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M1 Countertrend Scalping Strategy

  • #8,641
  • Jul 27, 2023 3:44pm Jul 27, 2023 3:44pm
Thank you for your welcome.

If you see the price going down for a long time, I don't enter the trade, I check until at least the EMA lines intersect and make another price move away from the EMA line. I just think the trend has to break. Of course, I need to gain experience in waiting to get in and managing the position.

I am using google translate, please bear with me if there are any mistakes.

Regards.
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  • #8,642
  • Jul 27, 2023 4:18pm Jul 27, 2023 4:18pm
Quoting cpfleger
344 Pips ....... Done for the day. 3 losses due sore mouse finger. Over 2 hours by an old man...... If I can scalp the Market, so can YOU. cpfleger {image}

Crushing it!
Give that poor little mouse a break, you're are literately clicking its ass off.

Just another cpfleger day.
  • #8,643
  • Jul 27, 2023 7:46pm Jul 27, 2023 7:46pm
Just made a nice 25 minute trade on USDJPY for 25.4 pips:
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This is the kind of trades I love! Exercising patience for quality of setup both indicator and price action wise.
  • #8,644
  • Jul 27, 2023 8:01pm Jul 27, 2023 8:01pm
Donny3rd,
Excellent, please refrain from falling in love or your spouse will get jealous, arhhhhhhhhhhhhhhhh.
cpfleger
  • #8,645
  • Jul 27, 2023 8:13pm Jul 27, 2023 8:13pm
Quoting Donny3rd
Just made a nice 25 minute trade on USDJPY for 25.4 pips: {image} {image} This is the kind of trades I love! Exercising patience for quality of setup both indicator and price action wise.
Nice trade. I was also in that one. Consider adding a 35 - 40 pip trailing stop. With the trailing stop it would have taken you for another 200 pips

I say 200 pips based on trading the .01 microlots. In that measure your 25.4 pips would be 250.4 pipettes. They way you have them written would have equaled around 45.4 pips with the trailing stop.
  • #8,646
  • Jul 27, 2023 8:21pm Jul 27, 2023 8:21pm
Morning trade,
3 candles rule.
Thx cpfleger.
xinitial.
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  • #8,647
  • Jul 27, 2023 9:17pm Jul 27, 2023 9:17pm
Quoting charlienoble
{quote} Nice trade. I was also in that one. Consider adding a 35 - 40 pip trailing stop. With the trailing stop it would have taken you for another 200 pips I say 200 pips based on trading the .01 microlots. In that measure your 25.4 pips would be 250.4 pipettes. They way you have them written would have equaled around 45.4 pips with the trailing stop.
254 pipettes

that's an awfully large TS for scalping the 5m.
  • #8,648
  • Jul 27, 2023 9:17pm Jul 27, 2023 9:17pm
Quoting cliffjaded
If we truly want to test how robust a system is, we need to account for the worst case scenarios. Saying the solution is money management is not enough. What exactly is that money management? If the solution is absolutely no stop at all, then the assumption here is that your ultimate stop is your Margin Call. And that is absolutely fine if that's what you're willing to risk. But the juice better be worth that squeeze - double that account quick, draw out your principal, and continue.
hey cliff, often overlooked, misunderstood and rarely mastered, money management is about margin protection and capital preservation - no strategy is complete without one!

i'm also interested in how others deal with drawdowns and that is my primary purpose for being here, some will reveal it, others will not for whatever reason, but it is obviously a bad one because not showing how drawdowns or losses are dealt with not lead to any improvement for anyone - i have laid it all out as far as how i deal with it and have proven the success of my approach through continued long term updates of my accounts and even described my experience with a margin call stop out myself!

anyway, i think many here are looking for a signal service and when it goes wrong because they blindly follow without thinking, they get burnt!
every minute matters!
  • #8,649
  • Jul 27, 2023 9:29pm Jul 27, 2023 9:29pm
Quoting Donny3rd
{quote} 254 pipettes that's an awfully large TS for scalping the 5m.
It's easy mode, just set the TS and let it do what it does. They won't all run like that but it's nice when they do.
  • #8,650
  • Edited 10:52pm Jul 27, 2023 10:22pm | Edited 10:52pm
Quoting niks
{quote} hey cliff, often overlooked, misunderstood and rarely mastered, money management is about margin protection and capital preservation - no strategy is complete without one! i'm also interested in how others deal with drawdowns and that is my primary purpose for being here, some will reveal it, others will not for whatever reason, but it is obviously a bad one because not showing how drawdowns or losses are dealt with not lead to any improvement for anyone - i have laid it all out as far as how i deal with it and have proven the success of...
It's been awesome seeing you post your trades. And I love the hedges. Managing hedges is a very very difficult thing to do. Being caught on one side bad enough but both sides? Especially when stuck in the middle? It's horrible. But if done well, you will double your profits as you're able to trade both directions while minimising drawdown.

Mean Reversion works. We clearly understand that. The most important information we're ultimately trying to uncover here is managing deep drawdown which can potentially blow your account.

For those parroting the fixed R:R or die approach, you are not wrong. It's a lot easier to handle. But if you don't have an edge or a way of managing long losing streaks, you reach the same result just via a different way; Death by a thousand cuts.

For newbies asking how to manage a strong trend and you don't know how to hedge, cut losses and/or reverse direction (trade with the trend), my recommendation of a -30% equity stop still stands. Use that as an emergency stop while learning to navigate the mean reversion game. Look at S/R, pivot points, supply and demand, volume profiles, oscillators, liquidity, multiple timeframes, etc. Experiment and see what works for you. Then as you get more comfortable, you can reduce or expand that equity stop or just use your full margin as equity stop. If a hard stop puts your mind at ease while traversing this Mean Reversion system, USE IT.

And of course, cpfleger's template is always available to make your life easier, along with his explanations and plenty of screenshots.
Leave the Gun, Take the Armani
  • #8,651
  • Jul 27, 2023 10:42pm Jul 27, 2023 10:42pm
Quoting charlienoble
{quote} It's easy mode, just set the TS and let it do what it does. They won't all run like that but it's nice when they do.
So let me get this straight. If I'm up 25 pips and want to leave the charts I set a TSL for 35-40 pips? 10 to 15 pips BELOW my entry? Price could swing down and take me out in the negative.


Took another trade on USDCAD:
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Was going through the times frames just absorbing it before closing the laptop. And felt like getting creative. I think on the 5m it could hit the 200. I also think it could hit if not cross the 200 on the 1H. So I set the TP above the 1H 200 ema. I could also see a probability of price meeting the upper 5m sup box before going to the 5m 200. So I set 2 limit sell orders at 1.32349 and 1.32409. Because price could go to the 1H 200 before hitting the sell limits and not reaching the 1H 200 again, I put their Tps just above just above the most recent DEM box at 1.32219:
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If It hits the 1H 200 before 2pm AZ time tomorrow and not trigger any limit orders, I'll cancel them. If they do get trigger, we'll see if TPs get hit or if it goes over the weekend.

This'll be fun. Good night.
  • #8,652
  • Jul 27, 2023 11:02pm Jul 27, 2023 11:02pm
Quoting Donny3rd
{quote} So let me get this straight. If I'm up 25 pips and want to leave the charts I set a TSL for 35-40 pips? 10 to 15 pips BELOW my entry? Price could swing down and take me out in the negative. Took another trade on USDCAD: {image} Was going through the times frames just absorbing it before closing the laptop. And felt like getting creative. I think on the 5m it could hit the 200. I also think it could hit if not cross the 200 on the 1H. So I set the TP above the 1H 200 ema. I could also see a probability of price meeting the upper 5m sup box...
Not quite no. When I said 35 - 40 pips I should have said 35 - 40 points which would be more accurate. Think of it this way. 1 point = 1 pipette, 10 pipettes = 1 pip. 254 pipettes = 25.4 pips. In the USD/JPY trade you took profit around 139.20 or so. With the trailing stop of 35 - 40 points (3.5 - 4) pips, you could have ridden the trade up to around 139.40 or so.
  • #8,653
  • Jul 28, 2023 12:52am Jul 28, 2023 12:52am
Quoting cliffjaded
{quote} It's been awesome seeing you post your trades. And I love the hedges. Managing hedges is a very very difficult thing to do. Being caught on one side bad enough but both sides? Especially when stuck in the middle? It's horrible. But if done well, you will double your profits as you're able to trade both directions while minimising drawdown. Mean Reversion works. We clearly understand that. The most important information we're ultimately trying to uncover here is managing deep drawdown which can potentially blow your account. For those parroting...
it's always a pleasure, thank you! the hedges are a key component to my money management development along with diversification, i think you understand very well the requirements of a solid money management plan and are working very hard on it - you cannot sit idle while in DEEP drawdown just watching your margin disappear, you gotta keep making money!

excellent advice as well, thanks for throwing it out there, you worded it better than i could!
every minute matters!
  • #8,654
  • Jul 28, 2023 1:45am Jul 28, 2023 1:45am
M1 EUR scalps - trading the range, buy and sell in the middle, hit profits both sides!
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followed by a MEGA outside bar!
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every minute matters!
  • #8,655
  • Jul 28, 2023 3:30am Jul 28, 2023 3:30am
Herkese günaydın
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  • #8,656
  • Jul 28, 2023 3:37am Jul 28, 2023 3:37am
Comfortable with having a demo account or I just starting to learn?
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  • #8,657
  • Jul 28, 2023 3:45am Jul 28, 2023 3:45am
Is it too late ?
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  • #8,658
  • Jul 28, 2023 3:46am Jul 28, 2023 3:46am
[quote=cliffjaded;14514536]{quote} Mean Reversion works. We clearly understand that. The most important information we're ultimately trying to uncover here is managing deep drawdown which can potentially blow your account.

Thanks for your wise post, and you, like a few others recently, have stated clearly about 'the elephant in the room' that is ignored until a massive expansion day like yesterday occurs, and then the silence about how to LITERALLY deal with it is deafening except from a few like yourself and niks & Abade...

It's the Ugly Truth, isn't it, when 'Massive Move' days occur that we didn't think would be 'that big'... 90% of the time price reverts to the mean/median/middle/equilibrium/call it what you want... but then there are "those days".... I have said that I trade along with Institutional Orderflow (IOF), whenever I can identify it, so yesterday I made profits going with the expansion moves, but always mindful that as soon as reversals/green shoots start to show themselves, I want to be there trading the reversals.

For me, I would like all the contributors here just to be 'real', to share their losses and struggles as well as their victories, as we journey towards mastery of the markets.

Huge thanks to all the great people here.

MantisClaw/sonicvista12
We don't see things as they are - we see things as we are.
  • #8,659
  • Jul 28, 2023 4:07am Jul 28, 2023 4:07am
DAX update. Thanks everyone.
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  • #8,660
  • Jul 28, 2023 5:02am Jul 28, 2023 5:02am
dentistco,
It maybe late but your learning every day and that is what matters.
Try and get in a little earlier, zoom inwards, watch the Gann Line form an elbow, watch the clock timer for 10 seconds or less to start the next candle and usually the first candle is a 1 wicked candle which gives you the right to enter the trade and add a trailing stop loss of 3 Pips to try and guarantee a profitable trade.
But excellent trading my man. Write a Journal and record how many trades you entered correctly and start your performance reviews.
cpfleger
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