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MTF Engulf / Engulf fail

  • #1,421
  • Jan 23, 2024 3:27am Jan 23, 2024 3:27am
if there is no more trader posting, i come back during new york session.
ITB - Seeing Orderliness amongst 'Randomness'
  • #1,422
  • Jan 23, 2024 3:36am Jan 23, 2024 3:36am
Quoting Inthebox
if there is no more trader posting, i come back during new york session.
nothing is happening now, most of the pairs are consolidating. Hopefully, the beginning of the new hour will bring in some orders.
Success = Practice + Patience + Persistence
  • #1,423
  • Jan 23, 2024 4:08am Jan 23, 2024 4:08am
Quoting fxpider
{quote} nothing is happening now, most of the pairs are consolidating. Hopefully, the beginning of the new hour will bring in some orders.
This is The Dead Zone that I posted about on my Thread. This is a time to sit out and prepare for the US session.
Your trade order needs to be in the right place at the right time.
  • #1,424
  • Jan 23, 2024 5:51am Jan 23, 2024 5:51am
Quoting fxpider
{quote} Please correct me, if I got it wrong. 1. We are using engulfs across 3 TFs. 2. The Higher TF engulf is for the Directional flow. 3. The Mid TF engulf is for the Setup. 4. The Lower TF engulf is for the Entry. 5. TP will be the most recent opposite engulf in the SETUP TF (MID TF). Also, what are the criteria to choose the TFs?
This description makes it much easier to understand.
  • #1,425
  • Jan 23, 2024 6:15am Jan 23, 2024 6:15am
Quoting lwb1215
{quote} This description makes it much easier to understand.
trade set up can be 2 tf combo. eg h4 / m30
it can also be more than 3 tf combo. eg. d1, h4, m30, m5, m1.
if the market gives a combo set up in 2 tf and you are satisfied with the stop loss range, then go ahead. no need to go lower tf.
if the market gives a combo set up in 3 tf and you find that the stop loss needs to be 40 pips and you are not willing to have that,
then go lower to 1 or 2 time frames to satisfy your stop loss range.
there is flexibility for all kinds of traders and market conditions.
what is for trader A may not be applied to trader B.
each one has a different risk tolerance.
ITB - Seeing Orderliness amongst 'Randomness'
  • #1,426
  • Jan 23, 2024 6:33am Jan 23, 2024 6:33am
Quoting Inthebox
{quote} trade set up can be 2 tf combo. eg h4 / m30 it can also be more than 3 tf combo. eg. d1, h4, m30, m5, m1. if the market gives a combo set up in 2 tf and you are satisfied with the stop loss range, then go ahead. no need to go lower tf. if the market gives a combo set up in 3 tf and you find that the stop loss needs to be 40 pips and you are not willing to have that, then go lower to 1 or 2 time frames to satisfy your stop loss range. there is flexibility for all kinds of traders and market conditions. what is for trader A may not be applied...
Thank you very much for your reply. I can understand that 4H engulfing determines the direction, entry is at 30M or less, and there is no need to look at the direction of D1 or a larger period, right? Also should I just focus on engulfing key locations?
  • #1,427
  • Jan 23, 2024 7:44am Jan 23, 2024 7:44am
possibility?
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  • #1,428
  • Jan 23, 2024 8:03am Jan 23, 2024 8:03am
Quoting huskyboy
possibility? {image}
only scalping.
in bull run. cannot see any resistant in my chart above yesterday high.
you see the h1 double top?
likely will attract price to go there.
ITB - Seeing Orderliness amongst 'Randomness'
  • #1,429
  • Jan 23, 2024 8:16am Jan 23, 2024 8:16am
Quoting lwb1215
{quote} Thank you very much for your reply. I can understand that 4H engulfing determines the direction, entry is at 30M or less, and there is no need to look at the direction of D1 or a larger period, right? Also should I just focus on engulfing key locations?
not right.
h4 is the lowest time frame you use to determine direction.
i wrote before that what time frames aligning to look for beginning of the week, beginning of the day, intraday, etc............
have you read it?
search for it. some where this month.
also watch the youtube video i posted this month.
then revisit post 1.
ITB - Seeing Orderliness amongst 'Randomness'
  • #1,430
  • Jan 23, 2024 8:35am Jan 23, 2024 8:35am
Quoting Inthebox
{quote} not right. h4 is the lowest time frame you use to determine direction. i wrote before that what time frames aligning to look for beginning of the week, beginning of the day, intraday, etc............ have you read it? search for it. some where this month. also watch the youtube video i posted this month. then revisit post 1.
Okay, I will read it carefully again
  • #1,431
  • Jan 23, 2024 8:51am Jan 23, 2024 8:51am
GU hoping to see a 30m engulf now to take long
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Just by itself, winrate is 50%, but with multitimeframe winrate is 90%
  • #1,432
  • Jan 23, 2024 9:07am Jan 23, 2024 9:07am
Quoting melord
GU hoping to see a 30m engulf now to take long{image}
I would not go long. The bigger picture structure is broken. The momentum is on the downside.

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Success = Practice + Patience + Persistence
  • #1,433
  • Jan 23, 2024 9:08am Jan 23, 2024 9:08am
Quoting melord
GU hoping to see a 30m engulf now to take long{image}
nice h1 drop.
roadblocks h1 eg with fib levels.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #1,434
  • Jan 23, 2024 9:16am Jan 23, 2024 9:16am
Quoting Inthebox
{quote} only scalping. in bull run. cannot see any resistant in my chart above yesterday high. you see the h1 double top? likely will attract price to go there.
I second that, if clearly review the past few weeks charts US30, NQ etc all Indices are in great bull run made ATH, as OP said no respect of resistance just scalp for FIFO.
If you believe in yourself anything is possible !!
  • #1,435
  • Jan 23, 2024 9:23am Jan 23, 2024 9:23am
Quoting Inthebox
{quote} nice h1 drop. roadblocks h1 eg with fib levels. {image}
I will be watching the PA around the fib 0.786 very closely. That level has multiple confluences.

  1. EG
  2. BPR(FVG)
  3. Flip zone

Hopefully, they will leave the price there for the ASIA OPEN.

Success = Practice + Patience + Persistence
  • #1,436
  • Jan 23, 2024 9:49am Jan 23, 2024 9:49am
I am looking GJ for a short set up
  • #1,437
  • Jan 23, 2024 9:51am Jan 23, 2024 9:51am
Fun awaits, Green pips to All
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If you believe in yourself anything is possible !!
  • #1,438
  • Jan 23, 2024 10:09am Jan 23, 2024 10:09am
Gold is ranging in this zone, upside move is limited till 2040

Only small scalp so far today, but green
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If you believe in yourself anything is possible !!
  • #1,439
  • Jan 23, 2024 12:08pm Jan 23, 2024 12:08pm
Quoting melord
GU hoping to see a 30m engulf now to take long{image}
Took long. My first engulf setup long
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Just by itself, winrate is 50%, but with multitimeframe winrate is 90%
  • #1,440
  • Jan 23, 2024 12:51pm Jan 23, 2024 12:51pm
Quoting melord
{quote} Took long. My first engulf setup long{image}
watch out 1.2680

catching retracement is risky
If you believe in yourself anything is possible !!
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