Today's scenario when my goal is to close deals on BE
M1 Countertrend Scalping Strategy
- #9,802
- Oct 4, 2023 11:17pm Oct 4, 2023 11:17pm
- Joined Dec 2022 | Status: Trader | 3,283 Posts
M1 GBP countertrend scalps - here is an example of how i "know" when to exit...
ema9 overextension entry short, initial target was ema20, and then price closed in between ema9 and ema20 without reaching target which was now just below ema20, so target was adjusted to ema50 once price closed below ema20!
extending the target increases the risk as it will now take longer to reach, but it may also provide additional opportunities for additional orders - this decision to extend the original target is all dependent on the reading and feeling of the market as each bar prints producing price action rather than a focus on making extra profit or emotions of greed...
price then finds support and crosses back above ema9 and 20, another order was opened as it reached a resistance level, targets are now in the third resistance zone between ema50 and ema200 which is fine because i am now targeting a price action support level!
noting that failing to reach the targets after a bounce off ema50 is also highly likely and may lead to drawdown...
price bounces off ema50 and the newly formed support level back up to first order and breaks it slightly so a third order is placed, it now looks like a false breakout trapping many more longs providing the fuel needed to reach my targets...
but that wasn't the case, price then enters into a tight range with resistance around my first order and support around my lowest order, so two more orders are entered and then i just wait for the range to play out, remaining firm on targets, with all the resistance up top, the least resistant path for price from here is down...
a break below ema200 didn't hold, but the move back above it was weak with very little volume backing it, so a final order was placed in anticipation that an increase in volume will drive price lower again and into targets...
which it does! 
so the original target was around 5 pips, it never reached it, and i made around 50 pips instead, was it worth the extra risk? in this case probably not due to the longevity of the range and multiple shorter term opportunities to make the same amount, the speed of the market is beyond control which makes every trade unique to be handled accordingly...
how do i "know" when to exit? i don't, price action guides that decision for me...
ema9 overextension entry short, initial target was ema20, and then price closed in between ema9 and ema20 without reaching target which was now just below ema20, so target was adjusted to ema50 once price closed below ema20!
extending the target increases the risk as it will now take longer to reach, but it may also provide additional opportunities for additional orders - this decision to extend the original target is all dependent on the reading and feeling of the market as each bar prints producing price action rather than a focus on making extra profit or emotions of greed...
price then finds support and crosses back above ema9 and 20, another order was opened as it reached a resistance level, targets are now in the third resistance zone between ema50 and ema200 which is fine because i am now targeting a price action support level!
noting that failing to reach the targets after a bounce off ema50 is also highly likely and may lead to drawdown...
price bounces off ema50 and the newly formed support level back up to first order and breaks it slightly so a third order is placed, it now looks like a false breakout trapping many more longs providing the fuel needed to reach my targets...
but that wasn't the case, price then enters into a tight range with resistance around my first order and support around my lowest order, so two more orders are entered and then i just wait for the range to play out, remaining firm on targets, with all the resistance up top, the least resistant path for price from here is down...
a break below ema200 didn't hold, but the move back above it was weak with very little volume backing it, so a final order was placed in anticipation that an increase in volume will drive price lower again and into targets...
which it does!
so the original target was around 5 pips, it never reached it, and i made around 50 pips instead, was it worth the extra risk? in this case probably not due to the longevity of the range and multiple shorter term opportunities to make the same amount, the speed of the market is beyond control which makes every trade unique to be handled accordingly...
how do i "know" when to exit? i don't, price action guides that decision for me...
every minute matters!
- #9,805
- Oct 5, 2023 4:05am Oct 5, 2023 4:05am
- Joined Dec 2022 | Status: Trader | 3,283 Posts
every minute matters!
- #9,806
- Oct 5, 2023 4:16am Oct 5, 2023 4:16am
- Joined Dec 2022 | Status: Trader | 3,283 Posts
M1 EUR countertrend scalps - targets are hard to pick and annoying when they are just missed...
it means there wasn't enough targets, so i added more...
and then price couldn't resist them!
it means there wasn't enough targets, so i added more...
and then price couldn't resist them!
every minute matters!
- #9,807
- Oct 5, 2023 5:44am Oct 5, 2023 5:44am
- Joined Dec 2022 | Status: Trader | 3,283 Posts
M1 EUR countertrend scalps - entries are also hard to pick and annoying when price moves against them...
it just means there wasn't enough entries, so i added more...
until price finally caved in on itself and into targets!
it just means there wasn't enough entries, so i added more...
until price finally caved in on itself and into targets!
every minute matters!
- #9,813
- Oct 5, 2023 8:00pm Oct 5, 2023 8:00pm
- Joined Dec 2022 | Status: Trader | 3,283 Posts
M1 EUR countertrend scalps - seeking maximum potential!
every minute matters!
- #9,816
- Oct 6, 2023 5:44am Oct 6, 2023 5:44am
- Joined Dec 2022 | Status: Trader | 3,283 Posts
M1 GBP countertrend scalps - NFP = Nice Friday Profits!
every minute matters!
