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M1 Countertrend Scalping Strategy

  • #11,061
  • Mar 2, 2024 2:13pm Mar 2, 2024 2:13pm
Quoting micromin
{quote} Got it, thanks for the suggestion. I actually traded gold on Friday and it was crazy, last week grew my account by 15% by combining different strategies (weekly pivot, Keltner and Emas), I did trend following mostly for gold yesterday since it was going for a long ride.. but with my account size I might stick to few major currencies for now.
IMHO, M1 gold scalping is not suitable for beginner. Better look for major currencies...
  • #11,062
  • Mar 3, 2024 7:41pm Mar 3, 2024 7:41pm
M1 XAUUSD
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every minute matters!
  • #11,063
  • Mar 4, 2024 12:36am Mar 4, 2024 12:36am
M1 XAUUSD
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every minute matters!
  • #11,064
  • Mar 4, 2024 11:38am Mar 4, 2024 11:38am
Quiet morning, jumped in a few times when I had some free time.
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Jumped in on gold but as soon as I was in I wanted out. + 2 ticks and a sense of relief . Glad I got out as it would of been an evening, possibly overnight job. Going to forget about gold for now.
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  • #11,065
  • Mar 5, 2024 9:15am Mar 5, 2024 9:15am
Ready for more US30?
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  • #11,066
  • Mar 5, 2024 1:04pm Mar 5, 2024 1:04pm
Quoting josh1111
Ready for more US30? {image}
Im not familiar with the MT range, are they all longs? I want to try incorporate this open several orders near each other, close some in the short term to lock in profit and let the others run longer. Perhaps aim some for the 20/50 and the others for the 200 for example. However at present I dont get much screen time to manage several trades simultaneously. My current method requires very little screen time but it does mean I miss a lot of action.

I know yesterday I said no gold but sods law, the only alerts that came in for the most part of my day were for gold. I let three good entries pass by at 08:30, 9:30 and 10:15. The next alert I decided to jump in after a quick glance and it was a terrible entry. Volume said no, BB not broken. My subsequent entries weren't well spaced either as I hadnt worked out what my tick gap between orders should have been. Looking back now they were far too tight.
No more gold!
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  • #11,067
  • Mar 5, 2024 5:25pm Mar 5, 2024 5:25pm
GA ARF
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Abort. Retry. Fail?
  • #11,068
  • Mar 5, 2024 7:11pm Mar 5, 2024 7:11pm
M1 XAUUSD
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Quoting PR31D
The next alert I decided to jump in after a quick glance and it was a terrible entry. Volume said no, BB not broken. My subsequent entries weren't well spaced either as I hadnt worked out what my tick gap between orders should have been. Looking back now they were far too tight. No more gold!
your trades look good to me, they made profits! it's hard to learn this strategy using gold because of the way it behaves, it requires different risk AND money management compared to major currencies, just trade it with caution for now...

Quoting rodney204
GA ARF {image} Abort. Retry. Fail?
that was a tough uptrend with no way out, you will learn to recognise these better over time! also curious about the pairs you are trading, the majors will give you more volatility and lower spread to trade with, that chart looks very flat...
every minute matters!
  • #11,069
  • Edited 5:37am Mar 6, 2024 2:50am | Edited 5:37am
Back again now testing a M5 averaging strategy. Apologies since this isn't M1 and EMA based though you can certainly incorporate M1 price action and EMA-based targeting.

Rules:

  1. Draw key levels

    1. Session Levels
    2. PDH / PDL
    3. Significant Swing High / Low


  2. Wait for them to be breached

    1. Exhaustion candle (wicks the level then closes below)

      1. Enter @ lose of M5 Candle


    2. Close beyond

      1. Wait for next 1 or 2 Candles to close back below the level
      2. Enter @ Close of M5 Candle



  3. Money Management

    1. 0.1 Lots per $1000
    2. TP

      1. EMAs
      2. S/R
      3. Previous H/L


    3. SL

      1. Fixed Equity Stop of -10%

        1. Reduces stress of a blown account


      2. I use an EA for this



  4. Averaging

    1. If price closes below the level but then moves against you

      1. Switch to a higher time-frame

        1. M15
        2. H1
        3. H4
        4. D1


      2. These levels should have been drawn out earlier
      3. Wait for the same Price Action at these levels and enter in a similar fashion

        1. Exhaustion / Close Above and Back below
        2. Enter @ Close of M5 (or even M15 Candle
        3. This prevents you from stacking too many orders close together




A bit of deviation from the M1 Countertrend approach but the idea is similar - Mean reversion. You can use EMAs to target or do analysis while adding this "Levels" approach. I'm just attempting to trade fake-outs (fake breakouts) of key levels. Smart money dudes like to call this liquidity sweeps.

I've been studying Price Action at significant levels and they present many good opportunities but i got really sick and tired of being shaken out using a standard stop-loss. Hence, the return to averaging.

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Leave the Gun, Take the Armani
  • #11,070
  • Mar 6, 2024 1:53pm Mar 6, 2024 1:53pm
Quoting rodney204
GA ARF {image} Abort. Retry. Fail?
Thats a tough trend that Rodney. I like to wait for a good break through of the BB's before my initial entry. I've marked below where I would maybe enter if I price was far enough away from the 200. Either way I would of been stuck in that one for the long haul as well.

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I made a right arse of it today whilst trying to trade while working the day job. Entered as I usually would, set my alerts and put my phone away. Had a quick glance a few minutes later to see I was in drawn down bigtime with no available margin . Soon spotted I had missed a zero whilst filling out the lot size. Why does that dumbass Tradingview app always revert back to 1 for lot size? Decided to hang on in hope of BE but after price shot off against me after a brief consolidation I decided to get out and it was the right move. It could of been a lot worse, managed to undo some of the damage but it was revenge trading. It'll take a few good days to recover but its all part of the game.

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Quoting cliffjaded
i got really sick and tired of being shaken out using a standard stop-loss. Hence, the return to averaging. {image} {image} {image}
Best thing I've ever done for my trading is ditch the stop loss. Havent used one in months, not even today when it went banana shaped as I described above. I asked myself whats the max I'm willing to lose, once that number was neared with no sign of price reversing I pulled the trigger early.
  • #11,071
  • Mar 6, 2024 11:01pm Mar 6, 2024 11:01pm
Quoting PR31D
{quote} Soon spotted I had missed a zero whilst filling out the lot size. Why does that dumbass Tradingview app always revert back to 1 for lot size?
The exact same thing happened to me yesterday except I was using the MT4 Mobile app while I was out and entered 1 lot instead of 0.1. Luckily, price moved in my favour and I quickly closed it at a nice profit.
Leave the Gun, Take the Armani
  • #11,072
  • Mar 7, 2024 3:29am Mar 7, 2024 3:29am
Quoting cliffjaded
{quote} The exact same thing happened to me yesterday except I was using the MT4 Mobile app while I was out and entered 1 lot instead of 0.1. Luckily, price moved in my favour and I quickly closed it at a nice profit.
Glad you got out on the good side.

How are you getting on with your strat?
  • #11,073
  • Mar 7, 2024 4:16am Mar 7, 2024 4:16am
I'm stuck with some sells from EURUSD yesterday. The news pumped up the price relentless but because my orders were stacked far apart enough, the drawdown hasn't hit my 10% stop yet. One thing I do pay attention to, or at least i try to, is the swap. If i'm trading later in the day, I try to stack trades with positive swap so that if they carry over to the next day or even next few days, that extra chunk of change can help if reaching breakeven faster. At the very least, it covers the commissions.
Leave the Gun, Take the Armani
  • #11,074
  • Mar 7, 2024 7:09am Mar 7, 2024 7:09am
M1 XAUUSD
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every minute matters!
  • #11,075
  • Mar 7, 2024 7:21am Mar 7, 2024 7:21am
Quoting cliffjaded
I'm stuck with some sells from EURUSD yesterday. The news pumped up the price relentless
hopefully the news saves you this time cliff! positive swaps are nice, the drawdown is not, good luck!
every minute matters!
  • #11,076
  • Mar 7, 2024 1:22pm Mar 7, 2024 1:22pm
Quoting cliffjaded
I'm stuck with some sells from EURUSD yesterday. The news pumped up the price relentless but because my orders were stacked far apart enough, the drawdown hasn't hit my 10% stop yet. One thing I do pay attention to, or at least i try to, is the swap. If i'm trading later in the day, I try to stack trades with positive swap so that if they carry over to the next day or even next few days, that extra chunk of change can help if reaching breakeven faster. At the very least, it covers the commissions.
I had some more screen time today and got a few good trades for the most part. Currently riding this GBPUSD trend, I spotted a few double tops and decided to add some orders to get out sooner but no, price has shot off again. Could be my first overnighter!

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  • #11,077
  • Mar 7, 2024 9:31pm Mar 7, 2024 9:31pm
Quoting niks
M1 XAUUSD {image}
Hey @niks, I am following your xauusd charts and they are helpful. Just a question. Are you following the same m1 ema strategy? If yes, I was wondering how you overcome the big pushes when price is volatile? I'm practicing gold on demo and sometimes the drawdown gets a lot if I get trapped in a long trend. I'm also trying to decode volume (ticks) and see if I can relate them to reversals. Are you using volumes in gold or adr? I'm also noticing some stoch/rsi levels are also good confirmation for gold..
  • #11,078
  • Mar 7, 2024 11:57pm Mar 7, 2024 11:57pm
hi micromin, yes, i am using the same ema strategy for xauusd, and have been trading the trend side of the strategy more recently...

gold requires different risk and money management due to margin - it requires a lot of it and gives none back if you hedge a loss...

the swaps are HIGH as a result - that's why gold is tricky and elusive!

when i get stuck on gold, i stop adding orders, i reduce targets on open orders and generally give them time to recover - if the trend is strong i will hedge small scalps to keep profits flowing...

the decision to hold is always tough, when long i attract significant negative swaps but gold is always cheap so why not hold, when short i attract positive swaps so who cares if gold skyrockets, i'll get extra profits when it returns right!?

it all depends on how you manage your margin, if i'm holding and margin is under threat, i have to cut the loss, and then go on making more, there is no choice if i want to survive!

i never got used to using volume so replaced them with keltner channels which use ATR...

one last note, gold is at historical highs so price action leading up to and what happens after will be erratic...

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having said all that, i am no expert and not the right person to ask about gold, i'm sure there are many better ways to trade it, rsi's are good, i use them sometimes...

stochs and divergences and many other technical analysis techniques can obviously be used, one thread here more recently for example appears to be very informative and advanced...

glad to hear you practice on a demo, the lessons you learn will be valuable when dealing with the lessons you will encounter when running live... best of luck to you!
every minute matters!
  • #11,079
  • Mar 8, 2024 2:11am Mar 8, 2024 2:11am
M1 XAUUSD - erratic price action!

same trade, same strategy, different approaches, different results...

demo - trend continuation entry after breaking above ema9 on the pullback which failed to hold so they were followed by aggressive countertrend entries...
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live - countertrend entry after closing above ema9 which also failed to hold but remained cautious at these levels counting on ema200 for support and a conservative target so no further entries...
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targets for both were the previous resistance level... just below the level for the live trade, and more aggressively anticipating a break of the level on the demo trade which took a bit longer and was a lot riskier but it got there in the end!!!
every minute matters!
  • #11,080
  • Mar 8, 2024 10:41am Mar 8, 2024 10:41am
Couldn't get out that GBPUSD beast of a trend, jumped out before drawdown got wild. Two hard hitters in less than a week although one was a lot size mistake as opposed to bad practice. A months worth of gain wiped out in two days lol.

Whilst practicing I think ive come up with a way to reintroduce the SL and avoid this risk of getting caught in a trend. Another bonus being with the SL the lot size can be increased significantly. I'll paper it over the weekend and post results.

Have a good weekend. I'll be on the doubles.
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