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M1 Countertrend Scalping Strategy

  • #9,341
  • Aug 24, 2023 10:58am Aug 24, 2023 10:58am
After I took profits on AUD/USD this morning, I had to wait a little while for the trend to calm down and start ranging. Got some countertrend scalps in, but overall not a very productive morning. Things weren't moving much and I took profits a little too early on most of my trades. Waiting on one more to hit my tp and then I'll be done for the day. (green line is my current breakeven price)
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  • #9,342
  • Aug 24, 2023 11:38am Aug 24, 2023 11:38am
Here's an interview with Al Brooks about price action trading. Skip to 55:10 and he'll start discussing scaling positions and the importance of switching if your bias was wrong:

Inserted Video
  • #9,343
  • Aug 24, 2023 11:55am Aug 24, 2023 11:55am
Quoting niks
{quote} 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... {quote} 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...
I couldn’t have done it without your support !!!
you are the best trader I have ever seen, thank you very much.
I haven't come this far to only come this far !
  • #9,344
  • Aug 24, 2023 12:55pm Aug 24, 2023 12:55pm
Quoting niks
{quote} 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...
Thank you. So no stats as such available, and transitioning into trend trading is something you're still getting comfortable with. Thank you for taking the time to answer my question.
I have no clue where it's going
  • #9,345
  • Aug 24, 2023 8:55pm Aug 24, 2023 8:55pm
Quoting SurMoose
After I took profits on AUD/USD this morning, I had to wait a little while for the trend to calm down and start ranging. Got some countertrend scalps in, but overall not a very productive morning. Things weren't moving much and I took profits a little too early on most of my trades. Waiting on one more to hit my tp and then I'll be done for the day. (green line is my current breakeven price) {image}
i can't make out the actual trades on your chart so it is difficult to comment, i think i see entry points but no exits...

anyway, thanks for the al brooks video, he was one of the inspirations from the trader i learnt from - i have one his books, its a very heavy read so i just read snippets every now and then, very insightful...

Quoting Amiraven
{quote} I couldn’t have done it without your support !!! you are the best trader I have ever seen, thank you very much.
do not underestimate the impact your support has had on me as well amiraven, i would not nearly be as confident without it, so thank you very much - we all dream to become the best trader ever and with the rate of your progress combined with your discipline, i'm sure you'll surpass me... it really is all about YOUR hard work that made it happen, so keep it up!

Quoting LifeRider
{quote} Thank you. So no stats as such available, and transitioning into trend trading is something you're still getting comfortable with. Thank you for taking the time to answer my question.
no problem, the only stats i keep are those the platform generates, and yes, trend trading is a work in progress for me...
every minute matters!
  • #9,346
  • Aug 24, 2023 8:58pm Aug 24, 2023 8:58pm
Quoting Darwati
Trend - mini trend - counter trend is just a term we should be able to use all 3 of them {image} {quote} {image}
Add forth and fifth terms:

Buy the dips and sell the peaks. The whole things.

I'm sure there are plenty more.



Those look almost like tapping buy to a beat lol. Poetry in trading! Thanks for sharing.
  • #9,347
  • Aug 24, 2023 9:14pm Aug 24, 2023 9:14pm
Quoting Donny3rd
{quote} Add forth and fifth terms: Buy the dips and sell the peaks. The whole things. I'm sure there are plenty more. Those look almost like tapping buy to a beat lol. Poetry in trading! Thanks for sharing.
... or as Alan Farley wrote in his seminal trading book 'The Master Swing Trader', buy the SECOND dip and sell the SECOND peak. Remember, especially in forex, the Fakeout or Failout - the 1st dip/peak is the enticement/lure to act , which is where we get caught getting in too early.

Remember, it's the SECOND MOUSE that gets the cheese!

(Unless you're protected like this little guy...)
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We don't see things as they are - we see things as we are.
  • #9,348
  • Aug 24, 2023 9:52pm Aug 24, 2023 9:52pm
Quoting sonicvista12
{quote} ... or as Alan Farley wrote in his seminal trading book 'The Master Swing Trader', buy the SECOND dip and sell the SECOND peak. Remember, especially in forex, the Fakeout or Failout - the 1st dip/peak is the enticement/lure to act , which is where we get caught getting in too early. Remember, it's the SECOND MOUSE that gets the cheese! (Unless you're protected like this little guy...) {image}
All the dips. All the peaks. With trend. Against trends. Only ranges. Plus ranges. Whatever. Gut surfing is where it's at Or,.. Make a trade and commit to a small target after the second averaged entry. Then average wisely until either it's hit. I'm very stubborn and patient. But when I want to have fewer entries and bigger lots while minimizing drawdown. I'll absolutely remember these words of yours.
  • #9,349
  • Aug 24, 2023 10:28pm Aug 24, 2023 10:28pm
Trading time over. Here's what I got going on. First two entries barely missed the TP. Got until 2pm tomorrow AZ time. It's almost 8:30pm Thursday night here:

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  • #9,350
  • Aug 25, 2023 3:20am Aug 25, 2023 3:20am
M1 AUD countertrend scalp earlier today, the power of resistance!
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short off resistance after massive ema9 overextension into a strong resistance area, resistance held and moved price back down into support area and broke through strongly into targets at ema50 which was still below ema200 at the time, the move was exhausted by the time it reached it! there was no other support to stop the free fall into the next support level...


M1 EUR countertrend scalp - defying a strong move!
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gut surfing at work, no signs other than pure candle action - bullish engulfment and then huge volume spike!
every minute matters!
  • #9,351
  • Aug 25, 2023 4:17am Aug 25, 2023 4:17am
Quoting niks
M1 AUD countertrend scalp earlier today, the power of resistance! {image} short off resistance after massive ema9 overextension into a strong resistance area, resistance held and moved price back down into support area and broke through strongly into targets at ema50 which was still below ema200 at the time, the move was exhausted by the time it reached it! there was no other support to stop the free fall into the next support level... M1 EUR countertrend scalp - defying a strong move! {image} gut surfing at work, no signs other than pure candle...
i got some of that as well, also some yen pairs countertrend. MT4 doesn't record trade history, but I was there too. It was quite volatile before LDN Open, now totally dead
We don't see things as they are - we see things as we are.
  • #9,352
  • Aug 25, 2023 4:47am Aug 25, 2023 4:47am
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I haven't come this far to only come this far !
  • #9,353
  • Aug 25, 2023 5:51am Aug 25, 2023 5:51am
Quoting sonicvista12
{quote} i got some of that as well, also some yen pairs countertrend. MT4 doesn't record trade history, but I was there too. It was quite volatile before LDN Open, now totally dead
excellent, after a weak rejection of ema200, it bounced up off ema50 then ema20 to break and hold above ema200 and never looked back!

a typical KoF trend setup, i really got to get my act together on these...
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Quoting Amiraven
{image}
the market never repeats but it rhymes! great job amiraven!

Quoting Donny3rd
{quote} Those look almost like tapping buy to a beat lol. Poetry in trading!
interesting way of looking at it. made me think of those games that make people think they are playing an instrument!
every minute matters!
  • #9,354
  • Edited 10:36pm Aug 25, 2023 7:10am | Edited 10:36pm
Quoting niks
{quote} i can't make out the actual trades on your chart so it is difficult to comment
My broker uses Thinkorswim. It doesn't show entrys and exits, just buys and sells. I'm American and under FIFO rules, so I can't be long and short at the same time. So if you see three buys and then a larger sell, the position was closed. I agree, it's not as easy to read as your screenprints.
  • #9,355
  • Aug 25, 2023 8:18am Aug 25, 2023 8:18am
Just checked before heading off to work. TP's hit at 5:15am for 65.1 pips:
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Have a good weekend everyone!
  • #9,356
  • Aug 25, 2023 8:22am Aug 25, 2023 8:22am
Quoting SurMoose
{quote} My broker uses Thinkorswim. It doesn't show entrys and exits, just buys and sells. I'm American and under FIFO rules, so I can't be long and short at the same time. So if you see three buys and then a larger sell, the position was closed. I agree, it's not has easy to read as your screenprints.
What about a second account for the oposite positioning? Is it possible?
Perfection is the enemy of good enough!
  • #9,357
  • Aug 25, 2023 11:18am Aug 25, 2023 11:18am
Quoting MichaelSch
{quote} What about a second account for the oposite positioning? Is it possible?
Technically yes. But it would cut my margin in half without accomplishing anything extra. FIFO really just makes you look at things differently, but if you do the math it doesn't change the end result.

For example: If you hedge a position you've locked in a loss. Later you have to determine when to unlock the loss by closing one side of the hedge. In doing so, you have to decide two things, (1) when to unlock the loss and resume the trade, and (2) which direction you want to be in.

Instead of hedging, what if you just closed your position? You will have locked in the loss the same as if you hedged. Later on you decide when to unlock the loss by getting back in, just like determining when to close one side of a hedge. In doing so, you have to decide two things, (1) when to unlock the loss and resume the trade, and (2) which direction you want to be in.

So with FIFO, if my averaging is getting away from me, I just stop out. Then when conditions seem right I get back in with the same number of lots I had when I stopped out. I accomplish the same thing as hedging, except hedging requires twice as much margin.
  • #9,358
  • Aug 25, 2023 4:56pm Aug 25, 2023 4:56pm
Hi, I've been following this discussion since its early stages and I find the contribution given by the participants very interesting. Among the many contributions, I was particularly interested in the interventions of Chhicos who seem to me to be familiar with the strategy under discussion here.
I state that I adopt a completely different strategy on a single asset (XAU/USD), however Chhicos has given me interest in the KOF strategy, which I have started to consider and test.
I hope more contributions will come
  • #9,359
  • Aug 25, 2023 5:06pm Aug 25, 2023 5:06pm
Obviously thanks to Abade for having started the discussion and having treated it with such passion and dedication
  • #9,360
  • Aug 25, 2023 10:28pm Aug 25, 2023 10:28pm
Quoting Alkyone
however Chhicos has given me interest in the KOF strategy, which I have started to consider and test. I hope more contributions will come
i agree, his contributions were highly valuable and it's worth repeating his wise words and warning to us about trading just the basic ema strategy on its own from his opening post:

"Hello. I am following this thread from few days and I just want to specify a few things. I am very experienced with KOF stategy and with it I passed FTMO challange at the first attempt. I can say that this strategy actually changed my life. What I am noticing here is that you are only using the base of the KOF strategy. You all are always attempting to reach emas but this is just a little piece of the whole system. You are only buying when price is below and selling when price is above but unfortunately it is not that simple and doing always this way will cause you to blow your accounts. What will you do when price will run 2 or 3 hundreds pips without returning to emas? you can stay sure that this will happen sooner or later, so you just can't act this way each time. The big issue using this strategy (but not only this strategy) is to understand when you have to reach emas and when you have to ride the trend. It's all about this. Analyzing the charts you posted, each time you have had problems and big DD you should have followed the trend, taking little DD but great profit till the end of the trend. What I want you to understand is that this is a great strategy and you can make tons of money using it but you need to use it in the proper way, otherwise you are destinated to fail in the long run. Here you are only using less than half of the whole picture. The bad news is that you simply can't."

https://www.forexfactory.com/thread/...2#post14270872

he is a true master of the strategy in my opinion from what i can gather, i really hope we see more from him as well...
every minute matters!
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