niks, what indicators do you use?
M1 Countertrend Scalping Strategy
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- #10,811
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{quote} By what rules was your entry?
once the previous short had closed, a new short was opened on the touch of ema9 anticipating a downtrend and targeting a prior support area...
price immediately moved against me but only as far as ema50, and the trend remained intact all the way down to target!
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{quote} the faster ema's crossing ema200 signaled a potential downtrend, price hugging and unable to break above ema9 was further confirmation... once the previous short had closed, a new short was opened on the touch of ema9 anticipating a downtrend and targeting a prior support area... price immediately moved against me but only as far as ema50, and the trend remained intact all the way down to target! {image}
- #10,813
- Feb 5, 2024 6:21am Feb 5, 2024 6:21am
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{quote} Thanks... Seems system can be used and with a trend, not only contra trend
the basic ema strategy will teach you when NOT to enter into a countertrend trade once you learn it, and from that knowledge will come the ability to follow a trend...
best of luck to you!
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M1 GBPUSD - keltner channel scalps!
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M1 XAUUSD
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{quote} Thanks... Seems system can be used and with a trend, not only contra trend
Today I managed to get my account up to a solid round number which I am pleased about. Given I can only have ten or so orders to play with due to the small account size. I've found myself aiming for the 50 ema if I have 1-3 orders in tow (TP got hit before I had a chance to move it up with the first trade in the screenshot). Then the 20 ema between 4 - 5 orders and its full panic mode after that to BE or small profit once 6+ orders are on the go. Setting a 5 pip TP from the get go in hope of a spike, moving it up and away if price moves into profit, following it with a +SL.
I feel the whole add another position when the 9 ema hits your latest order doesnt really work for a small account. It seems to be better to wait for PA to indicate a possible change and then add an order then.
More homework required on the ema strat, focusing on what certain crossovers can mean against price action.
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- #10,820
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