M1 Countertrend Scalping Strategy
- #10,762
- Jan 30, 2024 6:46am Jan 30, 2024 6:46am
- Joined Dec 2022 | Status: Trader | 3,228 Posts
{quote} Can I ask, what makes you hold on until the price has crossed the 200?
every minute matters!
- #10,763
- Jan 30, 2024 9:03am Jan 30, 2024 9:03am
{quote} yes of course - in this instance, the price action moved in such a way that i anticipated a break back above ema200 and i set my targets accordingly... the price dropped lower than i anticipated so cost averaging is used to manage risk... {image}
Did anyone get caught up in that gold trend up? I was AFK for the most part coming back as the trend was fizzling out, pretty sure that would of been a traumatic event If I had entered earlier.
Last night whilst thinking over my trend tactics. I had the thought to open both an equal buy and a sell order once price moved far enough away from EMA's to make me jump in. Say the price shot up, I enter both buy and sell. If the price ranges back down, set the sell order TP somewhere sensible and on it being hit, hedge the buy order and ride it back up to the EMA's. If it turns out to be a trend, dont close the buy order until price turns and touches the 20EMA. Counter the trend as usual. I know this isnt an original idea. I've been toying with it today to good effect. Psychologically it seems to sit well.
I just had a glance at gold and price is plummeting
... I should of stayed in 
- #10,765
- Jan 30, 2024 7:44pm Jan 30, 2024 7:44pm
- Joined Dec 2022 | Status: Trader | 3,228 Posts
every minute matters!
- #10,767
- Jan 31, 2024 5:50am Jan 31, 2024 5:50am
{quote} That was a very good setup actually, almost identical to what happened yesterday. You may want to avoid countertrend entries near the 200 EMA, when the range is (also) tight and square.
And a wider shot of this mornings trading. I didnt enter into the first trend with my opposing orders as I want to test it further with paper. I suspect in a tight square range it could fall apart. I have to say the wait for price to shoot up towards the 200 on that last group of sell arrows on the right hand side was quite tense. I was very close to bailing with a small loss a few times but decided to hold on. Felt good to hear the sound of the TP's all closing.
{quote} you will find your way over time, in the beginning it feels like hope, once developed, hope turns into trust... if you are new to learning the basic ema strategy, then gold is not the right instrument to start with, consider using eurusd, audusd and especially gbpusd for lots of practice... it is not unusual for gold to move 100+ pips in less than a minute, it is highly volatile... best of luck to you!
I'll leave gold for now and stick to the USD pairs. One thing I noticed with this $500 account is I can only open 4-6 orders with gold where as I can open 8-10 with the USD pairs so it makes sense to avoid gold for the sake of survival.
- #10,768
- Jan 31, 2024 6:54am Jan 31, 2024 6:54am
- Joined Dec 2022 | Status: Trader | 3,228 Posts
every minute matters!
- #10,772
- Jan 31, 2024 12:12pm Jan 31, 2024 12:12pm
I've said before about this strategy that sooner or later it will ruin every account.
That’s for sure.
(But it’s also true of at least 99% of the “strategies” posted in this forum, so why wouldn’t it be?
)
- #10,773
- Jan 31, 2024 2:44pm Jan 31, 2024 2:44pm
{quote} As I was busy last night I didnt get my usual hour or two of practice in. I had hoped to feel out my idea replaying the days action, running it through as much PA as I could. I'll make up for it tonight. Below is the rough idea fitted to the GBPUSD chart. The result being the gain from countering and gain from trend trading. {image} And a wider shot of this mornings trading. I didnt enter into the first trend with my opposing orders as I want to test it further with paper. I suspect in a tight square range it could fall apart. I have to...
First image, it seems that waiting for the break of structure on the one minute chart may be the start of selling?
In this instance the first three times the structure is not broken, and only on the fourth retrace there is a break.
Take a look and tell me what you think.
I have no clue where it's going
- #10,775
- Jan 31, 2024 5:38pm Jan 31, 2024 5:38pm
{quote} Can I just say what I see, on your chart, but my opinion is always up for debate. First image, it seems that waiting for the break of structure on the one minute chart may be the start of selling? In this instance the first three times the structure is not broken, and only on the fourth retrace there is a break. Take a look and tell me what you think. {image}
Todays scorecard consists of 34 orders. I found myself six orders deep at one point and as I move the TP's with the EMA's it became a mess keeping everything organised. Tomorrows plan is to focus on better entries and less of them. Thanks for the feedback.
I've said before about this strategy that sooner or later it will ruin every account. I was accused here of not being a Martingale and that I hadn't read the first post. Now I've been in his live trades for 2.5 weeks and it's exactly as I said. You sometimes wait 4 hours for the price to reversal. For a 10 pip goal you are sometimes 80 pip in the drawdown. A retraicment to the EMA is very often not enough to escape the drawdown. This is not trading, but clearly gambling. This message is only intended to warn people without experience. But day X...
I found myself in a bit of an uncomfortable situation today, all of my own doing as I had poor entries. I decided if price drops to the yellow line i'd cut my losses however as things progressed I noticed price was following the blue trendline. I told myself that price is more likely to revert to the EMA's and to just hold on, set the TP to exit with a small gain and sit back. And it did! This is day three of profit with this strat. If I make it to Friday I'll be very pleased.
I've said before about this strategy that sooner or later it will ruin every account. I was accused here of not being a Martingale and that I hadn't read the first post. Now I've been in his live trades for 2.5 weeks and it's exactly as I said. You sometimes wait 4 hours for the price to reversal. For a 10 pip goal you are sometimes 80 pip in the drawdown. A retraicment to the EMA is very often not enough to escape the drawdown. This is not trading, but clearly gambling. This message is only intended to warn people without experience. But day X...
The strategy clearly works in the right hands, IF you have the right mindset, and trading knowledge, but you were already complaining about the whole idea in your first post without understanding the underlying concepts. This IS NOT about martingale, it is a counter-trend strategy with cost averaging.
I hope you were not trading with real money. You have to test and practice before using real money on ANY strategy. And most importantly, only trade stuff you believe in, otherwise you will become a victim of your own self-fulfilling prophecies.
{quote} Looking over my trades today I agree with you. I was far too gung ho with most of my entries, increasing my risk unnecessarily. I've added my thoughts on my entries below. For clarity, any blue/red arrow without any white arrow pointing at it is an order being closed. {image} Todays scorecard consists of 34 orders. I found myself six orders deep at one point and as I move the TP's with the EMA's it became a mess keeping everything organised. Tomorrows plan is to focus on better entries and less of them. Thanks for the feedback. {quote} Is...
You can use the EMAs crossing to delay your first countertrend entry, as it is usually an indication of a significant reversal.
{quote} My dream is to catch the trend like you Nik ! {image}
Top notch entries and exits by using both market structure and EMAs
- #10,777
- Jan 31, 2024 9:56pm Jan 31, 2024 9:56pm
- Joined Dec 2022 | Status: Trader | 3,228 Posts
every minute matters!
- #10,778
- Feb 1, 2024 1:44am Feb 1, 2024 1:44am
- Joined Dec 2022 | Status: Trader | 3,228 Posts
M1 XAGUSD
every minute matters!
