover period, negligible in this case really... if they were longs, he would be paid 0.24 points instead... you can right click a symbol in market watch and view its...

Niks, thank you for the explanation. I am familiar with the swaps rollover period; what confused me is that it differs for sell and buy. My broker is consistent with the swap fees whether they are sell or buy. Or I believe they are the same. I guess it requires a little bit more investigation on my side.
  • #6,095
  • Edited 8:32pm Jun 5, 2023 7:45pm | Edited 8:32pm
Alright it's trade time.

Took a buy on both EURJPY and USDJPY one after the other since both were setting up.
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I almost got out at the 20 EMA touch on USDJPY, but from recent past price action I was pretty confident it'd go to the 50 EMA eventually. Price went against me on both so I bought in again:
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Then what do you know. Australia woke up and pushed both to the 50 EMA fairly while also making ZZ numbers. Got 23 pips on EURJPY and 17.8 pips in USDJPY
AND LOOK, I learned a new trick (still new to MT4 lol)! Trade history lines (tentative nomenclature but I like it):
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That's it so far today. I might be back with more. I might not. Either way, happy trading to all.
  • #6,096
  • Jun 5, 2023 7:53pm Jun 5, 2023 7:53pm
Quoting Donny3rd
Alright it's trade time. Took a buy on both EURJPY and USDJPY one after the other since both were setting up. {image} {image} I almost got out at the 20 EMA touch on USDJPY, but from recent past price action I was pretty confident it'd go to the 50 EMA eventually. Price went against me on both so I bought in again: {image} {image} Then what do you know. Australia woke up and pushed both to the 50 EMA fairly while also making ZZ numbers. Got 23 pips on EURJPY and 17.8 pips in USDJPY AND LOOK, I learned a new trick (still new to MT4 lol)! Trade history...
I'm sorry, send them all, I'll try to use them
  • #6,097
  • Jun 5, 2023 8:32pm Jun 5, 2023 8:32pm
Wrong person to ask. Cause I'm going to tell you to read through this whole thread to gain the knowledge of how to use these indicators with this system and also to use the paperclip icon in the top right of the tread to download said indicators. Everything I use is provided in the here thread.
  • #6,098
  • Jun 5, 2023 8:37pm Jun 5, 2023 8:37pm
Quoting Donny3rd
Alright it's trade time. Took a buy on both EURJPY and USDJPY one after the other since both were setting up. {image} {image} I almost got out at the 20 EMA touch on USDJPY, but from recent past price action I was pretty confident it'd go to the 50 EMA eventually. Price went against me on both so I bought in again: {image} {image} Then what do you know. Australia woke up and pushed both to the 50 EMA fairly while also making ZZ numbers. Got 23 pips on EURJPY and 17.8 pips in USDJPY AND LOOK, I learned a new trick (still new to MT4 lol)! Trade history...
Solid trades for both pairs! Kicking myself a bit for not waking up sooner
  • #6,099
  • Jun 5, 2023 8:40pm Jun 5, 2023 8:40pm
Quoting BlackCap
{quote} Solid trades for both pairs! Kicking myself a bit for not waking up sooner
LOL thanks. There'll be more opportunities for sure! No FOMO! Bad! LOL. I get it though.
  • #6,100
  • Edited 8:59pm Jun 5, 2023 8:42pm | Edited 8:59pm
Mark-up for EURUSD.

Legend

  1. PMH & PML - Previous Month High & Low
  2. PWH & PWL - Previous Week High & Low
  3. PDH & PDL - Previous Day High & Low
  4. x - Resting Liquidity (Swing Highs and Lows)
  5. Dotted Boxes - Fair Value Gaps / Imbalance
  6. Solid Boxes - Order Blocks

Colours

  1. Pink - Monthly
  2. Yellow - Weekly
  3. Purple - H4
  4. Red - H1/M30
  5. Orange - M15
  6. Lime - M5
  7. White - M1

What's the point of these? I use SMC/ICT concepts to find potential areas of reversal so that I can safely enter a trade or average in. Targets include opposite Points of Interests (POIs) or Liquidity (Old Swing Highs and Lows) or EMA targets. Whichever makes sense. I usually use a confluence.

I'm expecting price to be somewhat bearish today due to it currently reacting the a H4 FVG

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Leave the Gun, Take the Armani
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