everything closed with good profit
M1 Countertrend Scalping Strategy
- #11,367
- May 9, 2024 6:14am May 9, 2024 6:14am
- Joined Dec 2022 | Status: Trader | 3,242 Posts
M1 XAUUSD
every minute matters!
- #11,369
- May 9, 2024 6:26am May 9, 2024 6:26am
- Joined Dec 2022 | Status: Trader | 3,242 Posts
every minute matters!
I wanted to get out early as my margin was getting squeezed but again
on how far it went. Nice exits Nik and Amiraven.However what offsets the sickness a bit is I did manage an exit on gold on the 200 which is a first for me.
I would have used some advanced money management tips.. it is not possible to expalin all of this knowledge in few posts and however I would not share my secrets fo free...
Big hello 
, just want to ask , if Abade allows, did anyone try method of Jean-Francois ? I just saw his approach, similar to this thread , must say never saw anyone use 36 pips sl for gaining 3 to be honest 
, he’s using 4 boxes, each box represents average move from 5 m tf , but using it on 1 m tf, than he got he’s bias for 2 hours trading time ( lo/ ny overlapping time as i understood)—-each box is 60 bars long , 9 pips wide for eu ( different for other pairs ), also he’s referencing point for boxes is support/res areas —- now, let’s say he’s bias is short and price goes long , he start building he’s boxes, every time price goes up in the box he’s shorting it(4 positions for each box max AND 3 pips TP always)—— he is saying that 5 boxes was maximum for him, also he’s saying about cleaning positions that are left behind, i must say this is really looks promising, i got my approach already but without sl maybe he’s strategy with this also can bring good stuff, if someone interested yesterday i discovered he’s channel
https://m.youtube.com/watch?v=e8geZBKG28U
P.s i hope u guys have good time while trading
All the best
, just want to ask , if Abade allows, did anyone try method of Jean-Francois ? I just saw his approach, similar to this thread , must say never saw anyone use 36 pips sl for gaining 3 to be honest , he’s using 4 boxes, each box represents average move from 5 m tf , but using it on 1 m tf, than he got he’s bias for 2 hours trading time ( lo/ ny overlapping time as i understood)—-each box is 60 bars long , 9 pips wide for eu ( different for other pairs ), also he’s referencing point for boxes is support/res areas —- now, let’s say he’s bias is short and price goes long , he start building he’s boxes, every time price goes up in the box he’s shorting it(4 positions for each box max AND 3 pips TP always)—— he is saying that 5 boxes was maximum for him, also he’s saying about cleaning positions that are left behind, i must say this is really looks promising, i got my approach already but without sl maybe he’s strategy with this also can bring good stuff, if someone interested yesterday i discovered he’s channel https://m.youtube.com/watch?v=e8geZBKG28U
P.s i hope u guys have good time while trading
All the best
Make your own rules and stick to it.
Big hello
Jean Fancois is using ATR and fixed sized boxes to read the "average move" and check where price is most likely to reverse. It's an interesting way to visualize the "extremes" without indicators. It's also a way to manage risk, for example: 4 trades per box and 4 boxes in total equals 4% of his account; this is the "max loss allowed" that is being visualized in the chart (very practical IMHO).
I can see there are benefits of doing it his way instead of using Bollinger Bands (or similar) indicators and/or fixed support/resistance.
If you want to test this concept feel free to do so and share with us!
- #11,377
- Edited 11:40pm May 9, 2024 11:28pm | Edited 11:40pm
- Joined Oct 2022 | Status: frog in shell totally active | 1,180 Posts
practicing discipline, patience and management {image}
if you are already skilled at counter trends you can use XAUUSD
You also have to understand that XAUUSD trading hours are different from other pairs
- #11,380
- May 10, 2024 12:41am May 10, 2024 12:41am
gold, now shooting, let's see, not fully cooked as not touch 2372 but profiting already, moving on,if took me out ok,but the target is still 2340,tp1 2360.... {image}
Also, price is moving towards new "all time highs" in the daily timeframe:
I am not sure if it is going to make the big move in the next couple of days, but there will be a lot of volatility in the lower time-frames for sure, so be careful people.