M1 Countertrend Scalping Strategy

It looks so beautiful.
xinitial

I traded a naked chart this morning. I had trendlines, S/R levels and channels marked up, but I deleted them once I felt they were invalidated, so you won't see them in the screen print. I took lots of small scalps, not knowing what market structure would develop after the big news candle. I managed to hit my daily profit and be out of the market by London close. My goal is to reduce my get-stuck-and-babysit trades to only two or three a month. I can't eliminate them completely, but the less the better.

AUD/USD is my preferred pair. Most of the news announcements for those currencies happen when I'm awake. If I'm stuck in a trade, I don't want a big news event popping off while I'm sleeping.

Which template is this?

If you don't mind me asking how many trades do you have open at one time?

Steverino832,
The Report screenprinted is from my Big Boy account and I tend to have 4 to 6 open depending on the Market, sometimes overnight and sometimes quick and dirty (scalped today). My wife's account due to the small Balance is quick and dirty daily because she wants her money Fridays.
cpfleger

thank you!

Elsaloon,
Did you have a better day today ???
cpfleger

That was ( and sometime still is ) my big problem. GREED. The first entry, if it goes my way right away, I'll look for at least 5 pips plus spread but let it ride if volume/momentum seems high and where it is relative to EMAs and recent recations, etc. BUT if price goes against me I look to average down 5 pips plus spread away from initial entry. Once that averaged entry is in I set TPs 5 pips past initial entry (TP doesn't need plus spread). This take away all my greed and I can walk away when my designated trading time is up. If I check the next day and price it even farther away I'll just make another entry with TP 5 pips past initial entry (always plus spread).

Basically, first entry is context based for exit but I aim at least for 5 pips. After any averaging TPs get set for 5 pips profit and do that for any further entries.

My average entry guidelines are based on pip distance from last entry and not price action lol. in order (always plus spread):

-5 pips plus spread past initial entry
-7 pips plus spread past last entry
-10 pips plus spread past last entry
-15 pips plus spread past last entry
- 20 pips plus spread past last entry

After I hit 20 pips then I leave it for the day UNLESS there super convincing price action. Otherwise I'll add entries the next day if it more than 25 pips from 6th entry. I try not to go past 7 or 8 entries unless the 1H or 4H has a major zone nearby or price action on the higher timeframes indicate a turning point. Usually I just let it ride and monitor it after the first day.

Hope that makes sense how I try to circumvent greed.

I heard Joe Rogan say the other day something like: Haters are just robbing themselves of inspiration and ambition.

I think we have same problem. GREED and other one is FEAR.
xinitial.

I've lost fear and transmuted it into annoyance XD

Time's up. Took 3 entries and set TP's 5 pips past initial entry:


Gonna walk the dog and then close laptop. We'll see if 3 to 4 more 5m candles can hit or get near TP. LOL Either way I'm closing laptop once back.

If they didn't hit, goodnight all.

Hello Amiraven , we are from same country and I want to teach me this trading system if you can help me please
My email is on my profile in trade explorers, thanks

For any Retail Trader that wants to compare their annual performance against the S&P 500 or NASDAQ, please read and learn that a 10% year is great and Prop Firms or Hedge Firms do not make great money, so be thankful for a 10% plus year...
cpfleger

M1 AUD countertrend scalps - targeting the wick!

Quick update before leaving to work.

TPs were hit at 1:13 am AZ time for 42.5 pips:



Have a good day everyone.

Hello Max,

Tough lesson I Learned from the market is this : If you want to be a successful trader , you are on your own !
nobody can really teach you anything ,but you can learn it from your own mistakes, the best losers are winners.
you understand the concept of mean reversion and I guess you've watched all KoF's videos, the rest is your job, since everybody has a different personality and trading is completely related to personality.
If you have a question you can ask it here , many great minds participate in this wonderful thread.

Good luck,