M1 XAUUSD
every minute matters!
M1 Countertrend Scalping Strategy
Hi Gang,
Some solid posts since my last visit here.
I got some chart time today. For some reason TradingView is not showing any of my trades pre lunch so only PM action below. Was a good day gain wise!
I know we're not big fans of the SL here however I have been using it with gold if I have a single order in play and only once that order is in profit. Say im in profit 8+ pips. I'll move the SL to +2 and set the TP to the 20 or 50. If I get stopped out I'll re-enter at the next point that looks good and do the same until I finally get a run going. If price doesn't get to 8+ pips and goes in the wrong direction I start averaging out. An example of this today would of been the nice pullback at 08:30UTC on gold. I had two orders stopped out with +SL then on the third entry I picked up a few pips before price and the 50 got too close for my liking. Looking at the chart now I should of just let the initial order breathe but with the +SL I can look away from the screen and relax. If anyones trying this strat out and cant watch a screen all day its maybe worth a try.
Some solid posts since my last visit here.
I got some chart time today. For some reason TradingView is not showing any of my trades pre lunch so only PM action below. Was a good day gain wise!
I know we're not big fans of the SL here however I have been using it with gold if I have a single order in play and only once that order is in profit. Say im in profit 8+ pips. I'll move the SL to +2 and set the TP to the 20 or 50. If I get stopped out I'll re-enter at the next point that looks good and do the same until I finally get a run going. If price doesn't get to 8+ pips and goes in the wrong direction I start averaging out. An example of this today would of been the nice pullback at 08:30UTC on gold. I had two orders stopped out with +SL then on the third entry I picked up a few pips before price and the 50 got too close for my liking. Looking at the chart now I should of just let the initial order breathe but with the +SL I can look away from the screen and relax. If anyones trying this strat out and cant watch a screen all day its maybe worth a try.
- #11,345
- May 7, 2024 8:37am May 7, 2024 8:37am
- Joined Dec 2022 | Status: Trader | 3,228 Posts
every minute matters!
- #11,346
- May 7, 2024 10:31am May 7, 2024 10:31am
Stop losses have a strange magnetism to them that price seems to love to hit then shoot away in the opposite direction. I dont mind the +SL hits however as I cant keep a constant eye on PA I often miss a good spot to re enter after a +SL has been hit. I decided to leave the SL out on a few trades today and it was for the better. +SL or not depends on the feel of the setup.
Hmm, interesting suggestion. I'll have a play around over the remainder of the week and see what happens. Like yourself and some others here I'm always testing things alongside the ema strat. I had a good experience with ATR adjusted BB's however for some reason I prefer to just have the clean look of the ema's. Less information to have to juggle, KISS.
Thats me done for the day. Apart from the fat fingered entry there was only one other entry that wasnt great.
Hmm, interesting suggestion. I'll have a play around over the remainder of the week and see what happens. Like yourself and some others here I'm always testing things alongside the ema strat. I had a good experience with ATR adjusted BB's however for some reason I prefer to just have the clean look of the ema's. Less information to have to juggle, KISS.
Thats me done for the day. Apart from the fat fingered entry there was only one other entry that wasnt great.
- #11,347
- May 8, 2024 1:47am May 8, 2024 1:47am
- Joined Dec 2022 | Status: Trader | 3,228 Posts
every minute matters!
- #11,351
- May 8, 2024 7:43am May 8, 2024 7:43am
- Joined Dec 2022 | Status: Trader | 3,228 Posts
M1 XAUUSD
it will happen a lot - the positive is there is always something to learn from it!
{quote} {image} EDIT: Nothing like watching price keep going miles past where you jumped out
every minute matters!
- #11,352
- May 8, 2024 7:55am May 8, 2024 7:55am
- Joined Dec 2022 | Status: Trader | 3,228 Posts
M1 XAUUSD
every minute matters!
- #11,354
- May 8, 2024 8:57am May 8, 2024 8:57am
- Joined Dec 2022 | Status: Trader | 3,228 Posts
M1 AUDUSD
every minute matters!
{quote} i'd be interested myself so please let us know, i'll knock it up in mt5 if there's any value in it, it should be straightforward in tradingview but i don't use it... the thread now has commercial fame! https://www.forexfactory.com/thread/...trading-system the results are from mt4, would be better if they were mt5...
The final (hypothetical) balance is not terrible for 2 years of trading, but we could be scalping 0.1 lots safe(ish) in a 10K account without the use of martingale.
hedging {image} this is the way you should trade
In this example, how would you handle the market going in the opposite direction right after hedging?
- #11,356
- May 8, 2024 10:42pm May 8, 2024 10:42pm
- Joined Dec 2022 | Status: Trader | 3,228 Posts
Sadly the EA relies too much on martingale so these spikes would blow up the initial deposit of 10K very easily:
it's a bold and misleading claim that the ea is based on this thread, to begin with, no one uses martingale here!
M1 XAUUSD
every minute matters!
- #11,357
- May 9, 2024 2:09am May 9, 2024 2:09am
- Joined Dec 2022 | Status: Trader | 3,228 Posts
M1 XAUUSD
every minute matters!
- #11,358
- May 9, 2024 2:09am May 9, 2024 2:09am
- Joined Oct 2022 | Status: frog in shell totally active | 1,180 Posts
