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MTF Engulf / Engulf fail

  • #2,281
  • Mar 7, 2024 1:47am Mar 7, 2024 1:47am
I'll try to organize my charts better this time, from left are HTFs to the right LTFs

using 4h/30m there were no real entries and I had to go LTF to find entries or just switch pair
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  • #2,282
  • Mar 7, 2024 2:41am Mar 7, 2024 2:41am
What do you think about this situation in EURAUD H4/M30:
1. LTF price formed bueg on HTF bueg.
2. HTF beeg completes(obviously formed LTF beeg) on HTF bueg and stopped out traders taking longs.
3. Then formed LTF bueg which terminated on LTF+HTF beeg.

Would you switch pair or still take the shorts at the touch of the LTF beeg?
feels like px pressing lower in this situation and my gut feeling tells me to short
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  • #2,283
  • Mar 7, 2024 4:02am Mar 7, 2024 4:02am
i wonder if this was a good setup; h4 support level, h1 bueg breakout and retest, m30 ef to m30 bueg
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  • #2,284
  • Mar 7, 2024 4:40am Mar 7, 2024 4:40am
Quoting poap
I'll try to organize my charts better this time, from left are HTFs to the right LTFs using 4h/30m there were no real entries and I had to go LTF to find entries or just switch pair {image}
you don't have to draw many boxes.
i prefer to have clear clean chart, so each time frame, i have 2 boxes. one above, one below the cmp.
you have the trades entries for m30 and m15.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,285
  • Mar 7, 2024 5:14am Mar 7, 2024 5:14am
Quoting poap
What do you think about this situation in EURAUD H4/M30: 1. LTF price formed bueg on HTF bueg. 2. HTF beeg completes(obviously formed LTF beeg) on HTF bueg and stopped out traders taking longs. 3. Then formed LTF bueg which terminated on LTF+HTF beeg. Would you switch pair or still take the shorts at the touch of the LTF beeg? feels like px pressing lower in this situation and my gut feeling tells me to short {image}
short from d1 eg to eg.
4 times h4 eg to eg.
m30 trade entries.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,286
  • Mar 7, 2024 5:18am Mar 7, 2024 5:18am
Quoting huskyboy
i wonder if this was a good setup; h4 support level, h1 bueg breakout and retest, m30 ef to m30 bueg {image}
https://www.forexfactory.com/thread/...9#post14785059
ITB - Seeing Orderliness amongst 'Randomness'
  • #2,287
  • Mar 7, 2024 6:09am Mar 7, 2024 6:09am
hope that i still can enjoy life when i am that old.

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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,288
  • Edited 7:11am Mar 7, 2024 7:00am | Edited 7:11am
EU: Consolidation above high before RED NEWS.

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Success = Practice + Patience + Persistence
  • #2,289
  • Mar 7, 2024 7:21am Mar 7, 2024 7:21am
Quoting fxpider
EU: Consolidation above high before RED NEWS. {image}
The overall trend is up, so booked my profit during the initial thrust.

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Success = Practice + Patience + Persistence
  • #2,290
  • Mar 7, 2024 7:38am Mar 7, 2024 7:38am
Quote
short from d1 eg to eg.
4 times h4 eg to eg.
m30 trade entries.
thanks for all your inputs it really clear up things for me

still has much more to work on this method from my end but I've managed to catch this EU move,
might be able to reach HTF eg too.

I'm still trying to understand closing position approach when things not going as planned -
setting actual SL under HTF and closing if px EF on my entry EG
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  • #2,291
  • Mar 7, 2024 7:44am Mar 7, 2024 7:44am
AU, EA, and GA: already exceeded their weekly range by Thursday. Yet still we have NFP tomorrow.
UJ, EJ, and GJ: Almost reached the weekly range.

IMO, the market is getting set up for a NFP reversal and it will be a huge one. Watch out for FRIDAY or (FRIDAY + MONDAY).
Success = Practice + Patience + Persistence
  • #2,292
  • Mar 7, 2024 10:33am Mar 7, 2024 10:33am
NDX100 play during news and post news.
almost 0 stress trade
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  • #2,293
  • Mar 7, 2024 5:18pm Mar 7, 2024 5:18pm
I have semi related question to the system
How many instruments you manage to monitor and how you set up your screen to monitor them?
is it tiles of many charts on the LTF after doing top down analysis
or is it tile screen of 1 instrument with the HTF side by side to the LTF and you just flicker between couple of instruments during the session
or maybe both with 2 screens?
I find it challenging to find the fit approach to myself so I ask

posting images for reference for the idea
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  • #2,294
  • Mar 7, 2024 7:23pm Mar 7, 2024 7:23pm
Quoting poap
I have semi related question to the system How many instruments you manage to monitor and how you set up your screen to monitor them? is it tiles of many charts on the LTF after doing top down analysis or is it tile screen of 1 instrument with the HTF side by side to the LTF and you just flicker between couple of instruments during the session or maybe both with 2 screens? I find it challenging to find the fit approach to myself so I ask posting images for reference for the idea {image} {image}
In terms of the screen real estate, the more is less. It is never enough.

The number of instruments should depend on your chosen TF and trading style.

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I have a fixed 9/10 instruments in my basket for HTF analysis and scan. Then select only the 3/4 (max) best candidate for a particular session/day.
I use 2 screen setups, one with trading view for HTF/LTF analysis as it allows multiple layouts in a single window and gr8 drawing tools, while the other screen is dedicated to mt4/mt5 trade execution.
Success = Practice + Patience + Persistence
  • #2,295
  • Mar 7, 2024 8:16pm Mar 7, 2024 8:16pm
Quoting poap
I have semi related question to the system How many instruments you manage to monitor and how you set up your screen to monitor them? is it tiles of many charts on the LTF after doing top down analysis or is it tile screen of 1 instrument with the HTF side by side to the LTF and you just flicker between couple of instruments during the session or maybe both with 2 screens? I find it challenging to find the fit approach to myself so I ask posting images for reference for the idea {image} {image}
it's a matter of preference as you gain more experience.
do not be hung up on it.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,296
  • Edited 12:15am Mar 8, 2024 12:03am | Edited 12:15am
question, be inquisitive.
not sitting there staring at charts, doing nothing, looking at what other traders are doing.

when price goes up, question why go up?
what is momentum?
observe, learn, remember ......

good traders are known by their own works and own efforts put in.
what others think has no effect on them.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,297
  • Edited 1:58am Mar 8, 2024 1:34am | Edited 1:58am
Thank you two for the input,
I'm continuesly working on my workspace.

Now relatee to thread thought:

What would need to happen in gold daily/4h before we would want to start shorting after this strong trend up?
Currently all time highs, I guess bearish engulf of 4h and retest on the ltfs won't be enough evidence of move down from that point.
Maybe a 4h BUEF would give some clues?
(sorry for not posting charts)
profiting on actionable patterns
  • #2,298
  • Edited 4:17am Mar 8, 2024 4:04am | Edited 4:17am
Quoting poap
Thank you two for the input, I'm continuesly working on my workspace. Now relatee to thread thought: What would need to happen in gold daily/4h before we would want to start shorting after this strong trend up? Currently all time highs, I guess bearish engulf of 4h and retest on the ltfs won't be enough evidence of move down from that point. Maybe a 4h BUEF would give some clues? (sorry for not posting charts)
trend is relatively to time frames.
if you want to trade w1, then it has to align with mn.
if you want to trade d1, then it has to align with w1.
if you want to trade h4, then it has to align with d1.
if you want to trade intraday, then it has to align with h4 and d1.
when there's a trend run, every time frames also align.

so which time frames you want to trade in to short?
just wait for the alignment.
scalper, short term trader, swing trader, position trader.
they definitely won't consult each other when trading right?
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,299
  • Mar 8, 2024 5:42am Mar 8, 2024 5:42am
Quoting Inthebox
{quote} trend is relatively to time frames.....just wait for the alignment...{image} {image}
this is what i'm actually asking, what is the alignment when we are at all times high - currently I'm looking at d1/4h and we are at all times high,
just interested to hear opinion which situation would you look for shorts,
1. any BEEG in D1 -> look for BEEG in 4h to short
2. wait until price closes below EF and then look for the shorts
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profiting on actionable patterns
  • #2,300
  • Mar 8, 2024 5:57am Mar 8, 2024 5:57am
Quoting poap
{quote} this is what i'm actually asking, what is the alignment when we are at all times high - currently I'm looking at d1/4h and we are at all times high, just interested to hear opinion which situation would you look for shorts, 1. any BEEG in D1 -> look for BEEG in 4h to short 2. wait until price closes below EF and then look for the shorts {image} {image}
are you using h4 as entry time frame?
or which time frame is your entry time frame?
need to know that to be more specific.
if it is m5 m1, then don't even have to look at d1.
different traders have their own preferred entry time frame.
then we work can upwards.
ITB - Seeing Orderliness amongst 'Randomness'
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