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M1 Countertrend Scalping Strategy

  • #8,681
  • Jul 28, 2023 6:25pm Jul 28, 2023 6:25pm
Quoting Steverino832
{quote} hey, long time no post, great to see you back sorry to hear about your mom hope she gets better very soon
Hey Thanks Steverino832

Fingers crossed for mom.

Will post again soon when she gets a bit stronger and my time frees up a bit.

Wishing everyone a great weekend.
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #8,682
  • Jul 28, 2023 8:17pm Jul 28, 2023 8:17pm
Quoting mbfx
Cpleger, and everyone else who has been using this template and indicator... the indicator hiking ashi is giving me the error. please assist. {image} {image} I know it's an old post. I am trying to catch up with everything ...
MT4/MT5 has a native Heiken Ashi indicator. You can try that.
Leave the Gun, Take the Armani
  • #8,683
  • Jul 28, 2023 8:27pm Jul 28, 2023 8:27pm
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...
The most important information missing from a MT4 Trade Report is the Max Floating Loss. Because of averaging, this is not reflected. However, this is the most crucial component of this strategy.

For the interest of education, would it be possible for you to share (if you can remember) what was the worst drawdown you faced? And if was significant, how you managed it?
Leave the Gun, Take the Armani
  • #8,684
  • Jul 28, 2023 8:42pm Jul 28, 2023 8:42pm
Hi all,

Massive thanks to the originators of this method and thread and everyone spreading their wisdom. Very grateful for the positive vibes on this thread aswell.

Been testing this out which is working great for me on audjpy and nzdjpy during the early tokyo session the past few days.

Will start on eurusd and gbpusd during the us morning session next week and let you know how I do.

I usually just do a 2 pip daily breakout scalp using the 7am - 9am EST highs and lows on EUR USD when there is no news releases after this time and also trade the news if its 8.30 EST with a straddle trade for 5 or 10 pips or trailing stop on NFP.

The psychological factor is still the biggest issue for me i.e. cutting my profits short and letting my losses run. Is anyone hedging with this method? i.e. open an opposite trade if you x pips into loss (not martingale)?

Have a great weekend everyone and thank you once again.

AC
  • #8,685
  • Jul 28, 2023 9:31pm Jul 28, 2023 9:31pm
Quoting barsa1211
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...
i think your resistance line was incorrect using only a single touch wick, better to use multiple touch bodies which would of revealed the approach to that level was strong and the reaction weak as it failed to reach ema20 on the pullback and continued upward when you decided to sell - good news is that cost averaging is an effective tool for trading when used wisely!

to understand trend and countertrend at an ema level, you really need to absorb ALL of KoF's videos and you will fully understand the difference, plus read many posts in this thread that talk about it...

a difficult trade only requires STRATEGIC cost averaging to recover losses, not unlimited amounts, best of luck, you are doing well!
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every minute matters!
  • #8,686
  • Jul 29, 2023 12:03am Jul 29, 2023 12:03am
Quoting mbfx
Cpleger, and everyone else who has been using this template and indicator... the indicator hiking ashi is giving me the error. please assist. {image} {image} I know it's an old post. I am trying to catch up with everything ...
I had same problem with the HA indicator initially. I read on the thread that I need to download with chrome browser
Redownload the HA indicator using Chrome browser.
  • #8,687
  • Jul 29, 2023 2:08am Jul 29, 2023 2:08am
Quoting cpfleger
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
it was an download issue. I downloaded the file from a different browser and the issue is resolved.
I am on Mac so may b that's why I having these issues. Thanks!
  • #8,688
  • Jul 29, 2023 4:48am Jul 29, 2023 4:48am
Quoting niks
{quote} i think your resistance line was incorrect using only a single touch wick, better to use multiple touch bodies which would of revealed the approach to that level was strong and the reaction weak as it failed to reach ema20 on the pullback and continued upward when you decided to sell - good news is that cost averaging is an effective tool for trading when used wisely! to understand trend and countertrend at an ema level, you really need to absorb ALL of KoF's videos and you will fully understand the difference, plus read many posts in this...

Thank you for your answer. In my opinion, I got a little emotional and wanted to enter the market too quickly. Also on an account with a $1000 deposit, I shouldn't open a 0.10lot position. I think I'll go down to around 0.01-0.03. This will allow for better averaging of positions.


Even a failed transaction gives lessons for the future. (Closed in profit, but not necessarily perfectly in line with the strategy.)


What are your entry confirmations, mine are:

  1. Moving away from the trend line.
  2. Stochastic Oscilator, should be >80 for sell or <20 for buy.
  3. Volume Indicator with SMA20, Volume should be lower than average.
  4. Sometimes support/resistance


Sometimes I think I should use the "6E1!" (for EURUSD) which shows the actual trade volume, not tick like mt4. You can then check whether the trend is strong or weak, or whether there is demand or supply entering the market, using the "Buying Selling Volume" indicator, which, thanks to the appearance of the candles and the size of the volume, shows how much demand / supply is currently entering the market. What do you think about this add-on?

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  • #8,689
  • Jul 29, 2023 7:52am Jul 29, 2023 7:52am
Quoting barsa1211
{quote} Thank you for your answer. In my opinion, I got a little emotional and wanted to enter the market too quickly. Also on an account with a $1000 deposit, I shouldn't open a 0.10lot position. I think I'll go down to around 0.01-0.03. This will allow for better averaging of positions. Even a failed transaction gives lessons for the future. (Closed in profit, but not necessarily perfectly in line with the strategy.) What are your entry confirmations, mine are: Moving away from the trend line. Stochastic Oscilator, should be >80 for sell or <20...
no problem, certainly need to control emotions, but that is separate to why a trade fails technically...

lot sizing is very important for your money management plan, it's great that you learn from failed trades...

as a discretionary trader, i don't have an entry criteria, i rely on price action and use ema's as guides, but unlike yourself who will sometimes use support and resistance, i will always use it...

actual trade volumes as an add on, sure why not if it helps, but i cannot advise on it as i have never used it...
every minute matters!
  • #8,690
  • Jul 29, 2023 8:07am Jul 29, 2023 8:07am
Quoting niks
{quote} no problem, certainly need to control emotions, but that is separate to why a trade fails technically... lot sizing is very important for your money management plan, it's great that you learn from failed trades... as a discretionary trader, i don't have an entry criteria, i rely on price action and use ema's as guides, but unlike yourself who will sometimes use support and resistance, i will always use it... actual trade volumes as an add on, sure why not if it helps, but i cannot advise on it as i have never used it...
In this case, I will use support and resistance, but I will wait for the price to bounce off these points, not just reach the support/resistance point with the BUY/SELL LIMIT set. Let there be a reaction and then an entrance. We'll see what the next trades bring.
  • #8,691
  • Edited 12:09pm Jul 29, 2023 11:50am | Edited 12:09pm
Quoting cpfleger
KoF V6 NOTE: CCI may have to revised to each Instrument, use USDCAD first to practice and I will make Instrument Templates as the day goes by. cpfleger

Good day cpfleger,

I am reading this thread from the begin with note taking.
Did you make CCI template for XAUUSD?
Can CCI(8) be used on XAUUSD?
I have not seen one for Gold

Thank you
  • #8,692
  • Jul 29, 2023 12:08pm Jul 29, 2023 12:08pm
Godwin Igili,
Please screenprint the system on a Gold Chart with your preferred TF and I will investigate the CCI possibility.
cpfleger
  • #8,693
  • Jul 29, 2023 12:51pm Jul 29, 2023 12:51pm
Quoting cpfleger
Godwin Igili, Please screenprint the system on a Gold Chart with your preferred TF and I will investigate the CCI possibility. cpfleger
Thank you. I have 2 preferred TFs
M5
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M15
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  • #8,694
  • Jul 29, 2023 1:21pm Jul 29, 2023 1:21pm
Godwin Igili,
The 15M TF and CCI are vertically aligned, the 5M TF CCI is lagging behind price, so you need to adjust the CCI Setting / Inputs to 8.
NOTE: Most traders do not realize that they should save the Template to the Instrument (Gold) and TF (15M) for future assurance of settings / inputs.
cpfleger
  • #8,695
  • Jul 29, 2023 1:46pm Jul 29, 2023 1:46pm
Quoting cpfleger
Godwin Igili, The 15M TF and CCI are vertically aligned, the 5M TF CCI is lagging behind price, so you need to adjust the CCI Setting / Inputs to 8. NOTE: Most traders do not realize that they should save the Template to the Instrument (Gold) and TF (15M) for future assurance of settings / inputs. cpfleger
Thank you Cpfleger for the Templates

I read about adjusting Templates to Instrument in one of your posts such as that post I earlier referenced.

How can I calculate the CCI settings, without always getting across to you, if I need Templates for other Instruments(US30).
I mean, the process of getting/calculating the optimal CCI settings for defined TFs.
And in which the CCI would aligns with the Heiken Ashi candles, and that settings will help for good entries.

Thank you once again for your assistance and teaching
  • #8,696
  • Jul 29, 2023 10:02pm Jul 29, 2023 10:02pm
Quoting barsa1211
{quote} In this case, I will use support and resistance, but I will wait for the price to bounce off these points, not just reach the support/resistance point with the BUY/SELL LIMIT set. Let there be a reaction and then an entrance. We'll see what the next trades bring.
yes, using support and resistance this way is ideal - the reaction is where price action patterns come into play, double tops and bottoms, pin bars and so on, sonicvista provided a good summary of these reversal patterns a few posts back...

i do not use limit orders, never have and never will, i always use market execution for entries, and for exits if targets haven't been reached...

if you have access to BTC bitcoin, you can practice on a demo over the weekend, or even better, install the fx blue simulator and start practicing on your favourite pair!
every minute matters!
  • #8,697
  • Jul 30, 2023 1:15am Jul 30, 2023 1:15am
Quoting ac3030
Hi all, Massive thanks to the originators of this method and thread and everyone spreading their wisdom. Very grateful for the positive vibes on this thread aswell. Been testing this out which is working great for me on audjpy and nzdjpy during the early tokyo session the past few days. Will start on eurusd and gbpusd during the us morning session next week and let you know how I do. I usually just do a 2 pip daily breakout scalp using the 7am - 9am EST highs and lows on EUR USD when there is no news releases after this time and also trade the news...
Mixing hedging and cost averaging is 100% doable, but you shouldn't think of it as "risk-free" money management (there is no such thing).

I believe this is a good starting point:

Inserted Video


The trader uses both hedging and cost averaging, with support and resistance bounces/breakouts on the H1 timeframe, account splitting, high leverage.

I was thinking this style and philosophy may deserve its own thread, it would be total .
  • #8,698
  • Jul 30, 2023 6:01am Jul 30, 2023 6:01am
M1 BTC scalps - very slow, very tight but got there in the end!
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every minute matters!
  • #8,699
  • Jul 30, 2023 6:56am Jul 30, 2023 6:56am
M1 BTC scalps - a lot faster now!
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every minute matters!
  • #8,700
  • Jul 30, 2023 11:29pm Jul 30, 2023 11:29pm
Quoting Abade
{quote} Mixing hedging and cost averaging is 100% doable, but you shouldn't think of it as "risk-free" money management (there is no such thing). I believe this is a good starting point: https://www.youtube.com/watch?v=5MU_I6F8UsY The trader uses both hedging and cost averaging, with support and resistance bounces/breakouts on the H1 timeframe, account splitting, high leverage. I was thinking this style and philosophy may deserve its own thread, it would be total .
finally, a trader that makes sense! thanks for sharing Abade, truly inspirational!

technically, it is countertrend scalping with cost averaging and no stop loss so i think this thread suits it just fine, especially the risk management side of it, i think we can all learn something from that!
every minute matters!
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