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MTF Engulf / Engulf fail

  • #2,221
  • Feb 29, 2024 11:30am Feb 29, 2024 11:30am
Quoting lolxhaha
{quote} May I ask if MSS = market structure shift?
right.
ITB - Seeing Orderliness amongst 'Randomness'
  • #2,222
  • Feb 29, 2024 6:01pm Feb 29, 2024 6:01pm
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}
golden nuggets.
Success = Practice + Patience + Persistence
  • #2,223
  • Feb 29, 2024 9:40pm Feb 29, 2024 9:40pm
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}
missed out the tuesday/wednesday trades.
so now we have the 2 up days covering the 2 down days.
i had 3 positive days, no negative day.
expecting today to be a up day.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,224
  • Feb 29, 2024 11:06pm Feb 29, 2024 11:06pm
do not cheat on the rules.
Inserted Video
ITB - Seeing Orderliness amongst 'Randomness'
  • #2,225
  • Mar 1, 2024 3:08am Mar 1, 2024 3:08am
Will price reverse here at Tuesday high and 50 Fib to move back up?
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“A setback is a setup for a comeback.”
  • #2,226
  • Mar 1, 2024 3:12am Mar 1, 2024 3:12am
Quoting marshy
Will price reverse here at Tuesday high and 50 Fib to move back up? {image}
discounted zone.
rs flip.
average out costs to buy.
ITB - Seeing Orderliness amongst 'Randomness'
  • #2,227
  • Mar 1, 2024 3:22am Mar 1, 2024 3:22am
Quoting marshy
Will price reverse here at Tuesday high and 50 Fib to move back up? {image}
Wow! nice chart, I would say a dashboard

Certainly loaded with info.
Success = Practice + Patience + Persistence
  • #2,228
  • Mar 1, 2024 3:26am Mar 1, 2024 3:26am
Quoting Inthebox
{quote} discounted zone. rs flip. average out costs to buy.
Just for clarification and your experience, are you meaning price needed to be lower than the 50 Fib, before looking for an entry to buy.
“A setback is a setup for a comeback.”
  • #2,229
  • Mar 1, 2024 3:28am Mar 1, 2024 3:28am
Quoting marshy
Will price reverse here at Tuesday high and 50 Fib to move back up? {image}
Set two limits to scale in at 0.5 and 0.618, without hindsight we don't know how price will react at those levels.
  • #2,230
  • Mar 1, 2024 3:31am Mar 1, 2024 3:31am
Quoting marshy
{quote} Just for clarification and your experience, are you meaning price needed to be lower than the 50 Fib, before looking for an entry to buy.
per ict. below 50 is discounted buy, above 50 premium sell.
sometimes it can be touch and bounce, fall short by a few pips and bounce, just split and average out the buy.
other times can drop until 79 fib.

in this case, there's a strong support for a resistant support flip around 50 fib.
ITB - Seeing Orderliness amongst 'Randomness'
  • #2,231
  • Edited 3:46am Mar 1, 2024 3:31am | Edited 3:46am
Quoting lolxhaha
{quote} Set two limits to scale in at 0.5 and 0.618, without hindsight we don't know how price will react at those levels.
Good points ITB and lolxhaha, thanks for the clarification.
“A setback is a setup for a comeback.”
  • #2,232
  • Mar 1, 2024 3:44am Mar 1, 2024 3:44am
UJ: traveled 148 pips across 3 sessions to fill up a tiny gap of 4 pips.

Yen is like a 2ply cheap toilet roll, even a dunny refuses to take it, no matter how many times you flush. It keeps on floating.....

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Success = Practice + Patience + Persistence
  • #2,233
  • Mar 1, 2024 4:38am Mar 1, 2024 4:38am
Quoting Inthebox
{quote} per ict. below 50 is discounted buy, above 50 premium sell. sometimes it can be touch and bounce, fall short by a few pips and bounce, just split and average out the buy. other times can drop until 79 fib. in this case, there's a strong support for a resistant support flip around 50 fib.
Quoting Inthebox
{quote} missed out the tuesday/wednesday trades. so now we have the 2 up days covering the 2 down days. i had 3 positive days, no negative day. expecting today to be a up day. {image} {image}
3rd and final up day.
this conclude the direction for this week.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,234
  • Mar 1, 2024 9:25am Mar 1, 2024 9:25am
dax sell
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,235
  • Mar 1, 2024 9:29am Mar 1, 2024 9:29am
Quoting fxpider
UJ: traveled 148 pips across 3 sessions to fill up a tiny gap of 4 pips. Yen is like a 2ply cheap toilet roll, even a dunny refuses to take it, no matter how many times you flush. It keeps on floating..... {image}
UJ: That gap gave me a 7% return. Nice feeling to end the week.

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Success = Practice + Patience + Persistence
  • #2,236
  • Mar 1, 2024 10:38am Mar 1, 2024 10:38am
Quoting fxpider
{quote} Wow! nice chart, I would say a dashboard Certainly loaded with info.
Thanks Fxpider, yes correct, using ICT Killzones & Pivots [TFO] indicator for some of the info, which I find quite useful, the rest are my observations for price action. I have been around a long time but using mainly indicators.

Been away from Trading for a while, but now back with serious conviction, finally settling down to this way of trading.

I think ITB's thread is one of the best and most valuable on Forex Factory, the info contained is outstanding. For me now, it's the road map for all my decision making in my future trades.
“A setback is a setup for a comeback.”
  • #2,237
  • Mar 1, 2024 10:12pm Mar 1, 2024 10:12pm
a hindsight review.
note that the time that happened 3 hours before closing was not conducive for trading.
this example is a difficult one to find a gu sell.
i am just fascinated by m1 trade entry.
just a practice.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,238
  • Mar 2, 2024 1:58am Mar 2, 2024 1:58am
for those who have attained some form of proficiency on the methods shown in this thread
would have come to a conclusion and summary that they are all but a repeat of what was already said in post# 1.

1. drawing higher time frames eg / ef to map out the key levels and direction of trades.
2. wait patiently for price to arrive at the key levels during markets open / sessions.
3. wait patiently for lower time frames eg / ef trade set up to align with those of higher time frames.

wait patiently is the name of the game.
having discipline to follow through and execute the rules of the plan.
finally to achieve the consistency of 4 wins out of every 5 trades.

the journey will take you through a lot of pitfalls, twists and turns in the short term
while having the confidence that it will all be worthwhile arriving at our destinations in the medium and long term.
ITB - Seeing Orderliness amongst 'Randomness'
  • #2,239
  • Mar 3, 2024 4:09am Mar 3, 2024 4:09am
My areas of interest for the coming week
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  • #2,240
  • Edited 6:26am Mar 4, 2024 6:16am | Edited 6:26am
Hi
Was looking to take a small scalp trade and trying to find my way to this style of trading, was watching Gold Spot early this Monday morning Frankfurt / London open, and concluded only weak market data would allow Gold to make new highs, so for now, the current Market bias would be down. I marked out my engulf zones...as charts show.

Can anyone experienced in this methodology shed some light on what was the correct trade to make, or maybe no trade was available to take?

Thanks in advance
Peter.
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“A setback is a setup for a comeback.”
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