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MTF Engulf / Engulf fail

  • #2,201
  • Feb 27, 2024 8:57pm Feb 27, 2024 8:57pm
nasdaq sell. a bit frustrating.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,202
  • Feb 27, 2024 9:59pm Feb 27, 2024 9:59pm
Quoting Inthebox
nasdaq sell. a bit frustrating. {image}
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Y tp at B and not A?
  • #2,203
  • Feb 27, 2024 10:44pm Feb 27, 2024 10:44pm
Quoting ssumanaj
{quote} {image} Y tp at B and not A?
target was low of day, where B is.
zone C is a bigger zone where partial profit can be taken when overlapping zone A.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,204
  • Feb 27, 2024 11:22pm Feb 27, 2024 11:22pm
got it. thanks.
  • #2,205
  • Feb 28, 2024 12:05am Feb 28, 2024 12:05am
Quoting Inthebox
gold direction for the week is up. which one can your eyes see better. 1. eg ef 2. fvg ifvg 3. snr {image}
gold.
from monday i indicated that i would be trading long for this week.
now this applies to all kinds of methods, systems.
you see 2 down days, will your confidence be shaken?
will you start looking for another system?
well, what happen if for coming 3 days are going to be up days?
so far for me monday/tuesday was a winner even though a down day, tuesday now floating loss.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,206
  • Feb 28, 2024 2:52am Feb 28, 2024 2:52am
Profits in GJ buy and AU sell yesterday. Defenitely could have gotten more out of AU, but I thought it might turn around after testing the bullish 4h EG.
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  • #2,207
  • Feb 28, 2024 3:01am Feb 28, 2024 3:01am
Hi everyone,


Sharing here some of my knwoledge so maybe others can benefit from my own observation.
If you dont like it or think is useless just ignore it, as simple as that. For my daily scalps/trades is very helpfull so maybe it could also be for you.

1st to consider the candle to be engulf for a reversal, I am going to take the whole candle(with wick) that CLOSED higher or lower.
Example:
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Some time the price is going to be very tricky so for me those times, I avoid the trade in that pair.
2nd You gonna see price wicking out the high or the low but without closing above/below your level so you have to move with the wicks.
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This is a very tricky example but It helped me a lot to deeper understand price and avoid most of failure trades

here other examples:
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Then the closing candle need to be controled in the inmediatly lower time frame to see ithe the closing bodys in that time frame are above your level or are just making wicks because that will indicated you that most of the time the engulfing is also invalid and price will revisit the lows/highs



This is going to remove a lot of trades from your trading, For me having in mind this idea I take in consideration 1st TP, then meassure to be at least 1R, if trade does not met my requirement, I will wait for some other opportunity.
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  • #2,208
  • Feb 28, 2024 6:46am Feb 28, 2024 6:46am
Quoting Inthebox
{quote} gold. from monday i indicated that i would be trading long for this week. now this applies to all kinds of methods, systems. you see 2 down days, will your confidence be shaken? will you start looking for another system? well, what happen if for coming 3 days are going to be up days? so far for me monday/tuesday was a winner even though a down day, tuesday now floating loss. {image}
Sticking with a strategy and mastering it is a smart move, but relying solely on a strategy with a 50/50 probability isn't wise. Engulfing patterns have proven effective since their inception as they reveal the bias between sellers and buyers. I commend your dedication to fine-tuning your blueprint. No strategy can guarantee a 100% success rate, so it's important to also develop your intuition. When using the engulfing method, it's crucial to remember that price doesn't always reverse from all zones. It's essential to follow the main trend and have a clear understanding of whether you're engaging in trend trading or counter trading.

Thanks, ITB as always
If you believe in yourself anything is possible !!
  • #2,209
  • Feb 28, 2024 12:14pm Feb 28, 2024 12:14pm
Quoting Inthebox
{quote} gold. from monday i indicated that i would be trading long for this week. now this applies to all kinds of methods, systems. you see 2 down days, will your confidence be shaken? will you start looking for another system? well, what happen if for coming 3 days are going to be up days? so far for me monday/tuesday was a winner even though a down day, tuesday now floating loss. {image}
gold today, ef m30 to eg m30
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  • #2,210
  • Feb 28, 2024 1:35pm Feb 28, 2024 1:35pm
Gold, something big is cooking. Looking at PA its clear that Bulls are more aggressive than bears. Thursday and Friday will be dedicated to gold only.

All the best to gold traders and to me too.

p.s. first chart is Daily TF
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If you believe in yourself anything is possible !!
  • #2,211
  • Feb 28, 2024 7:45pm Feb 28, 2024 7:45pm
Quoting Inthebox
{quote} gold. from monday i indicated that i would be trading long for this week. now this applies to all kinds of methods, systems. you see 2 down days, will your confidence be shaken? will you start looking for another system? well, what happen if for coming 3 days are going to be up days? so far for me monday/tuesday was a winner even though a down day, tuesday now floating loss. {image}
gold.
wednesday up day.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,212
  • Feb 29, 2024 1:59am Feb 29, 2024 1:59am
london open
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,213
  • Feb 29, 2024 2:27am Feb 29, 2024 2:27am
Quoting Inthebox
london open {image}
Another possibility...

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Success = Practice + Patience + Persistence
  • #2,214
  • Feb 29, 2024 2:49am Feb 29, 2024 2:49am
Quoting fxpider
{quote} Another possibility... {image}
i LIKE MORE THIS:

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  • #2,215
  • Feb 29, 2024 5:06am Feb 29, 2024 5:06am
AU inside 1W, 1D and 4h EG and getting supported by daily open. However since the negative CPI release, my bias is bearish.
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  • #2,216
  • Feb 29, 2024 7:30am Feb 29, 2024 7:30am
so easy when trend is not clear
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If you believe in yourself anything is possible !!
  • #2,217
  • Feb 29, 2024 8:35am Feb 29, 2024 8:35am
Quoting Inthebox
london open {image}
all targets achieved.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,218
  • Feb 29, 2024 9:37am Feb 29, 2024 9:37am
was aiming for the h4 eg
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  • #2,219
  • Feb 29, 2024 10:34am Feb 29, 2024 10:34am
if you have some free time, don't just sit there.
find out why price dropped from that level.
practice drawing what patterns make sense to you.
can these be applied in the future?
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,220
  • Feb 29, 2024 11:08am Feb 29, 2024 11:08am
Quoting Inthebox
if you have some free time, don't just sit there. find out why price dropped from that level. practice drawing what patterns make sense to you. can these be applied in the future? {image}
May I ask if MSS = market structure shift?
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