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MTF Engulf / Engulf fail

  • #501
  • Edited 4:50pm Oct 17, 2023 2:48pm | Edited 4:50pm
Where are you guys place stops? Below/above the LTF engulfing or above/below the HTF engulfing?
when placing it on the LTF you get wick out many times that is why im asking

Thanks
Kind regards
  • #502
  • Edited 9:54pm Oct 17, 2023 9:40pm | Edited 9:54pm
Quoting Frag8383
Where are you guys place stops? Below/above the LTF engulfing or above/below the HTF engulfing? when placing it on the LTF you get wick out many times that is why im asking Thanks Kind regards
first decide on a comfortable range that you can accept loss for a particular instrument.
needless to mention that there is a world of difference when one compares trading gold with eurusd
say able to accept 30 - 40 pips.
if you place a SL above the htf engulf which will be 65 pips. that you won't accept.
if you place a SL above the ltf engulf which will be 15 pips. you get hit.

that is the reason i mentioned in post 1 point 3, you can scale down to a particular time frame engulf until you are happy with the SL.

illustration
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ITB - Seeing Orderliness amongst 'Randomness'
  • #503
  • Oct 17, 2023 9:56pm Oct 17, 2023 9:56pm
I like to use atr x 1.5 of 4h as my stop loss number. It has been good
I've found success too with 1/2 of previous day's atr.

1 would check the daily and see the bias based on the engulf. And if in daily the retracement happens, i then look for an engulf in 15m that goes in the direction of the daily bias.
Trading is gambling. So gamble responsibly.
  • #504
  • Oct 17, 2023 10:01pm Oct 17, 2023 10:01pm
Quoting Sovy
I like to use atr x 1.5 of 4h as my stop loss number. It has been good
it is alright to use h4 1.5 atr, provided one is able to accept the daily variable volatility.
for example, like anything from 30 - 90 pips.
it is a variable vs fixed ones beyond engulf to choose from.
however one is also able to take notice of volatility or ranging if there are many engulfs that gather at a particular location.
ITB - Seeing Orderliness amongst 'Randomness'
  • #505
  • Oct 17, 2023 10:59pm Oct 17, 2023 10:59pm
hi guys those for EUR/USD you may start buying up to the first resistance
  • #506
  • Oct 17, 2023 11:21pm Oct 17, 2023 11:21pm
Quoting lexus2024
hi guys those for EUR/USD you may start buying up to the first resistance
for everyone to be on the same page, pls post a chart because don't know what time frame you are talking about.
from what i see current market price is less than 10 pips away from the d1 bearish engulf.
which is not worth buying.
ITB - Seeing Orderliness amongst 'Randomness'
  • #507
  • Oct 18, 2023 12:08am Oct 18, 2023 12:08am
gold.
it is one hour away from europe open.
this is the nearest htf engulf that is near the vicinity of current market price.
it is up to each individual to monitor what price action is doing in the ltf.
whether price will reject to go down or breakout to go up.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #508
  • Oct 18, 2023 12:22am Oct 18, 2023 12:22am
beautiful the yen and its supply engulf zones on daily and h4
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trading is like dancing, don't think and just listen to the music!
  • #509
  • Oct 18, 2023 12:40am Oct 18, 2023 12:40am
i don't know whether this is too simple or what for traders.
traders will say no no no, not that simple.
i need to see this indicator do this, that indicator do that.
and and and the oscillator color, must be red or green,
i tell you, it will take years to get rid of this mentality if all these had been stuck in your brain for years.

you decide whether is simple or not to make a complete changeover.
3 things you need to do.
1. time. choose a high volume session to trade.
2. htf engulf. analyze around the vicinity of current market price to find a key engulf level.
3. ltf engulf. need to monitor the price action, what the ltf engulf is doing. whether price reject it or breakout of it, in line with the htf engulf direction.
ITB - Seeing Orderliness amongst 'Randomness'
  • #510
  • Oct 18, 2023 1:36am Oct 18, 2023 1:36am
Quoting Inthebox
gold. it is one hour away from europe open. this is the nearest htf engulf that is near the vicinity of current market price. it is up to each individual to monitor what price action is doing in the ltf. whether price will reject to go down or breakout to go up. {image}
im waiting here for sniper entry
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  • #511
  • Oct 18, 2023 1:42am Oct 18, 2023 1:42am
i have just updated post 1.
hope that it is much clearer now what i want to bring across.
ITB - Seeing Orderliness amongst 'Randomness'
  • #512
  • Oct 18, 2023 1:50am Oct 18, 2023 1:50am
Quoting Ziemowit
{quote} im waiting here for sniper entry {image}
just for info, it had already tested the m30.
ITB - Seeing Orderliness amongst 'Randomness'
  • #513
  • Edited 2:10am Oct 18, 2023 1:58am | Edited 2:10am
0,618 for a bounce better based on M30

I am also using TL and fib to increase probability which level will give reaction. I hope i will get to your level when i will need nothing more than what you teach
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  • #514
  • Oct 18, 2023 2:19am Oct 18, 2023 2:19am
Quoting Ziemowit
0,618 for a bounce better based on M30 I am also using TL and fib to increase probability which level will give reaction. I hope i will get to your level when i will need nothing more than what you teach {image}
engulf, fib, descending line.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #515
  • Oct 18, 2023 2:23am Oct 18, 2023 2:23am
Quoting Sovy
I like to use atr x 1.5 of 4h as my stop loss number. It has been good I've found success too with 1/2 of previous day's atr. 1 would check the daily and see the bias based on the engulf. And if in daily the retracement happens, i then look for an engulf in 15m that goes in the direction of the daily bias.
I was thinking about what you mentioned about stops. If you enter on the 15 m and use the atr of 4h your stops are very wide (a lot of room). And I suppose that if your position size is based on the atr your position is very small in relation to the 15m chart

Thanks
Kind regards
  • #516
  • Oct 18, 2023 2:31am Oct 18, 2023 2:31am
dax sell.
check this out. the 3 ingredients are all there.
https://www.forexfactory.com/thread/...1#post14621161
if i am greedy, i will be punished.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #517
  • Oct 18, 2023 2:50am Oct 18, 2023 2:50am
Quoting Frag8383
{quote} I was thinking about what you mentioned about stops. If you enter on the 15 m and use the atr of 4h your stops are very wide (a lot of room). And I suppose that if your position size is based on the atr your position is very small in relation to the 15m chart Thanks Kind regards
the 15m is simply the entry, target is daily targets
Trading is gambling. So gamble responsibly.
  • #518
  • Oct 18, 2023 3:22am Oct 18, 2023 3:22am
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  • #519
  • Oct 18, 2023 3:22am Oct 18, 2023 3:22am
New here but loving the strategy Inthebox, thank you for sharing. I got on the GU sell - I am used to lower timeframe trading so used the 5m for entry.
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  • #520
  • Oct 18, 2023 3:39am Oct 18, 2023 3:39am
Quoting Heini
{image} {image}
you can do this for the m5 entry.
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ITB - Seeing Orderliness amongst 'Randomness'
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