"Bullish Engulfing Bar" and "Bearish Engulfing Bar" trade | Forex Factory

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  • #1
  • First Post: Edited 9:06am May 17, 2020 8:50am | Edited 9:06am
Hello everyone.
My name is Yuya.
I'm Japanese and I'm not confident in English sentences, but I'm happy if you read them.

I trade only when Engulfing Bar appears.
Engulfing Bar means the following candlestick.

The images refer to the following sites.
https://forex-station.com/app.php/attach/file/3341976
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_20190311-070304.png Size: 34 KB

Write a simple trading strategy.

★ For long
If "Bullish Engulfing Bar" appears near the support line, go long.
Loss cut is done by updating the low price of "Bullish Engulfing Bar".
Take profits near the resistance line.
For shorts, do the opposite.
Attached Image

Attached Image (click to enlarge)
Click to Enlarge Name: 2.JPG Size: 121 KB

In order to know the sign quickly, I made a simple indicator.
If "Bullish Engulfing Bar" and "Bearish Engulfing Bar" appears, it is an indicator that sounds an alarm.
And another person made it, but there is an indicator that skips the notification to "the discord" when an alarm occurs.
https://discord.com/
It's very convenient because it notifies you in real time.
Attached Image


Finally, the hourly bars where I see this sign are the 1-hour and 4-hour bars.
I usually work, so I don't like short bars such as 15-minute bars.

I will write about the trading of currency pairs that I was notified when I have time, so I will write it in this thread, so please take a look at it.
Attached Image
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  • #2
  • May 17, 2020 10:59am May 17, 2020 10:59am
Thank you for posting Yuya,

Wish you great success in this
"Bullish Engulfing Bar" and "Bearish Engulfing Bar" trade strategy :-) I have subscribed and will follow.

  • #3
  • May 17, 2020 11:14am May 17, 2020 11:14am
Simply great!
  • #4
  • May 18, 2020 3:52am May 18, 2020 3:52am
Be very cautious trading these patterns. True engulfing candlestick patterns are almost unknown in forex as there is usually no major difference between one candle's close and the other's open, so overlap is rare and not meaningful. Also Thomas Bulkowski suggests these are better continuation indicators, suggesting a trend will accelerate, rather than trend reversal indicators. Finally, all studies of candlestick patterns have been on daily charts, so be cautious applying the same rules to intra-day time-frames.

More information including performance statistics in different time-frames would be a help.
  • #5
  • May 18, 2020 5:34am May 18, 2020 5:34am
Quoting tomorton
Be very cautious trading these patterns. True engulfing candlestick patterns are almost unknown in forex as there is usually no major difference between one candle's close and the other's open, so overlap is rare and not meaningful. Also Thomas Bulkowski suggests these are better continuation indicators, suggesting a trend will accelerate, rather than trend reversal indicators. Finally, all studies of candlestick patterns have been on daily charts, so be cautious applying the same rules to intra-day time-frames. More information including performance...
He's up 216% for the year.
  • #6
  • May 18, 2020 6:01am May 18, 2020 6:01am
Finally a legit trader with a legit broker and real money account. Thanks for showing us the system. Will subscribe to your thread.

This thread will be much useful than 999+ other trading systems thread since this is the only one who showed real money gained in a substantial amount.
  • #7
  • May 18, 2020 7:23am May 18, 2020 7:23am
Thank you for writing.
Due to various verifications I may have a different position than the rules mentioned above.

Although everyone said, we do not recommend trading only by looking at this candlestick pattern.
I think it is important to have a proper position by looking at the trend, support line and resistance line of the daily bar and the hourly bar you are watching.
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  • #8
  • May 18, 2020 7:26am May 18, 2020 7:26am
The time of day when this candlestick pattern appears is also important.

It is hoped that this candlestick pattern will appear during the times when trading in the Asian, European and NY markets is active.
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  • #9
  • May 18, 2020 9:44am May 18, 2020 9:44am
There seems to be no currency pair that can be entered with "Bullish Engulfing Bar" and "Bearish Engulfing Bar" today.

Even if the alarm comes, I can not enter it because the time zone is not good or the sign does not appear in the price range that is ideal for me.

It is GBPJPY, JP225Cash, EURJPY, GBPAUD, USDJPY, AUDUSD that has been set so that an alarm will come.

There is no particular reason. .. ..
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  • #10
  • May 19, 2020 3:42am May 19, 2020 3:42am
You doing good as you should, you probably started to overthink - move to the same way you did at start and keep going, you are doing good so keep doing what you did without constantly trying to add something
  • #11
  • May 19, 2020 4:25am May 19, 2020 4:25am
Traditional engulfing set ups are usually traps for those who think they will make money by copying some patterns off a book that every Joe and their mother can get

Don't believe me? Watch what's about to happen to this powerful "bearish engulfing" candle (and to those who went short after seeing it)
Attached Image (click to enlarge)
Click to Enlarge Name: FTSE trap.jpg Size: 160 KB
  • #12
  • May 19, 2020 4:43am May 19, 2020 4:43am
Hello Yuya,

What is your filter to taking which bullish and bearish engulfing bar?

I think most realize that not all engulfing setups work. So there must be a way for you to filter out which one is good or bad.
  • #13
  • May 19, 2020 5:40am May 19, 2020 5:40am
Hi there great thread, well done.

Do you only trade from 1 H charts?

Thx

PC
Less is more...
  • #14
  • May 19, 2020 6:10am May 19, 2020 6:10am
Hi Yuya, I will follow this thread.

yoroshiku
  • #15
  • May 19, 2020 8:08am May 19, 2020 8:08am
Quoting CrocodileRex
Hello Yuya, What is your filter to taking which bullish and bearish engulfing bar? I think most realize that not all engulfing setups work. So there must be a way for you to filter out which one is good or bad.
Thanks for your comment.

The filter I think of is a good volume.

Forex results in tick volume, which is not an accurate turnover, but I think it represents people's impatience and excitement.
Here is an example diagram.
Attached Image

This is 1H of JP225 Cash. Look at the tick volume of the bar from "Bullish Engulfing Bar". It is considerably larger than the surroundings.

I draw a big shadow line of a big tick volume with the candle one before that, but a tick volume and "Bullish Engulfing Bar" appearing to cancel it.

I think that such places where the tick volume becomes large are often seen in trend changes and breakouts.

So I am aware of the tick volume where the "Bullish Engulfing Bar" and "Bearish Engulfing Bar" appear.

Even if "Bullish Engulfing Bar" and "Bearish Engulfing Bar" appear when there are few trading people and participants, the effect is small.
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  • #16
  • May 19, 2020 8:10am May 19, 2020 8:10am
Quoting pipcruiser
Hi there great thread, well done. Do you only trade from 1 H charts? Thx PC
Thanks for your comment.
I see 1H and 4H, but ideally I want to trade at 4H.
I usually work, so I don't have time to monitor charts.
Therefore, for me, 1H may not be able to trade calmly.
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  • #17
  • May 19, 2020 8:10am May 19, 2020 8:10am
Quoting DurianDollar
Hi Yuya, I will follow this thread. yoroshiku
Thanks for your comment.
nice to meet you! !
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  • #18
  • May 19, 2020 8:14am May 19, 2020 8:14am
As I have said many times, this trading method is not the Holy Grail.

However, if the loss cut and profit-taking rules are improved from time to time, the total amount of funds will increase.
I'm a very bad man to take profit.

There are so many loss cuts, I carry out trades while holding my head every day and reflect on them.
My current goal is to properly wait for a chance.
Ninja trader Return This Year: na
  • #19
  • May 27, 2020 11:52am May 27, 2020 11:52am
Quoting tehnoob
Traditional engulfing set ups are usually traps for those who think they will make money by copying some patterns off a book that every Joe and their mother can get Don't believe me? Watch what's about to happen to this powerful "bearish engulfing" candle (and to those who went short after seeing it) {image}
He made 200k, you are barking at wrong tree and engulfing pattern is working great, generates great money but not for regular joes who does not see the market, beside seeing pattern you need to know price action and what market is doing, if you just trading pattern you will lose money
  • #20
  • May 27, 2020 12:48pm May 27, 2020 12:48pm
Quoting Yuya
As I have said many times, this trading method is not the Holy Grail. However, if the loss cut and profit-taking rules are improved from time to time, the total amount of funds will increase. I'm a very bad man to take profit. There are so many loss cuts, I carry out trades while holding my head every day and reflect on them. My current goal is to properly wait for a chance.
you cannot go wrong with outside/inside bars.
4 hour or daily bar.

Not 100% perfect but a lot better than follwing indies.
Trade well.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
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