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M1 Countertrend Scalping Strategy

  • #9,321
  • Aug 23, 2023 10:36am Aug 23, 2023 10:36am
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Done
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  • #9,322
  • Aug 23, 2023 11:24am Aug 23, 2023 11:24am
again

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done
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  • #9,323
  • Aug 23, 2023 11:52am Aug 23, 2023 11:52am
Quoting Darwati
again {image} done{image}
WOW! You are the brokers dream ... top notch!
Better start as broker and hire guys like you ... all the income from spread ... great.
Perfection is the enemy of good enough!
  • #9,324
  • Aug 23, 2023 11:57am Aug 23, 2023 11:57am
I follow the trend

you should read my previous post

I have reverse thoughts , remember that , so have to read all of them

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  • #9,325
  • Edited 12:22pm Aug 23, 2023 11:58am | Edited 12:22pm
Quoting MichaelSch
{quote} WOW! You are the brokers dream ... top notch! Better start as broker and hire guys like you ... all the income from spread ... great.
I'm still a demo trader

Don't have money for a deposit, just have a lot of free time

So...The broker doesn't get anything either
  • #9,326
  • Aug 23, 2023 1:12pm Aug 23, 2023 1:12pm
Quoting LifeRider
{quote} Many books advocate taking only these trend trades. Do you take these often, and do you see any change in success rate? Thank you.
If you trade like most books suggest you'll lose money.

The truth is that most of these authors are businessman, not real forex traders.
  • #9,327
  • Aug 23, 2023 4:05pm Aug 23, 2023 4:05pm
Quoting Abade
{quote} If you trade like most books suggest you'll lose money. The truth is that most of these authors are businessman, not real forex traders.
This statement is as generic as the advice in the books. I was interested specifically in Niks stats. Thanks.
I have no clue where it's going
  • #9,328
  • Aug 23, 2023 4:17pm Aug 23, 2023 4:17pm
Quoting LifeRider
{quote} This statement is as generic as the advice in the books. I was interested specifically in Niks stats. Thanks.
Well if you read the thread you would see that he's been Trading this system longer than Nick's has and as he is the OP of the thread knows a thing or two about counter Trend Trading. No reason to be rude. And yes we do counter-trend trade here every day hence the name of the thread
without patience how can you be a trader?
  • #9,329
  • Aug 23, 2023 4:47pm Aug 23, 2023 4:47pm
Quoting Steverino832
{quote} Well if you read the thread you would see that he's been Trading this system longer than Nick's has and as he is the OP of the thread knows a thing or two about counter Trend Trading. No reason to be rude. And yes we do counter-trend trade here every day hence the name of the thread
Apologies. It's been a long day, I'm tired and that reply was patronising and off topic. I'm sure he meant well.
I have no clue where it's going
  • #9,330
  • Aug 23, 2023 4:54pm Aug 23, 2023 4:54pm
Quoting LifeRider
{quote} Apologies. It's been a long day, I'm tired and that reply was patronising and off topic. I'm sure he meant well.
Apology accepted I know what you mean we all have those days
without patience how can you be a trader?
  • #9,331
  • Aug 23, 2023 5:29pm Aug 23, 2023 5:29pm
Quoting LifeRider
{quote} Apologies. It's been a long day, I'm tired and that reply was patronising and off topic. I'm sure he meant well.
Didn't mean to sound patronising or to annoy you, I apologize if that's the case. Just sharing my opinion on trading books and common knowledge.

I am also interested in knowing @niks experience on the matter, although I have not seen anybody here sharing a long-term report of the "full EMA strategy" that implies the use/switching of both "trend friendly" and "countertrend" styles depending on market conditions.

Best regards.
  • #9,332
  • Aug 23, 2023 10:16pm Aug 23, 2023 10:16pm
Hey everyone. Not caught up on forum but here's today real quick.

Sold a little early but ingored my gut and got out at the first sign of a bounce. Turned around and bought when initial 5 pip TP was missed twice by 2 pipettes (0.00002 or 0.2 pips). Bought again then time ran out so made a limit order. All have the same TP:
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Night everyone.
  • #9,333
  • Aug 23, 2023 10:23pm Aug 23, 2023 10:23pm
HAHAHAHA

Right after I posted that last entry and just before closing my laptop my TPs were hit. So I canceled the limit order.
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Hilarious. Anything can happen in forex. Goodnight for real.
  • #9,334
  • Aug 23, 2023 10:42pm Aug 23, 2023 10:42pm
Quoting Abade
{quote} Didn't mean to sound patronising or to annoy you, I apologize if that's the case. Just sharing my opinion on trading books and common knowledge. I am also interested in knowing @niks experience on the matter, although I have not seen anybody here sharing a long-term report of the "full EMA strategy" that implies the use/switching of both "trend friendly" and "countertrend" styles depending on market conditions. Best regards.
with regard to trader education material i agree with Abade, unless you trust that the author really is a successful trader, the knowledge is useless - i have read one book and followed one educator part time in the last 15 years, and am now following KoF the same way since discovering his strategies in October 2022 and trading them full time since then...

the majority of my trades are countertrend and are really just my variation of the basic ema strategy - however, being aware of the full ema strategy is the only way to make it successful because if you are not, then you will always try and countertrend into tough trends and that will blow your account - so although i am still not successful with trend trading, i am fully aware of when a trend is developing or has developed to avoid a counter trend, that is most important to make this countertrend strategy successful...

my ultimate goal is to transition between both, my fear is once i do, i will never leave the screen!!!

so now i will share an update on my live performance since this last post, the demo was updated recently here

first a complete update from the start of the year until now...
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and then from the last update at the end of May up until now!
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every minute matters!
  • #9,335
  • Aug 24, 2023 4:34am Aug 24, 2023 4:34am
M1 EUR countertrend scalps - holding firm on targets!
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entered short on ema9 overextension and resistance level anticipating a failure to hold above ema200, targeting a break below ema50 just above recent support levels

price failed to hold above ema200 and travelled through the support of the ema's and almost into target, it then bounced back up to ema200, and pulled back a bit, but the pullback bounced off ema9 and now the ema's are getting ready to cross ema200, a possible short squeeze! still, it was a strong downtrend preceding the sideways action so added a second order on the break of ema200 which appeared weak and close to an older resistance level

that resistance level held after a double top pushed price back down below ema200, but there was still caution because now there is a higher low followed by a higher high, followed by a higher low, get ready for a quick reversal if it follows up with a higher high and breaks above my second order

and it doesn't, instead, a lower high and lower low are formed then price moves below the newly formed support levels and into my targets just above older support levels!

and the downtrend continues...
every minute matters!
  • #9,336
  • Aug 24, 2023 6:51am Aug 24, 2023 6:51am
Quoting niks
{quote} so now i will share an update on my live performance since this last post, the demo was updated recently here first a complete update from the start of the year until now... {image} and then from the last update at the end of May up until now! {image}
Thanks for sharing, Niks.

It's encouraging to see your success with the system. It looks like your win rate has really improved in the last few months.

I know you want to keep your account private, but would you mind sharing what your average profit looks like as a percentage? (ex., per week, per month)

Thanks!
  • #9,337
  • Aug 24, 2023 7:39am Aug 24, 2023 7:39am
At the end of New York session yesterday, I saw that AUD/USD made a parabolic move up and started losing momentum as it neared a trendline from H1. I averaged in some orders to build my position in that zone. Woke up this morning just as it was going into profit.
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  • #9,338
  • Aug 24, 2023 7:48am Aug 24, 2023 7:48am
Quoting niks
{quote} although i am still not successful with trend trading, i am fully aware of when a trend is developing or has developed to avoid a counter trend, that is most important to make this countertrend strategy successful... my ultimate goal is to transition between both
I'm still working on this as well. One thing that has helped me when switching is turning off the EMAs and look at the chart naked. I find the EMAs give me a countertrend bias every time. When I average orders on a naked chart, my bias is based more on price action and patterns. So I toggle the EMAs on and off throughout my trading session.

Sometimes when I've switched it's worked against me, but that's okay. I view the whole thing as one position that I'm managing back into profit. You can dig yourself into a deeper hole by switching too much. So really think hard if you really want to switch. I keep a rule to myself not to switch direction more than twice in a trading session.

My goal with the switching is not more profits, but to be out of the market when my trading session is over and not have trades running overnight. It's not a comfortable way to live.
  • #9,339
  • Aug 24, 2023 9:33am Aug 24, 2023 9:33am
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I haven't come this far to only come this far !
  • #9,340
  • Aug 24, 2023 10:23am Aug 24, 2023 10:23am
Quoting Donny3rd
HAHAHAHA Right after I posted that last entry and just before closing my laptop my TPs were hit. So I canceled the limit order. {image} Hilarious. Anything can happen in forex. Goodnight for real.
you're giving the gut a good workout donny, you'll have a six pack in no time! very nice trading, the timing will improve significantly over time...

Quoting SurMoose
{quote} Thanks for sharing, Niks. It's encouraging to see your success with the system. It looks like your win rate has really improved in the last few months. I know you want to keep your account private, but would you mind sharing what your average profit looks like as a percentage? (ex., per week, per month) Thanks!
it's my pleasure SurMoose, although uncomfortable in doing so, it is also encouraging for me to share the results... most definitely improving as each day goes by! i've reported the numbers as a percentage for my demo account, the percentage earnt on my live account is a lot smaller, however keep in mind everybody manages money differently so a small percentage growth does not necessarily mean small profits...

in fact percentage growth is not my goal and i do not track it at all, trading for a living is my primary objective - i only track percentage drawdown while managing a trade, i hope that helps...

Quoting SurMoose
{quote} I'm still working on this as well. One thing that has helped me when switching is turning off the EMAs and look at the chart naked. I find the EMAs give me a countertrend bias every time. When I average orders on a naked chart, my bias is based more on price action and patterns. So I toggle the EMAs on and off throughout my trading session. Sometimes when I've switched it's worked against me, but that's okay. I view the whole thing as one position that I'm managing back into profit. You can dig yourself into a deeper hole by switching too...
all of what you say above with regard to struggles with trend trades and the dangers of switching are exactly where i'm at as well - you have provided some excellent tips for me to explore, thank you very much - i'll keep you posted

Quoting Amiraven
{image}
you are doing so well and your trades speak for themselves, another nice set of trades, i'll be turning to you for advice on gold soon enough amiraven - keep up the excellent work!
every minute matters!
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