"Bullish Engulfing Bar" and "Bearish Engulfing Bar" trade | Page 2 | Forex Factory

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  • #21
  • May 27, 2020 5:11pm May 27, 2020 5:11pm
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}
nothing works in a ranging market. And, read again where to take the engulfing pattern.
  • #22
  • May 27, 2020 5:16pm May 27, 2020 5:16pm
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...
Do your own back testing Tom with the engulfing patterns because they do work if you know where and when to trade them-on all-time frames especially 4hr and daily
  • #23
  • May 27, 2020 8:27pm May 27, 2020 8:27pm
Blah,Blah,Blah.....it's all been done before.Why don't you newcomers do a bit of research before you start new threads preaching the same old crap.
  • #24
  • May 27, 2020 9:47pm May 27, 2020 9:47pm
Sound strategy. Bull right away when it engulfs and bear right away when it engulfs? Stop loss placement underneath the candlestick that has been engulfed?
  • #25
  • May 27, 2020 9:55pm May 27, 2020 9:55pm
I hope these set of indicators helped fellow traders in determining solid Engulfing areas. Usually, I'll only take engulfing candlesticks from these area of confluence, where there is a support, there must be an engulfing bull. Vice versa for bearish set-ups. Nonetheless, my stop loss placement will always be at the previous bear candlestick where bullish engulfing happens, vice versa for bull set-ups.
Attached File(s)
File Type: mq4 SS_SupportResistance_v07.53 (filter alerts MA).mq4   49 KB | 951 downloads
File Type: ex4 SS_SupportResistance_v07.53 (filter alerts MA).ex4   90 KB | 745 downloads
  • #26
  • May 27, 2020 9:59pm May 27, 2020 9:59pm
Quoting thegrimreape
I hope these set of indicators helped fellow traders in determining solid Engulfing areas. Usually, I'll only take engulfing candlesticks from these area of confluence, where there is a support, there must be an engulfing bull. Vice versa for bearish set-ups. Nonetheless, my stop loss placement will always be at the previous bear candlestick where bullish engulfing happens, vice versa for bull set-ups. {file} {file}
This is how I trade. Minimal drawdown, successful entry and has always been consistent for many years.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD-2M15.png Size: 28 KB
  • #27
  • May 27, 2020 10:09pm May 27, 2020 10:09pm
Quoting thegrimreape
{quote} This is how I trade. Minimal drawdown, successful entry and has always been consistent for many years. {image}
great setup mate and just for some reference- If you use a moving average ( 20,30, 50 or whatever) you can take all engulfing patterns that agree with the direction of the moving average. Do some back testing and you will reap the rewards.
  • #28
  • May 27, 2020 10:23pm May 27, 2020 10:23pm
Quoting peterhenders
{quote} great setup mate and just for some reference- If you use a moving average ( 20,30, 50 or whatever) you can take all engulfing patterns that agree with the direction of the moving average. Do some back testing and you will reap the rewards.
I do, I tend to refer to the 50-100-200 EMA.
  • #29
  • May 27, 2020 10:38pm May 27, 2020 10:38pm
Quoting thegrimreape
{quote} I do, I tend to refer to the 50-100-200 EMA.
good stuff mate because as you can see there was more than one engulfing bar on the chart you posted. All the best mate
  • #30
  • May 27, 2020 10:46pm May 27, 2020 10:46pm
Quoting peterhenders
{quote} good stuff mate because as you can see there was more than one engulfing bar on the chart you posted. All the best mate
Engulfing has been proven to be really effective when it's march with validation from other sets of confirmation tools. Even in the stock market, I tend to look for Engulfing as well. It's just the norm now, however, I'm always open to the beauty of evolution. Some traders here like Hanover has a fantastic framework that pushes past the conventional limitations in trading with indicators that highly resurrects the odds of a trading edge. Similarly, thank you and good luck to you ^^
  • #31
  • May 27, 2020 11:01pm May 27, 2020 11:01pm
Just for some kind thoughts I'll add my view with the engulfing pattern. I'm not one for the lower time frames, because I have a wife lol, so I'll base this post from the 4hr and daily charts. There are two types of engulfing patterns - One is the real body engulf and the other is the full range engulf- both are well worth back testing and can produce some remarkable amount of pips if traded the right way. Wait for the break of the high/low for entry and only trade-in the direction of the trend if your jumping in during a trend or only trade from the peaks and valleys.
One to try is by placing the 20ema on the 4hr or daily charts, take the patterns as you normally would but consider the 20ema as a sup/res zone and wait for engulfing patterns to form (in the direction of the ema) and take them when the high or low is broken.
I need a bit of time but if anyone requires some charts to reference this I'll be happy to post over the weekend.
Good luck to you all and best wishes
Peter Henderson
  • #32
  • May 27, 2020 11:27pm May 27, 2020 11:27pm
Hope this helps
Attached Image (click to enlarge)
Click to Enlarge Name: eurnzd-d1-hantec-markets-ltd Daily engulfing Patterns.png Size: 48 KB
  • #33
  • May 27, 2020 11:50pm May 27, 2020 11:50pm
Quoting peterhenders
Just for some kind thoughts I'll add my view with the engulfing pattern. I'm not one for the lower time frames, because I have a wife lol, so I'll base this post from the 4hr and daily charts. There are two types of engulfing patterns - One is the real body engulf and the other is the full range engulf- both are well worth back testing and can produce some remarkable amount of pips if traded the right way. Wait for the break of the high/low for entry and only trade-in the direction of the trend if your jumping in during a trend or only trade from...
I am glad that most if not the majority in this thread arrives at the same conclusion. Although the thread starter may perhaps traded the engulfing pattern with volume as a confirmation bias, but in my view, I've a goal and it's basically 15 - 30 pips a day with 0.10 lots saturated to a basket of 10 multiplier. This is an amazing thread, hope it continuously evolve and develop in the right path
  • #34
  • May 28, 2020 12:30am May 28, 2020 12:30am
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}
9 days ago
Attached Image (click to enlarge)
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  • #35
  • May 28, 2020 12:33am May 28, 2020 12:33am
FTSE today
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  • #36
  • May 28, 2020 12:36am May 28, 2020 12:36am
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}
show the chart now and stop hiding facts
  • #37
  • May 28, 2020 12:40am May 28, 2020 12:40am
I just did. It's right above your somewhat angry (?) post

But maybe I posted a fake chart, in which case just pull up your own chart of FTSE 100 daily on 9May and today.
  • #38
  • May 28, 2020 12:42am May 28, 2020 12:42am
Quoting tehnoob
{quote} 9 days ago {image}
Ja. But they do work sometimes.
Gone to a better place
  • #39
  • May 28, 2020 12:42am May 28, 2020 12:42am
Quoting tehnoob
{quote} 9 days ago {image}
Hi there. I am afraid that you missed the point here? Even the thread clearly mentioned that trading this pattern requires further validation/confirmation before a trade is executed.
  • #40
  • May 28, 2020 12:43am May 28, 2020 12:43am
Quoting Yuya
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.
I hope this answers your question in the latter
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