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M1 Countertrend Scalping Strategy

  • #6,101
  • Jun 5, 2023 8:43pm Jun 5, 2023 8:43pm
2.30 news aud interest rate that will liven up a few tasty treats
people leave, but this thread will go on for ever
  • #6,102
  • Jun 5, 2023 8:53pm Jun 5, 2023 8:53pm
Quoting Aussi
2.30 news aud interest rate that will liven up a few tasty treats
Ack, red news (intense flashbacks of having my initial entry fall more than 50pips during yesterday's PMI)
  • #6,103
  • Jun 5, 2023 9:00pm Jun 5, 2023 9:00pm
Quoting cliffjaded
Mark-up for EURUSD. Legend PMH & PML - Previous Month High & Low PWH & PWL - Previous Week High & Low PDH & PDL - Previous Day High & Low x - Resting Liquidity (Swing Highs and Lows) Dotted Boxes - Fair Value Gaps / Imbalance Solid Boxes - Order Blocks Colours Pink - Monthly Yellow - Weekly Purple - H4 Red - H1/M30 Orange - M15 Lime - M5 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...
nice chart been studying SMC/ICT a bit my self
without patience how can you be a trader?
  • #6,104
  • Jun 5, 2023 9:13pm Jun 5, 2023 9:13pm
Ants game.... Lacking in capital hence the small gains

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  • #6,105
  • Jun 5, 2023 9:18pm Jun 5, 2023 9:18pm
Previous Day High raided and in H4 FVG. If price drops back below, considering shorts only. H1 20EMA or Tokyo Low as target.

P.S. Not financial advice or prediction. Just my analysis.
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Leave the Gun, Take the Armani
  • #6,106
  • Jun 5, 2023 9:24pm Jun 5, 2023 9:24pm
Quoting Steverino832
{quote} nice chart been studying SMC/ICT a bit my self
Nice. I enjoy it as an alternative form of Technical analysis but I'm not buying it as some Institutional flow. What i dislike about it though is that the "gurus" are not transparent about its low win-rate. Due to the nature of sniper entries, you nail massive R:R from time to time but at the expense of low win rate.

Combining in with other methods, such as using EMA for trends and mean reversion and entry methods like averaging shakes things up a bit. And averaging in really takes the stress off from getting stopped out by super small SLs - death by a thousand cuts.
Leave the Gun, Take the Armani
  • #6,107
  • Jun 5, 2023 9:45pm Jun 5, 2023 9:45pm
Quoting BlackCap
Ants game.... Lacking in capital hence the small gains {image}
Guy that was a good trade! that's what matters!
without patience how can you be a trader?
  • #6,108
  • Jun 5, 2023 9:46pm Jun 5, 2023 9:46pm
Quoting Aussi
2.30 news aud interest rate that will liven up a few tasty treats
swap collected and profits locked!
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every minute matters!
  • #6,109
  • Jun 5, 2023 10:00pm Jun 5, 2023 10:00pm
Quoting Chucun
{quote} 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.
no problem chucun, it differs for sell and buy in the same way interest rates work at a bank, deposit money into it, you will be paid interest, borrow money from it, you will pay interest - how that applies to you depends on your broker - if your broker charges negative swap for EVERY trade, i would find a new broker

Quoting BlackCap
{quote} 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.
hey blackcap, you were good up until the bit in bold!


Quoting cliffjaded
{quote}...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. I don't average very close together so I need greater movement to escape an averaging sequence.
good to see you back cliffjaded, from my experience, the trick to cost averaging is precision through validation and patience, blindly doing it is for very advanced or very delusional traders trying to flip an account!
every minute matters!
  • #6,110
  • Jun 5, 2023 10:08pm Jun 5, 2023 10:08pm
Quoting cliffjaded
Previous Day High raided and in H4 FVG. If price drops back below, considering shorts only. H1 20EMA or Tokyo Low as target. P.S. Not financial advice or prediction. Just my analysis. {image}
Cliffjaded, I see a little ICT in your trading. FVG, Previous day high, and low. I like. I am also using a FVG as other point of interest for take profile along with the emas.
  • #6,111
  • Jun 5, 2023 10:08pm Jun 5, 2023 10:08pm
Quoting niks
{quote} no problem chucun, it differs for sell and buy in the same way interest rates work at a bank, deposit money into it, you will be paid interest, borrow money from it, you will pay interest - how that applies to you depends on your broker - if your broker charges negative swap for EVERY trade, i would find a new broker {quote} hey blackcap, you were good up until the bit in bold! {quote} good to see you back cliffjaded, from my experience, the trick to cost averaging is precision through validation and patience, blindly doing it is for very...
Thank you.
  • #6,112
  • Jun 5, 2023 10:13pm Jun 5, 2023 10:13pm
Quote
no problem chucun, it differs for sell and buy in the same way interest rates work at a bank, deposit money into it, you will be paid interest, borrow money from it, you will pay interest - how that applies to you depends on your broker - if your broker charges negative swap for EVERY trade, i would find a new broker

Swaps are awesome. Averaging in, stacking trades and carrying them with positive swap is pure sex.

Quote
hey blackcap, you were good up until the bit in bold!
I think what BlackCap is talking about is what KOF does where he fires off multiple orders to aggressively raise/lower the breakeven price. I think this is suicidal. If price decides to blast past against you due to news or otherwise, you're screwed.

Quote
good to see you back cliffjaded, from my experience, the trick to cost averaging is precision through validation and patience, blindly doing it is for very advanced or very delusional traders trying to flip an account!
I try to form a higher timeframe bias/narrative nowadays and I feel that keeps me from averaging in the wrong direction. I also wait for a significant level to be violated first and look for an aggressive reaction. And yes, it's great to be back. I've always enjoyed this thread!
Leave the Gun, Take the Armani
  • #6,113
  • Jun 5, 2023 10:24pm Jun 5, 2023 10:24pm
Quoting Chucun
{quote} Cliffjaded, I see a little ICT in your trading. FVG, Previous day high, and low. I like. I am also using a FVG as other point of interest for take profile along with the emas.
ICT GANG!

Yup, I am using ICT techniques as an alternative form of technical analysis. I combine them with moving averages for trend trading and mean reversion and i use averaging in as an entry technique as opposed to sniper entries.

Despite my best analysis and consistent backtesting, I found the winrate dismal. Sure, there were some massive winners - I once snagged a 50 R:R trade using a 15s entry to trade a H4 move. But that only happened once. For the most part, you're going to get stopped out most of the time, or break even at best.

I've found that the retrace entry often doesn't occur on the LTF. Price reaches your POI and blasts off. It's really annoying. So why not use another entry method such as averaging in? And instead of using MSB (BOS) and MSS (CHOCH) to define trends, why not a simple EMA? We're trying to make money here, not wank around on charts.

The 2 concepts I find most valuable are Liquidity Sweeps/ Raids/ Stophunts and FVGs/Imbalances. Great for knowing when to enter, add to trades and take profit
Leave the Gun, Take the Armani
  • #6,114
  • Jun 5, 2023 10:45pm Jun 5, 2023 10:45pm
Targetting the 200ema, but exited early. The scorpion in me is quite an active bugger
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  • #6,115
  • Jun 5, 2023 10:53pm Jun 5, 2023 10:53pm
Quoting BlackCap
Targetting the 200ema, but exited early. The scorpion in me is quite an active bugger{image}
nice trade, you anticipated correctly, it bounced off ema200, you'll learn to trust your feelings with time - analyse the volumes you have displayed CLOSELY to see how they will help you next time, good luck!
every minute matters!
  • #6,116
  • Jun 5, 2023 10:57pm Jun 5, 2023 10:57pm
Quoting niks
{quote} hey blackcap, you were good up until the bit in bold! {quote}
Well, my rationale was that since we're trading counter-trend, counter-trend movements aren't as strong as main-trend movements (unless the counter-trend movement has evolved to become the main-trend). Therefore, to prevent emotional damage from HODL-ing too long, a swift recovery is needed to balance the loss and bring back the profits. I do agree that its a double-edged sword as snowballing in a loss will lead to big red numbers, hence knowing when to increase the lots is the main priority.
  • #6,117
  • Jun 5, 2023 10:58pm Jun 5, 2023 10:58pm
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...
not only are you trading well your also dishing out great advice, excellent!

the trade history lines are the ONLY way to self review your entry and exit timing and the ONLY way anybody else will understand your trading style - showing numbers of pips or profits means nothing to me...
every minute matters!
  • #6,118
  • Jun 5, 2023 10:59pm Jun 5, 2023 10:59pm
Quoting niks
{quote} nice trade, you anticipated correctly, it bounced off ema200, you'll learn to trust your feelings with time - analyse the volumes you have displayed CLOSELY to see how they will help you next time, good luck!
Thanks for the kind words, still learning to trust the TP levels
  • #6,119
  • Jun 5, 2023 11:03pm Jun 5, 2023 11:03pm
Quoting blackcap
{quote} well, my rationale was that since we're trading counter-trend, counter-trend movements aren't as strong as main-trend movements (unless the counter-trend movement has evolved to become the main-trend). Therefore, to prevent emotional damage from hodl-ing too long, a swift recovery is needed to balance the loss and bring back the profits. I do agree that its a double-edged sword as snowballing in a loss will lead to big red numbers, hence knowing when to increase the lots is the main priority.
HODL gang. Diamond hands. Bit-conneccccccctttt!
Leave the Gun, Take the Armani
  • #6,120
  • Jun 5, 2023 11:04pm Jun 5, 2023 11:04pm
Quoting cliffjaded
{quote} I think what BlackCap is talking about is what KOF does where he fires off multiple orders to aggressively raise/lower the breakeven price. I think this is suicidal. If price decides to blast past against you due to news or otherwise, you're screwed. {quote}
Yep, exactly what I'm trying to do hehe. With an account with huge capital, theoretically there can be an infinite number of rescue sequences to do cost-averaging, but since our resources are low, the better way is to identify when the trend is going to fail and place higher lots at that area for a quick retrace + profit

Edit: If you see me suddenly going offline for > a week, think that's when I blew my acc HAHAHA
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