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M1 Countertrend Scalping Strategy

  • #11,681
  • May 29, 2024 9:20pm May 29, 2024 9:20pm
Quoting tiptoptrade
{quote} i see you are using multiple cap channel. could you please provide the settings for both? Regards
just two cap channels, first is default 2.0, second is 4.0

Quoting tiptoptrade
{quote} thanks niks. Could you give idea on the best way to manage money and risk?
no problem, the best way to manage money and risk is your own way, it is different for every trader and your own personal attributes will shape the way you manage it - for me it is as i do it and present here in this thread, i cannot provide further advice beyond that...
every minute matters!
  • #11,682
  • May 30, 2024 7:51am May 30, 2024 7:51am
M1 AUDUSD

drawdown...
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recovery...
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profit target achieved!
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losses recovered without exceeding original breach...
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the breach occurred because of one news event, and the recovery was assisted by another news event - a double edged sword... anyway, onto trial #5!
every minute matters!
  • #11,683
  • May 30, 2024 8:58am May 30, 2024 8:58am
Quoting niks
M1 AUDUSD drawdown... {image} recovery... {image}profit target achieved! {image} losses recovered without exceeding original breach... {image} the breach occurred because of one news event, and the recovery was assisted by another news event - a double edged sword... anyway, onto trial #5!
Are there any other prop firms with more favourable rules that would better suit your trading style? Once you pass will the rules change at all for the better?

I've had a good day, mopped up yesterday's loss and have managed to get back to 28% of my weekly target. I could of let a few of my trades run but kept them short as that's what I felt like doing. Hopefully I can get to 50% tomorrow but if not that's also fine. My last two Fridays have been painful trend action so if I do decide to step in itll be for the morning session only.

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  • #11,684
  • May 30, 2024 9:36am May 30, 2024 9:36am
Quoting PR31D
{quote} Are there any other prop firms with more favourable rules that would better suit your trading style? Once you pass will the rules change at all for the better?
it's possible, i haven't researched, it's more about adapting my trading to suit their style, it's their money...

i don't know if rules change when you pass, i am just running free trials at the moment, not the paid challenge...

i have read that the profit split can increase from 80% to 90% at some point if you are accepted, so i guess that's a change for the better!

great to see you back into positive for the week... even better if you make it closer to your target, good luck!
every minute matters!
  • #11,685
  • May 30, 2024 10:06pm May 30, 2024 10:06pm
hey guys,
is there any way to close all orders with one click on Metatrader? I think it will be very helpful for this strategy. Right now, I use the bulk operation function on MT5 but it is not quick enough and it's not convenient
(
  • #11,686
  • May 31, 2024 12:37am May 31, 2024 12:37am
M1 AUDUSD
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Quoting mq112358
hey guys, is there any way to close all orders with one click on Metatrader? I think it will be very helpful for this strategy. Right now, I use the bulk operation function on MT5 but it is not quick enough and it's not convenient (
the time it takes to close an order is variable and dependant on market and server conditions...

the native bulk operation although inconvenient is still the fastest way to close all orders at once i believe...

otherwise, there are options you could try starting with this one or search for others...

https://www.mql5.com/en/code/36010
every minute matters!
  • #11,687
  • May 31, 2024 1:33am May 31, 2024 1:33am
Quoting mq112358
hey guys, is there any way to close all orders with one click on Metatrader? I think it will be very helpful for this strategy. Right now, I use the bulk operation function on MT5 but it is not quick enough and it's not convenient (
I cant close all on tradingview but my broker Pepperstone has an app which can, it can be setup to close all, or only those in profit and a few others things however like you've found it is not quick enough sometimes if you're aiming to get out BE asap. Maybe check to see what your broker has on offer.

My current and preferred method of getting out involves moving all the TPs on top of each other. It seems safer to let the market take me out than manually doing it especially if there is a lot of volatility.
  • #11,688
  • May 31, 2024 1:39am May 31, 2024 1:39am
M1 EURUSD
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every minute matters!
  • #11,689
  • May 31, 2024 3:29am May 31, 2024 3:29am
M1 AUDUSD
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every minute matters!
  • #11,690
  • May 31, 2024 7:33am May 31, 2024 7:33am
M1 AUDUSD
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every minute matters!
  • #11,691
  • Edited 9:12am May 31, 2024 7:47am | Edited 9:12am
5-1.

What makes the 1 loss worse is it was a short on Usd/Jpy just because I wanted to close out and be done before the high impact news. That's $4.00 I have to tell the Mrs I lost gambling.

But a very good day for a Friday. The 1 loss would have been a big winner if I kept it open another half hour.

Edit 6-1.
Golden nuggets of wisdom not offered here.
  • #11,692
  • May 31, 2024 9:31am May 31, 2024 9:31am
Quoting niks
M1 AUDUSD {image}
Master Class, Niks!
Golden nuggets of wisdom not offered here.
  • #11,693
  • May 31, 2024 9:48am May 31, 2024 9:48am
Quoting Present
5-1. What makes the 1 loss worse is it was a short on Usd/Jpy just because I wanted to close out and be done before the high impact news. That's $4.00 I have to tell the Mrs I lost gambling. But a very good day for a Friday. The 1 loss would have been a big winner if I kept it open another half hour. Edit 6-1.
I should of jumped out and eaten the loss before the news! Thats the third Friday in a row I've been caught in an all day trend. I dont think Fridays are for me!

Weekly account gain of -0.5%, I handed what remained of my weekly profit and then some back on the 200 EU touch and as you'll know there is no better feeling of watching price continue on in your favour, well into profit . I'm off to pour myself a double and laugh.

Glad to see a few of you have had a good day! See you all Monday.

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  • #11,694
  • May 31, 2024 10:27am May 31, 2024 10:27am
Quoting PR31D
{quote} I should of jumped out and eaten the loss before the news! Thats the third Friday in a row I've been caught in an all day trend. I dont think Fridays are for me! Weekly account gain of -0.5%, I handed what remained of my weekly profit and then some back on the 200 EU touch and as you'll know there is no better feeling of watching price continue on in your favour, well into profit . I'm off to pour myself a double and laugh. Glad to see a few of you have had a good day! See you all Monday. {image}
Yah.

I try not to be caught in a news related horror on Fridays. Especially because I was selling Usd/Jpy which is on a longer up trend on the D1.

I'm ok that I missed out on the immediate 30 pips when the news hit.

I'm predicting a big profitable June for you!
Golden nuggets of wisdom not offered here.
  • #11,695
  • May 31, 2024 10:40pm May 31, 2024 10:40pm
M1 BTCUSD
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news events are like forces of nature sometimes - powerful and unpredictable!

Quoting Present
{quote} Master Class, Niks!
appreciate the kind words present! sticking with the basics often works best...
every minute matters!
  • #11,696
  • Jun 1, 2024 12:45am Jun 1, 2024 12:45am
M1 BTCUSD

first two orders were trend continuation that failed to follow through, third and fourth orders were countertrend, final order was trend continuation, target was resistance and coincidentally the top of the cap channel!
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thank you for taking the time to share your setup luxyus, i will digest it now, sounds very interesting!
every minute matters!
  • #11,697
  • Jun 1, 2024 5:36pm Jun 1, 2024 5:36pm
Again, i am starting with the new projects, maybe even beginning 2025 or more, we’ll see. So i wish you guys all the best as always, stay strong and can’t wait to dig in again to be honest,but next time with more serious attitude for trading
Make your own rules and stick to it.
  • #11,698
  • Jun 2, 2024 5:43am Jun 2, 2024 5:43am
Quoting akangaziz
{quote} after enough backtesting (i coded a simple EA to validate the entry of this indi and test it across many major pairs), there are too many repaint for CAP Channel indicator. however, I have found a much better alternative for such similar band using this custom TMA indi from forex-station {file} this indi doesn't repaint, just change the BandDeviations to 2 or 3 and it will have a similar band channels like CAP Channel indi. the good thing with...
The TMA indicator is known for repainting, to be honest all indicators repaint… you just have to make use of them that way, they are all used as ‘prediction only’ to try and improve your odds of getting a successful trade. Indicators need past data generate new signals hence why even the strongest signals from an indicator are usually a bit late.This unfortunately cannot be help as there is no such think as a non repainting indicator. These band indicators all do the same think and all work the same, you can use them to aid you but you can’t depend on the signals given by them.

A lot of people use these band indicators whether it be the Cap Channel or the TMA indicator and enter trades when price reaches either the top or bottom bands and hope for a successful reversal trade. To be quite honest it does work around 8 out of 10 times so it’s pretty good in that sense. But the downfall is you must have a stoploss in place and know when to stop adding orders to a trade that continues to be in drawdown, and you must know when to give in and accept that the trades won’t go back in profit and make the decision to close them at a loss.
  • #11,699
  • Jun 2, 2024 7:00am Jun 2, 2024 7:00am
M1 BTCUSD
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every minute matters!
  • #11,700
  • Jun 2, 2024 9:24am Jun 2, 2024 9:24am
M1 BTCUSD
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every minute matters!
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