M1 Countertrend Scalping Strategy

Hit 1200 usd but the Market is slow.....

The Market is silly slow, I may not make my last target today, a measly 1220 usd so far.

cpfleger, you are racking in the pip, and bringing in the trader's 35 viewings now

To The Reviewers

Summary You and only YOU can learn this craft / skill, it cannot be taught to you without YOU listening and learning the basics, using the Trading Platform and System and practicing through errors, so enjoy making mistakes, smiling again and let the Trading Journal become your new business friend.
Best Loser Wins…. Tom Hougaard (Professional Trader)

I think I'm going to have to try this version! While I like V3, I keep getting stuck in huge run away trends where I'm averaging for days. I've moved back to 0.0100x lots and it made things MUCH more manageable and less stress inducing than when I was messing around at 0.02 lots for my $1000 demo account. For the runners, I don't know if I'm being greedy thinking it'll go past the 20 EMA and not getting out soon enough, or if the large spreads are not letting me exit at 20 EMA touches in profit, or if I'm being careless and getting into trades when the distance from bid/ask to target EMAs is too small to make it worth it, or too close to a 200 EMA cross/touch.

Whatever it is, I've gotten good at staying calm and averaging as it goes away in ever increasing pip amounts from most recent entry. I've been averaging at 5 pips from 1st entry (plus spread, always, won't mention again in this post), then 7 pips from 2nd entry, 10 pips from 3rd, 15 pips from 4th, 20 pips from 5th. Or close to that depending on market conditions/price action. I don't plan on going past 6 entries. Or at least I haven't yet (and don't want to).

I also seem to really REALLY want to preserve my win rate. Knowing mean reversion plays out and that timeframes are fractal in nature, it'll almost certainly go to initial TP with enough time. But, this can also include huge drawdown and a time sink. Not to mention take margin away from other trades should they also go against me. Basically I need to accept I'm going to lose some and use a SL, clear my mind, move on to next setup. I want financial freedom, not 100% win rate bragging rights. Right?!

That brings me to the trade I've been in since Monday evening Arizona time. I took a buy trade on AUDUSD at 7:30pm my time (9:30am tuesday MT4 time). Everything looked absolutely great except one thing I didn't pay attention to at the time: it was the first time price was far away from 200 EMA after a cross of it without touching the faster EMAs. Reading this whole thread previously, I should have caught this. But I didn't. There was a few times I could have exited in profit but with a technical loss on the 1st and/or 2nd entries. So I held to preserve win rate Even after being 150+ pips in the negative I only reached 1/5 of my mental 10% account hard SL. Still don't like it though.

I just made the 6th buy entry about 20 minutes ago on AUDUSD. Here's how it looked on first entry and where the whole thing is currently (white crosshair is over 1st entry candle):




Once I'm out of this runner (hopefully before market close), I think I'm going to start practicing this newest version of cpfleger's. We'll se how it goes. I can always go back to V3, or make a combination. Either way, these runners have been good experience, but I just don't like them (even if they make great profits once played out.) I don't want to be a swing trader lol.

Donny3rd,
As Abade stated on page, post 1, that the KoF EMA Strategy is a high risk system due to the what I call negative cost averaging objective and I played for 6 months and came to the conclusion that KoF highlights over the last 3 years, the Balance must be 500 to 1000 usd in a Live account or you will go bust.

Cost averaging process is the high risk and on page 1 Abade attached KoF YouTube Video that most people here prabably have not watched exlaining the tough / runaway trading technique but again if you have enough money in a Live account. Very few have master this on a live account within this Forum.

Now, I recommend you just slow down and trade one position at a time shooting for the 20 EMA which I know over the last 3 years is a 90% plus capable thing to do by over 90% of retail traders if they stick to the trading system Rules, especially if only one trade position. Also once you trade and win with a minimum trailing stop loss in play, your commitment and confidence will grow as a few people have this week using any of the systems defined here mainly due to the fact they have slowed down and reduced their greed or fear factors.

Either KoF System works as I use all them today but I have passed my greed or fear factors a few years back and now coach people daily by telling them to go slow, maybe increase the TF to 15M or find a different trading schedule to fit their lifestyle. Make a decision and work it next week to your commitment. But we are here when you need us.
cpfleger

Thank you as always! Fear is mostly gone. It's the greed, or wanting them all to be winners. Also jumping in without looking at why it might be a bad trade. If I were tp try it with trailing SL, what would you recommend with my spreads (average 1.5 to 2 pips)? You said 1.5 points earlier, is that the same as meaning pips?

I'll really need to screen setups to ensure enough for spread to 20 EMA, or proximity to 200 ema, etc. Or perhaps just go to 15m timeframe. Either way that is, as you are recommending, to slow down.

I'm glad I am taking the time to get this all right with skills and myself emotionally before going live.

Donny3rd,
Check your PM's and take tomorrow off and think about what YOU need in the simplest manner for next week.
cpfleger

Retail Trading
It's a hard game to adults, they worry, they make excuses, not committed and really are lazy, arrogant and stupid (bad habits are harder to break) because now they must listen and learn a new craft / skill that has no Standards, correct methodology, and/or Specification to follow and blame.

No home runs, no touchdowns, no 123 your out, no excuses as this is where your good or bad habit starts right now. We need to walk (feel the Market) slowly, listen and learn how the Market cycles and engage with the Market as this is YOUR trading business now.....

If you can meet with Triumph and Disaster
And treat those two impostors just the same;
[Rudyard Kipling]

the old Kenny Rogers song comes to mind...

Know when to hold 'em
Know when to fold 'em
Know when to walk away
Know when to run

Earlier on in this thread cliffjaded mentioned about working with institutional price commitment, knowing when to go with trend and when to go countertrend, or a sentiment similar to that (i'm paraphrasing only, please don't quote me against him)... anyway I guess I'm concerned that traders recognize when institutional orderflow is strong, and stand aside during that time if you are solely a countertrend trader. Btw, All of KOF's 33 Youtube videos are filmed either between 17:00 and 21:00, or between 13:00 and 14:30 MT4 time, when both times are quiet, low VOL, in between the 'peak hours' of LDN Open and NY Opens, away from major news events, and usually on EU & GU, known for their retracements and whipsaws.

I personally trade with and against orderflow, but time-dependant and with respect to what is happening in the market. For that I may incur the wrath of this thread, but it is what it is.

I hope this helps in a small way.

MantisClaw

evering trade.
Attachment g

out for 31 pips have a great night, guys!

cpfleger, thank you for all of your help

Finally...

Keep practice and practice to become a thief for stealing some pips.
xinitial

hello cpfleger, could you please post a template of your system and possibly make a video explaining how to trade your system with all the rules in it, so that we can benefit from a visual tutorial instead of screenshots? i thank you in advance.

cpfleger please why not host a zoom one of these days to give more insight to we the new members of this forum

Friday trades so far....

forex baraka,
The Indi's and Templates are all within the Paperclip above.
cpfleger