M1 Countertrend Scalping Strategy

Volume is increasing...

Trading is soooooooooooooo fun... it just makes my week.

Shooting for 250 Pips today before the weekend.
cpfleger

Hi cpfleger! Perhaps my older post got missed among the chaos, but I'm wondering if you could share the bands indicator in this picture and the settings you used.

I scalp the US indices at NY Market open and this seems promising for detecting short-term price reversals.

hello. i have created an Expert advisor based on the rules of 1st page in MQL5 language and its kinda profitable. if the strategy developers are willing to participate i can upload it here see if we can improve it to be fully automated without any need to short term adjustments.

Niks, I totally agree with you! I was going over my entries before I went to bed. I think if i wait till the thinner line of the RSIdiv guy is in the above 80 or below 20 area mixed with good distance from EMAs and not into any support or resistance etc. I think I was trying to make up for missing nice setups due to the chatty coworkers.

My broker does allow nano lots and I'd love to use them but can't seem to get MT4 to make orders in nano. I'll look more into it.



For now, I woke up about 30 min ago after 4 hours sleep when my wife left for work(6:30am my time, 16:30 MT4 time) and saw EURJPY was heavy into profit on all trades and finding support. SO I quickly closed all trades for 83.3 pips total:


USDJPY on the other hand had gone below initial entry and into profit twice in the hour before waking up. It flirted with the 200 EMA and was moving away from it down. I was overall positive and thought it'd go back down soon and I could close all and go back to bed. As if it heard my thoughts, it started rocketing north! As of now it's past my first entry. I'm closing the laptop and going back to bed for a few more hours. Here it is now, crosshairs are where I woke up:



Goodnight, good morning, whatever LOL. Thanks for looking and the feedback. Always appreciated.

i used to hate those indecisive moments and curse myself for not making a decision! hopefully it'll return for another chance to close in profit - i used to be with oanda when they used to have the tightest FIXED spreads and the only weekend trading on the market, they were an excellent broker and still are one of the best today

you will need to use their native app FxTrade to trade nano lots, if i recall it can be linked to your mt4 account, see how you go with that, should make things a lot easier manage...

hi ho silver!

Met 350 Pips and now shooting for 300...

Masterpiece !

Killer!

just to cool

TGIF, have a great weekend everyone!

Hi guys
I really like this theard and you guys being so active.
Cpfleger still killing it! Hope Abade is still around and keeping an aye!? His input at the beginning of the theard are really helpful!

Still working on the position sizing and layering part ...

I'm 100 pages in from the beginning and testing along.

to me it looks like the bands from the binary destroyer.
i think you can find something similar on the other forex (fs) forum ...

Welcome! This thread is indeed a great place to be.



Looks like I'll riding out over the week on USDJPY. Yay. Not what I was wanting. Going to be spending this weekend really looking over entries. Next week will be trying to follow whatever rules I come up with to try and filter out these long trend averaging trades. I don't find them pleasant even if they can lead to really good profits with tons of patience. But catching the moment it goes into profit can be daunting.

Here where it's at now. Have a good weekend everyone!:

While looking into how I can utilize the nano lots option my broker offers (Oanda) I see that their desktop trading app (fxTrade) does indeed interface with both their MT4 or fxTrade accounts/servers. I can't put MT4 indicators on it, but I can trade from it with nano lots while watching on MT4 for the indicators. Will have to try this out when the market opens back up.

The reason for wanting to use nano lots is because of FIFO (first in first out) regulations. When averaging on a single pair, I can make each entry a different size, allowing me to use TP, SL, and close trades regardless of when they were entered. As an example, I could make my initial entry 0.01. The next averaging entry would be 0.011, followed by 0.012, 0.013, etc. This would technically make all entries unique lot sizes and completely and legally skirt FIFO regulation. I was trying this last night with MT4, but it only goes down to micro lots. If I wanted to do this technique it gets pretty darn risky as first entry would be 0.01, next 0.02, then 0.03 etc. This get out of hand very fast when in drawdown with a run away trend!

So, here's hoping it works as well as I think it might. Will be interesting watching charts and indicators on MT4 then switching to fxTrade app to execute the trades. Then back to MT4 to monitor. Then fxTrade again to exit. Wonder if they'll show up on the MT4 console window and how it'll look being nano lots. If they do show up in MT4, I might be able to close entries there. At least the fxTrade app has a close all trades button along with upper/lower bounds in case of slippage with TPs. There's also the possibility of having the app on my phone, if I find it allows nano lot usage too.

Interestingly, fxTrade order screen uses units instead of lots. So for, say, 0.012 lots, I'd have to enter in 1,200 units as a lot is 100,000 units, mini lot is 10,000 units, micro lot is 1,000 units, and a nano lot is 100 units. But that's not too difficult. It's just mentally shifting the decimal place.

Exciting if not involved. LOL

well done mate love it

thank you aussi, amiraven and steve, that is very encouraging and much appreciated...
your longevity and trading style amongst others in the forum aussi have provided the best hope i have found that i can make it too, i'm still finding my feet but those pesos are looking good, cheers!

the last two brushstrokes were missing amiraven! i didn't enter on the last two dips in case the break below that low ran deeper, luckily it didn't but still it smudged the painting a little bit!

great news donny, shouldn't be that difficult to adjust, you could run the web terminal for mt4 alongside the fxtrade terminal in one browser and just switch tabs might be easiest - it will be interesting to see how the nano lot trades appear in mt4, i can't recall doing that, but do recall orders made in fxtrade appearing in mt4...