I have entered although no price action :
Attached Image
Open Price and Engulfing Bars 104 replies
"Bullish Engulfing Bar" and "Bearish Engulfing Bar" trade 88 replies
Looking for EA to trade bullish and bearish engulfing candles 21 replies
Trading using engulfing price action? 0 replies
Definition of Bullish Outside Engulfing and Bearish Outside Engulfing 3 replies
DislikedThis price action method does have merits; in fact when you add a trend filter, perhaps Weekly EMA, and then watch for and enter a trade on retracement, you have the equivalent of a method that sells for thousands on the internet.Ignored
Disliked{quote} Hello Red Herring, I'm not exactly sure where you entered or the direction of the trade but I am seeing the following on my MT4 platform (GMT+2). H4 USDJPY There are a couple of things to notice. Firstly, although the 28th May was an engulfing bar up, there was no buy action follow through i.e. there was no H4 bar closing above the Daily High of the grey rectangle. Secondly, the H4 trigger bar did not appear for the Daily engulfing down of 23rd, until 30th May as indicated i.e. there was no H4 bar close below the Daily Low of the grey rectangle...Ignored
Disliked{quote} I have entered at the upward arrow just after the long bearish candle and the green line is my TP and the orange is my SLIgnored
Disliked{quote} Beautiful setup, however I have some things that I want to clear -Do you initially always open 2 trades and set one with a TP and let the other run after setting it to BE? -What have been your win ratio with this method? -What, in your opinion, is the most suitable pair for this method? Much thankful!Ignored
Disliked{quote} Hello AhmadYt, thank you for your comments. I am at an early stage with this method and working on various exit strategies but looking back a number of months on the major pairs it would seem that entering 2 trades would have made some nice pips.Ignored
DislikedYou can also use good pins or long wick candles for the setup candle. You can also go from 4hr as your setup and drop down to 1hr for entry. Pretty flexible if you pick a good setup.Ignored
DislikedHello all. I just wanted to give a bit of an update. Someone asked me earlier if I had any stats on this method and at that time I didn't. I have taken a bit of time to backtest 4 major pairs from January 2013 until last Friday. The method used in the backtest is similar to that described in post 1 but for these purposes I have set the SL at the high/low of the Daily engulfing candle and made TP=SL so 1:1 R:R. For the 4 pairs tested (EURUSD, GBPUSD, USDCHF & USDJPY) the total pip count is approx. 5250 give or take, there has not been a loosing month...Ignored