M1 Countertrend Scalping Strategy

Quoting rodney204

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hi niks! thanks for the warm welcome! i never realised how much fun trading could be, especially counter-trend scalping - the danger is part of the fun I reckon, going into terrifying drawdown is quite something. quick question, I've noticed you quite often exit trades earlier than the rest of the batch, like in the first bunch of trades in your screenprint above when price crossed the 200. why do you do that?

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Quoting niks

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{quote} it's my pleasure rodney - it definitely gets the adrenaline flowing! glad to hear you are enjoying it because you will need to remain passionate throughout the entire journey, so stay positive and never quit no matter what happens... exiting positions earlier than the rest within a batch is purely for risk management, the less positions open the less risk, the sooner i can take profits, the sooner i take them, but then i like to give every trade as much room as possible for maximum potential so will sometimes let a few run a bit longer -...

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Quoting rodney204

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{quote} ok i see. would it not be better then to start closing them from the first one, as that one would be the one that goes into the most drawdown if price moves away? i guess the most recent one would also make the most immediate profit though. definitely going to stick with it! learning lots of new interesting things for the first time in decades :-)

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Quoting rodney204

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drawdown deluxe. with terrible entries. entering on the white trigger line {image}

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Quoting rodney204

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did a little bit of niks risk management and then just kept adding positions {image} another half-managed mess: {image} trigger line is the gap between the lwma6 (2) and the ema50 plus the gap from the 50 to the ema9 (8). looking for a "hook"

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Quoting Amiraven

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{image}

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Quoting rodney204

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niks, i was using the peaks on the white line. might still not be too bad if i can filter it with something maybe. similar to looking for a hook in the LWMA from v2/v3 {image} in the other screenshot i've reverted to using standard Bollingers as an indication that volatility is increasing and a spot for the first trade. not the best but makes the decision to enter easy. then using the 9 for additional positions

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Quoting niks

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{quote} thank you rodney, that helps but still not clear to me how you have used it if my assumption is correct that the orange lines short and green lines long? the BB or keltner channel is an excellent additional aid to the ema's for countertrending - i recommend adding two BB's or keltner channels to create a channel with 4 segments, it reduces even more guesswork that way and is probably all you will ever need!

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Quoting rodney204

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{quote} if the white line makes a peak and drops (a "hook") then it's entry time, as long as everything else looks ok. what would you use the additional band for? only enter if the price closes between them? like to try and eliminate breakouts? so like 2 deviation and 2.2 deviation multiplier? orange lines are losing trades. orange dots without a line are open short trades, green dots without a line are open long trades

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Quoting rodney204

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ok excellent, thanks niks! now i see what you mean. very helpful. i'm gonna see what it looks like with bollingers looks interesting: {image} EU with 1 and 2 x std deviation

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