M1 Countertrend Scalping Strategy | Page 434 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

EUR/USD, GBP/USD

Similar Threads

Trying scalping with a 1000 bucks - Scalping is expensive! 39 replies

strategy builder/tester for new scalping strategy 1 reply

1M & 5M Scalping System (Scalping Paradise) 21 replies

Reversals vs. CounterTrend Trade 28 replies

CounterTrend Trading 58 replies

Attachments: M1 Countertrend Scalping Strategy
Exit Attachments

M1 Countertrend Scalping Strategy

  • #8,661
  • Jul 28, 2023 5:43am Jul 28, 2023 5:43am
I did a sell trade on that high, there was a slight pull back and I went positive. I was actually expecting a deeper correction somewhere to the 50% retracement level. But the price started to pull back so I came out in profit.
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 72 KB
  • #8,662
  • Jul 28, 2023 5:54am Jul 28, 2023 5:54am
Thank you Mr. Cpfleger keep learning for better.
  • #8,663
  • Jul 28, 2023 5:56am Jul 28, 2023 5:56am
dentistco,
Your welcomed.
cpfleger
  • #8,664
  • Jul 28, 2023 6:31am Jul 28, 2023 6:31am
My 6 Monthly Prop Firm Challenge is nearing its way to my priority list....

And to any newbies, like yesterday's comments, I and a few others here in this Forum have won a few Prop Firm Challenges, if they ever want to read this entire Forum, and have received many LIVE ACCOUNTS to support the HOLY GRAIL is the Trader and not the system.
cpfleger
Attached Image (click to enlarge)
Click to Enlarge Name: Entry Exit Indicator.jpg Size: 192 KB
  • #8,665
  • Jul 28, 2023 8:36am Jul 28, 2023 8:36am
Quoting sonicvista12
Quoting cliffjaded
{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,
...
That USD move was massive. If you were caught on the wrong side and attempted to average down on the M1, you'd be eating your shorts now. The only way would be to cut your losses and reverse direction, or hedge out and unwind the hedge.

My friend and his trading group made lots of money on that move though. They are fundamental traders who average into a position. I'm shit at fundamentals so that doesn't work for me. But when they are sure of their fundamental analysis, they apply a bit of technical analysis and average in big and make bank.
Leave the Gun, Take the Armani
  • #8,666
  • Jul 28, 2023 8:42am Jul 28, 2023 8:42am
cpfleger, which PropFirm is this? Can we have a link?
  • #8,667
  • Jul 28, 2023 9:16am Jul 28, 2023 9:16am
Attached Image (click to enlarge)
Click to Enlarge Name: Entry Exit Indicator.jpg Size: 292 KB
  • #8,668
  • Jul 28, 2023 9:36am Jul 28, 2023 9:36am
Hi everyone!!! I am following this thread from start. At post #4260 at the moment, long way to go haha. Following everything step by step.
Currently on EMA strategy v4 of Cplfleger. I have been spending days and nights learning from all amazing people who have contributed on this thread.

Abade!
Thank you for starting this thread and keeping it alive.

Cpleger
Thank you so much for your time efforts on this thread. You have been keeping everyone positive and motivated with your valuable knowledge and experience. And I am following your system step by step. Learning to be patient and disciplined.

Josh
I hope you got your setup working for you by now and have doubled your account again!

Seabreeze
You picked up the system very fast. I am impressed!

Erod84, Clifjaded, Dwarti, Chucun, Niks, RieseP thank you for your valuable insights as well. RICKM too, who used to come and go on off.

I haven't found the sweet spot yet...However, I am still in the process and with all ears. Seeking knowledge.

Probably will be with you guys by next week.

Regards
  • #8,669
  • Edited 11:20am Jul 28, 2023 11:09am | Edited 11:20am
Another play I made. I expected a rebound from the resistance marked with the blue line (photo 1) and from that moment I started selling.
Unfortunately, the market went further in the opposite direction. I tried to keep my emotions under control and don't take much positions. It turns out to average the loss and I exit trades with profit.
Unfortunately, this happened to me and I don't know what to do. Any advice on how not to enter the market too quickly?
What was your confirmation that this trend is coming to an end?
In my opinion, I shoudn't enter market before vertical blue line (Photo 3)


I would like to ask people experienced in this strategy, what was your most difficult trade where you had to leverage the most? And what did you do?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 67 KB
Click to Enlarge Name: screenshot.png Size: 65 KB
Click to Enlarge Name: screenshot.png Size: 67 KB
  • #8,670
  • Edited 12:01pm Jul 28, 2023 11:50am | Edited 12:01pm
Quoting charlienoble
{quote} 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.

So I was absolutely correct. You just used the wrong term: pips when you meant pipettes. Strike your "not quite no" and just say "oops, I used the wrong term". I was correct giving the info provided by you. I know what pipettes are LOL. But thanks anyway. It's ok. I'll forgive you this time. (This is all light hearted and in jest. )


Quoting cliffjaded
{quote}I'm shit at fundamentals so that doesn't work for me.
You aren't the only one man! I'm crap at them too.


My limit orders went into play and their TPs were hit for total of 32 pips while I slept The original entry is still in play. I might cut it short when in profit just to not have it go over the weekend. Still have 4 hours till market close:
Attached Image (click to enlarge)
Click to Enlarge Name: 2023-07-28 094005_02bc USDCAD limits and their TPs hit for 32 pips.png Size: 88 KB
  • #8,671
  • Jul 28, 2023 12:11pm Jul 28, 2023 12:11pm
mbfx,
On behalf all people mentioned - your welcomed.
cpfleger
  • #8,672
  • Jul 28, 2023 12:38pm Jul 28, 2023 12:38pm
Just added a sell entry when price was 12 pips away at a SUP box with TP same as first entry. Will most likely be moving TPs higher soon or just manually exit before market close:
Attached Image (click to enlarge)
Click to Enlarge Name: 2023-07-28 103433_02d USDCAD 4th sell entry 12 pips from a TP same as a.png Size: 148 KB
  • #8,673
  • Edited Jul 29, 2023 5:04am Jul 28, 2023 3:18pm | Edited Jul 29, 2023 5:04am
Quoting mbfx
Hi everyone!!! I am following this thread from start. At post #4260 at the moment, long way to go haha. Following everything step by step. Currently on EMA strategy v4 of Cplfleger. I have been spending days and nights learning from all amazing people who have contributed on this thread. Abade! Thank you for starting this thread and keeping it alive. Cpleger Thank you so much for your time efforts on this thread. You have been keeping everyone positive and motivated with your valuable knowledge and experience. And I am following your system step...

Thanks' for the kind words and welcome to the thread.

Cpfleger good luck with the challenge you will sail through it.

Abade thank you for starting the thread.

niks very nice contribution to thread

Everyone else thank you for making this thread positive and a nice place to be part of.

I will be back posting when the time is right, mums not too well at the moment after a stroke so family comes first.

keep up the good work everyone
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #8,674
  • Jul 28, 2023 4:01pm Jul 28, 2023 4:01pm
Quoting cpfleger
mbfx, On behalf all people mentioned - your welcomed. cpfleger
Pleasure is all mine
  • #8,675
  • Jul 28, 2023 4:06pm Jul 28, 2023 4:06pm
Cpleger, and everyone else who has been using this template and indicator...

the indicator hiking ashi is giving me the error. please assist.
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 50 KB

Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 98 KB


I know it's an old post. I am trying to catch up with everything ...
  • #8,676
  • Jul 28, 2023 4:11pm Jul 28, 2023 4:11pm
Quoting Seabreeze
{quote} I will be back posting when the time is right, mums not too well at the moment after a stroke so family comes first. keep up the good work everyone
Good to see you around. Sorry to hear about your mom! Wishing her the best.


Ok market's closed. Placed one more sell entry and adjusted all TPs to 6 pips under initial entry:
Attached Image (click to enlarge)
Click to Enlarge Name: 2023-07-28 140121_02ade USDCAD market closed.png Size: 81 KB


And as promised here's the detailed report:
Attached Image (click to enlarge)
Click to Enlarge Name: 2023-07-28 140253 report screenshot.png Size: 44 KB



96.67% win rate. 23.77% account gain in 3 months trading only 4 hours a day, usually only 3 days a week, during the Sydney/Tokyo session. A couple skipped weeks due to having open drawdown trades. I'm pretty happy with these results to say the least! The next month will be focusing on entry patience and quality of setup and indicators.
.
This weekend the wife and I are celebrating our anniversary. 10 years together. 3 years married. Booked a weekend stay at the old mining town of Jerome, AZ on the side of a mountain. Should be a great time. Have a nice weekend everyone!
  • #8,677
  • Jul 28, 2023 4:15pm Jul 28, 2023 4:15pm
Quoting Donny3rd
{quote} Good to see you around. Sorry to hear about your mom! Wishing her the best. Ok market's closed. Placed one more sell entry and adjusted all TPs to 6 pips under initial entry: {image} And as promised here's the detailed report: {image} 96.67% win rate. 23.77% account gain in 3 months trading only 4 hours a day, usually only 3 days a week, during the Sydney/Tokyo session. A couple skipped weeks due to having open drawdown trades. I'm pretty happy with these results to say the least! The next month will be focusing on entry patience and quality...
congratulations Donny, have a great weekend
without patience how can you be a trader?
  • #8,678
  • Jul 28, 2023 4:22pm Jul 28, 2023 4:22pm
mbfx,
Without seeing the complete Chart, I am going to ask you to click on the Line Chart Button on the top Menu of the Chart. If that fails, then please screenprint the Indicators List from the main menu to ensure the Indicator has been installed...
cpfleger
  • #8,679
  • Jul 28, 2023 5:35pm Jul 28, 2023 5:35pm
Quoting Donny3rd
{quote} Good to see you around. Sorry to hear about your mom! Wishing her the best. Ok market's closed. Placed one more sell entry and adjusted all TPs to 6 pips under initial entry: {image} And as promised here's the detailed report: {image} 96.67% win rate. 23.77% account gain in 3 months trading only 4 hours a day, usually only 3 days a week, during the Sydney/Tokyo session. A couple skipped weeks due to having open drawdown trades. I'm pretty happy with these results to say the least! The next month will be focusing on entry patience and quality...

Cheers buddy

Have a great weekend and enjoy your time together.
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #8,680
  • Jul 28, 2023 5:53pm Jul 28, 2023 5:53pm
Quoting Seabreeze
{quote} Thanks' for the kind words and welcome to the thread. Cpfleger good luck with the challenge you will sail through it. Abade thank you for starting the thread. Nicks very nice contribution to thread Everyone else thank you for making this thread positive and a nice place to be part of. I will be back posting when the time is right, mums not too well at the moment after a stroke so family comes first. keep up the good work everyone
hey, long time no post, great to see you back sorry to hear about your mom hope she gets better very soon
without patience how can you be a trader?
4 traders viewing now