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M1 Countertrend Scalping Strategy

  • #8,721
  • Aug 1, 2023 11:38am Aug 1, 2023 11:38am
@econometrics
Thank you.

@michaelsch
On it. I will keep that in mind.
  • #8,722
  • Aug 1, 2023 11:41am Aug 1, 2023 11:41am
waiting patiently for the next candle to take the trade
EURUSD T5

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  • #8,723
  • Aug 1, 2023 12:22pm Aug 1, 2023 12:22pm
Quoting mbfx
waiting patiently for the next candle to take the trade EURUSD T5 {image}
waiting... going to add another entry if there is another wicked candle
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  • #8,724
  • Aug 2, 2023 3:53am Aug 2, 2023 3:53am
mbfx,
Excellent trades and being Patient is the real secret.
cpfleger
  • #8,725
  • Aug 2, 2023 3:55am Aug 2, 2023 3:55am
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  • #8,726
  • Aug 2, 2023 4:04am Aug 2, 2023 4:04am
thank you @cpfleger... following your footsteps. trying to be patient.
  • #8,727
  • Aug 2, 2023 4:06am Aug 2, 2023 4:06am
waiting patiently for line to cross CCI ...

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EURUSD T5
  • #8,728
  • Aug 2, 2023 4:11am Aug 2, 2023 4:11am
one green wicked candle is all I need to tag along with the trend
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XAUUSD. T15
  • #8,729
  • Aug 2, 2023 5:40am Aug 2, 2023 5:40am
about to execute on the next candle
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EURUSD t5
  • #8,730
  • Aug 2, 2023 5:43am Aug 2, 2023 5:43am
now patiently waiting for the system to work in my favour
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  • #8,731
  • Aug 2, 2023 8:19am Aug 2, 2023 8:19am
mbfx,
You do know YOU are having too much fun trading now, so you to stop before the Banks find out about your performance.
cpfleger
  • #8,732
  • Aug 2, 2023 9:08am Aug 2, 2023 9:08am
Quoting mbfx
now patiently waiting for the system to work in my favour {image}
bro! the CCI(13) you are using, the method "Apply to" of CCI is Close or others?
Thank you so much!
  • #8,733
  • Aug 2, 2023 10:58am Aug 2, 2023 10:58am
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 .
I must admit that the strategy from the video seems much safer than what we are currently doing, I will test it. If there is a new thread about this strategy, please notify me.
  • #8,734
  • Aug 2, 2023 11:49am Aug 2, 2023 11:49am
Thanks all for the anniversary congrats. It was a great and much needed little getaway.

My USDCAD trades hit their TPs. I could have left them as price did go to where I was expecting. But oh well, got 47.5 pips out of it:
Attached Image (click to enlarge)
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Felt a little bit like Niks exiting those couple trades and letting the first one run while taking more entries later. LOL.

Will be demo trading later today. Till then, get them pips!
  • #8,735
  • Aug 2, 2023 12:19pm Aug 2, 2023 12:19pm
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I haven't come this far to only come this far !
  • #8,736
  • Aug 2, 2023 12:28pm Aug 2, 2023 12:28pm
I know this one. It's kof's strategy; however, his live trading is on a demo account. Therefore, I don't really trust him. I test it on a demo account. Here is what I learned from it. You have to trade small in case you get caught by a tough trend, so avoid news. In a tough trend, you have to guess tops and bottoms and add positions repeatedly until you are right or you won't even have a chance to break-even. If you get caught by a multiple day volatility explosion, it could be very hard to close your positions. What's worse is if your margin runs out, you are forced to deposit more or get margin call and forced to close positions by your broker. It's an invincible paper trading strategy.
  • #8,737
  • Aug 2, 2023 1:28pm Aug 2, 2023 1:28pm
Quoting zkchyo
I know this one. It's kof's strategy; however, his live trading is on a demo account. Therefore, I don't really trust him. I test it on a demo account. Here is what I learned from it. You have to trade small in case you get caught by a tough trend, so avoid news. In a tough trend, you have to guess tops and bottoms and add positions repeatedly until you are right or you won't even have a chance to break-even. If you get caught by a multiple day volatility explosion, it could be very hard to close your positions. What's worse is if your margin runs...
... and you be caught to your trading desk as long as you close positions bad or not. This style can eat massive time. Is it worth doing it that way,? I can trade with much less screentime .. but some are happy to invest amaount of time infront of monitors.
Perfection is the enemy of good enough!
  • #8,738
  • Aug 2, 2023 1:45pm Aug 2, 2023 1:45pm
Quoting MichaelSch
{quote} ... and you be caught to your trading desk as long as you close positions bad or not. This style can eat massive time. Is it worth doing it that way,? I can trade with much less screentime .. but some are happy to invest amaount of time infront of monitors.
please tell us more
without patience how can you be a trader?
  • #8,739
  • Aug 2, 2023 1:48pm Aug 2, 2023 1:48pm
Quoting Steverino832
{quote} please tell us more
You follow me so no need to post twice and turn that thread away.
Perfection is the enemy of good enough!
  • #8,740
  • Aug 2, 2023 2:36pm Aug 2, 2023 2:36pm
Quoting zkchyo
I know this one. It's kof's strategy; however, his live trading is on a demo account. Therefore, I don't really trust him. I test it on a demo account. Here is what I learned from it. You have to trade small in case you get caught by a tough trend, so avoid news. In a tough trend, you have to guess tops and bottoms and add positions repeatedly until you are right or you won't even have a chance to break-even. If you get caught by a multiple day volatility explosion, it could be very hard to close your positions. What's worse is if your margin runs...

I've been in many runaway trends now that have lasted literal week. Wasn't hard to get out of them. Just set TPs and have Job levels of patience. I guess I'm a patient guy. If you follow the advice of 0.01 per $1k in account, (my broker allows nano lot so I can do .001 per $100) you shouldn't blow your account unless you are making a new entry every 2 pips against you desired direction. Just my opinion since practicing this for 3 months so far. I think max I got to was 12% account drawdown.
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