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MTF Engulf / Engulf fail

  • #1,881
  • Feb 4, 2024 12:24am Feb 4, 2024 12:24am
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ITB - Seeing Orderliness amongst 'Randomness'
  • #1,882
  • Feb 4, 2024 5:27am Feb 4, 2024 5:27am
hi guys
so kind of luisinho who had modified an engulf indicator for me.
i know that he visits here quite often.
https://www.forexfactory.com/thread/...6#post14742826
ITB - Seeing Orderliness amongst 'Randomness'
  • #1,883
  • Feb 4, 2024 6:09am Feb 4, 2024 6:09am
many traders differ on the requirements for engulfing.
mine is as follows for the indicator.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #1,884
  • Feb 4, 2024 7:37am Feb 4, 2024 7:37am
I had a look at USDJPY and price has moved into a big 4hr engulfing zone - its kinda big, so have jumped down to the 1hr where the zone is much smooter.

From what I can see - the price has allready made a retest off the 1hr engulfing bearish zone and also made a retest of the 30m engulfing bearish zone.
Inside the 30m zone the price has just retested a 5m engulfing fail and made a 5m engulfing bearish zone just 5 minutes before marked close.

Entry would be on as soon as possible with a stop above the 5m engulfing fail zone and a target upon reaching the 1hr engulfing fail zone.

On top of the engufing analysis we also have had a huge news impuls move that has made a very big fair value gap. Because of this valuegap i'm not that concerned about the 30m roadblock - but it could still cause some choppy waters.

Would you say that this analysis could be correct?
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  • #1,885
  • Feb 4, 2024 8:08am Feb 4, 2024 8:08am
Quoting TranceGhost
I had a look at USDJPY and price has moved into a big 4hr engulfing zone - its kinda big, so have jumped down to the 1hr where the zone is much smooter. From what I can see - the price has allready made a retest off the 1hr engulfing bearish zone and also made a retest of the 30m engulfing bearish zone. Inside the 30m zone the price has just retested a 5m engulfing fail and made a 5m engulfing bearish zone just 5 minutes before marked close. Entry would be on as soon as possible with a stop above the 5m engulfing fail zone and a target upon reaching...
the big thing to watch put for is Powell news it will push towards that area and lower but powell speech may cause some problems before that happens I have my set up ready for it
  • #1,886
  • Feb 4, 2024 8:46am Feb 4, 2024 8:46am
Quoting Inthebox
many traders differ on the requirements for engulfing. mine is as follows for the indicator. {image}
Please must it be one candle to engulfed the other candle
For example bearish engulfing must the red cover the last blue candle while for the bullish the blue cover the last red candle
  • #1,887
  • Feb 4, 2024 8:50am Feb 4, 2024 8:50am
Quoting TranceGhost
Would you say that this analysis could be correct? {image}
as powell will be speaking, i do not want to analyze too much on the smaller time frames, which can hinder us by we having form a preconceive notion.
as you would have know, i do not want to be predictive but reactive after his speech.
so i just keep the h4 h1 mapping to have a bird eye view. one direction time frame, one input time frame. if need be switch to lower ones.
by then if ltf aligns with h4 eg sell, will be looking to sell, would not be interested to buy.
looking to buy when price break above h4 eg sell, or when price reaches the h4 ef buy.
all with entry time frame confirmation.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #1,888
  • Feb 4, 2024 11:24am Feb 4, 2024 11:24am
Hi,
EURUSD will check when markets open but for now price is retesting m30buy zone,
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  • #1,889
  • Feb 4, 2024 4:54pm Feb 4, 2024 4:54pm
Quoting Inthebox
{quote} as powell will be speaking, i do not want to analyze too much on the smaller time frames, which can hinder us by we having form a preconceive notion. as you would have know, i do not want to be predictive but reactive after his speech. so i just keep the h4 h1 mapping to have a bird eye view. one direction time frame, one input time frame. if need be switch to lower ones. by then if ltf aligns with h4 eg sell, will be looking to sell, would not be interested to buy. looking to buy when price break above h4 eg sell, or when price reaches...
so 50 min after the news.
with the plan and rules, it is just a waiting game.
if you want the entry in m5 you got to have the m30 or m15 box.
if you want the entry in m15 you got to have the m30 or h1 box.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #1,890
  • Feb 4, 2024 5:36pm Feb 4, 2024 5:36pm
the 20 pips trader already left for the day after making 1%.
don't forget to draw your roadblocks.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #1,891
  • Feb 4, 2024 6:03pm Feb 4, 2024 6:03pm
the 30 pips trader just left for the day after making 1%.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #1,892
  • Edited 6:49pm Feb 4, 2024 6:36pm | Edited 6:49pm
some traders made total exit, some partial and BE.
yet some with higher risk tolerance held on with BE since it is free trade.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #1,893
  • Feb 4, 2024 7:28pm Feb 4, 2024 7:28pm
don't flip through and read so many threads.
just take action and do something.
gn dropped the most during asia section i think.
instead of letting time flies by, ask why?
draw your boxes to find out.
do i see these things happen every single day?
is it repeatable every or every other day?
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ITB - Seeing Orderliness amongst 'Randomness'
  • #1,894
  • Feb 4, 2024 7:35pm Feb 4, 2024 7:35pm
Quoting Inthebox
don't miss this if there's a confirmation {image}
why i dare to say this?
i also asked you all to look at h4 and h1 line chart. did you?
ITB - Seeing Orderliness amongst 'Randomness'
  • #1,895
  • Feb 4, 2024 8:36pm Feb 4, 2024 8:36pm
Quoting Inthebox
some traders made total exit, some partial and BE. yet some with higher risk tolerance held on with BE since it is free trade. {image} {image}
the 2% trader was the last one to leave for the day.
why am i still around?
notice that the longer you stay in the market, the more risky it becomes.
but with more risk comes more profit.
however you must know both your risk management and trade management.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #1,896
  • Feb 4, 2024 8:42pm Feb 4, 2024 8:42pm
end of asia session
ITB - Seeing Orderliness amongst 'Randomness'
  • #1,897
  • Feb 4, 2024 8:48pm Feb 4, 2024 8:48pm
Quoting Inthebox
{quote} why i dare to say this? i also asked you all to look at h4 and h1 line chart. did you?
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ITB - Seeing Orderliness amongst 'Randomness'
  • #1,898
  • Feb 4, 2024 10:25pm Feb 4, 2024 10:25pm
gu why ltf ranging?
however can see m30 higher lows.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #1,899
  • Feb 4, 2024 10:31pm Feb 4, 2024 10:31pm
my h4/m30 map this morning
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trading is like dancing, don't think and just listen to the music!
  • #1,900
  • Feb 4, 2024 11:19pm Feb 4, 2024 11:19pm
Quoting Inthebox
gu why ltf ranging? however can see m30 higher lows. {image}
ef eg buy
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ITB - Seeing Orderliness amongst 'Randomness'
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