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M1 Countertrend Scalping Strategy

  • #11,881
  • Jul 31, 2024 8:52am Jul 31, 2024 8:52am
After getting caught in a bad trend last week I ended up bailing on both prop accounts just short of hitting the max daily loss so both my accounts are pretty much at square 1. I didnt trade well that day and if I had stuck to my plan and went with trend after the third order I would of made it out with a small loss or unscathed but hindsight and all that. Im just going to trade with one account going forward as copying orders between two accounts is a pain and has lead to mistakes in order sizing.

Im making my way through Al Brooks book. Its not easy to read, he may be a great trader but the man can not write. For anyone getting into his stuff, thankfully there is free supporting online content explained by those who can decode what he's trying to convey. Its certainly opened my eyes to a different way to read PA.

I'll make my not-anticipated return to counter trend trading next week if I feel I've got enough of Al's ways under my belt.
  • #11,882
  • Jul 31, 2024 9:31am Jul 31, 2024 9:31am
M1 AUDUSD
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Quoting PR31D
Its certainly opened my eyes to a different way to read PA. I'll make my not-anticipated return to counter trend trading next week if I feel I've got enough of Al's ways under my belt.
good to hear the prop account survived, better than losing the account...

try to stay focused only on how he uses ema's to determine pullbacks, because he understands trends so well, he explains them in great detail which is great if you're a trend trader, but his lessons on the use of ema's and pullbacks or "legs" within the trend are most relevant to countertrend trading in general...

the simplest advice he always gives is if it looks like it's going up or down, then it IS going up or down!
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a brief timeout is required every now and then to re-assess performance, especially after a loss, that's normal, you'll come back better than before in no time!
every minute matters!
  • #11,883
  • Jul 31, 2024 11:58am Jul 31, 2024 11:58am
Quoting niks
M1 AUDUSD {image} {image} {quote} good to hear the prop account survived, better than losing the account... try to stay focused only on how he uses ema's to determine pullbacks, because he understands trends so well, he explains them in great detail which is great if you're a trend trader, but his lessons on the use of ema's and pullbacks or "legs" within the trend are most relevant to countertrend trading in general... the simplest advice he always gives is if it looks like it's going up or down, then it IS going up or down! {image} a brief timeout...
Which book of Al brooks you guys recommend
He has many books and they are all massive

Kind regards
  • #11,884
  • Jul 31, 2024 12:52pm Jul 31, 2024 12:52pm
Hello, I am looking for the code of the indicator that you use here as a reverse chanel. Can you help me?
  • #11,885
  • Jul 31, 2024 9:26pm Jul 31, 2024 9:26pm
Quoting Frag8383
{quote} Which book of Al brooks you guys recommend He has many books and they are all massive Kind regards
getting the e-book will make it easier to search and bookmark, this is the book being recommended:
Reading Price Charts Bar by Bar: The Technical Analysis of Price Action for the Serious Trader


Quoting flaynou
Hello, I am looking for the code of the indicator that you use here as a reverse chanel. Can you help me?
if you are referring to the Cap Channel, you can get the source code from here
We provide indicator source file only for personal use. PRICE - 299$.
every minute matters!
  • #11,886
  • Aug 1, 2024 7:06am Aug 1, 2024 7:06am
M1 AUDUSD - does it get any simpler?
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every minute matters!
  • #11,887
  • Aug 1, 2024 8:08am Aug 1, 2024 8:08am
M1 AUDUSD - read the price chart bar by bar!
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every minute matters!
  • #11,888
  • Aug 1, 2024 7:47pm Aug 1, 2024 7:47pm
Quoting niks
M1 AUDUSD - does it get any simpler? {image} {image}
actually it’s hard for me to understand Niks…. Should it not have been a sell back to the 200 ema?.. why was it a buy?… I can see why it was the right decision as it went your way for sure… but what was the confirmation to enter buys? Thanks in advance.
  • #11,889
  • Aug 1, 2024 10:42pm Aug 1, 2024 10:42pm
hey cm-punkfx, you're difficulty in understanding is my fault, it was a with trend trade and this is a countertrend thread...

however, KoF's basic ema strategy is only a starting point and cannot be relied on to provide consistent profitability, from my experience, executing countertrend trades successfully requires a deep understanding of trends, so even though i am no good at trading with trend, i still learn and try while at the same time it improves my countertrend execution...

Should it not have been a sell back to the 200 ema?..
definitely not a sell as long as the trend up by all definitions continued, ema200 had not been touched for a long time...

why was it a buy?…
i think it is clear the trend was up and that a higher low was about to strike after a higher high, so i anticipate this and start entering, targeting a break of the previous high forming a new higher high...
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I can see why it was the right decision as it went your way for sure…
but what was the confirmation to enter buys?
the confirmation was a stall on the trendline, once the bar prior to entry failed to break the low of the previous bar and then started moving up on the next bar, that was my confirmation and i started entering...
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best of luck to you!
every minute matters!
  • #11,890
  • Aug 2, 2024 2:39am Aug 2, 2024 2:39am
M1 AUDUSD - ema9 overextension countertrend trade...
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targeting a return to the ema's, ema20 in this case provided decent profits!
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every minute matters!
  • #11,891
  • Aug 2, 2024 6:22am Aug 2, 2024 6:22am
M1 AUDUSD - soon it will break away from ema200 and start trending...
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every minute matters!
  • #11,892
  • Aug 2, 2024 6:43am Aug 2, 2024 6:43am
M1 AUDUSD - and there it is, a series of higher highs and higher lows, do NOT countertrend!

look for with trend opportunities instead, anticipate and enter on the higher low...
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and target a new higher high!
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every minute matters!
  • #11,893
  • Aug 2, 2024 8:06am Aug 2, 2024 8:06am
M1 AUDUSD
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every minute matters!
  • #11,894
  • Aug 2, 2024 8:17am Aug 2, 2024 8:17am
M1 AUDUSD
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every minute matters!
  • #11,895
  • Aug 2, 2024 9:17am Aug 2, 2024 9:17am
M1 AUDUSD
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every minute matters!
  • #11,896
  • Aug 2, 2024 9:22am Aug 2, 2024 9:22am
M1 AUDUSD - that'll do!
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every minute matters!
  • #11,897
  • Aug 3, 2024 5:19pm Aug 3, 2024 5:19pm
Quoting niks
hey cm-punkfx, you're difficulty in understanding is my fault, it was a with trend trade and this is a countertrend thread... however, KoF's basic ema strategy is only a starting point and cannot be relied on to provide consistent profitability, from my experience, executing countertrend trades successfully requires a deep understanding of trends, so even though i am no good at trading with trend, i still learn and try while at the same time it improves my countertrend execution... Should it not have been a sell back to the 200 ema?.. definitely...

Thanks for the reply Niks… appreciate it my friend
  • #11,898
  • Aug 4, 2024 2:08am Aug 4, 2024 2:08am
M1 BTCUSD - flipping orders!
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Quoting CM-PunkFX
{quote} Thanks for the reply Niks… appreciate it my friend
it's my pleasure cm-punkfx, understanding another traders thought process can be difficult without explanation, but it's great to see that you at least make an effort which in turn helps me capture the minute details which are often missed in the heat of the trade... all the best to you!
every minute matters!
  • #11,899
  • Aug 4, 2024 6:29am Aug 4, 2024 6:29am
M1 BTCUSD - orders flipped!
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every minute matters!
  • #11,900
  • Aug 4, 2024 8:04am Aug 4, 2024 8:04am
Quoting niks
M1 BTCUSD - orders flipped! {image}
Am I mistaken if I’m the screenprint this is a RSi 7 and then the 3 ema’s are ema 200, ema 20 and ema 50?
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