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MTF Engulf / Engulf fail

  • #2,481
  • Mar 22, 2024 12:05am Mar 22, 2024 12:05am
Peak formation: 4H eg + 1H eg = pip factory
(Kudos to ITB)

GJ: 200 * 3
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EJ: 120 * 2
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Success = Practice + Patience + Persistence
  • #2,482
  • Mar 22, 2024 12:28am Mar 22, 2024 12:28am
Quoting Inthebox
{quote} uj update if it does not reach previous ldn eg, could mean ranging continues until new york open. {image}
Right on the Frankfurt open, the 1H eg and 1H support is getting tested. let's see.

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Success = Practice + Patience + Persistence
  • #2,483
  • Mar 22, 2024 1:36am Mar 22, 2024 1:36am
GOLD: is testing an interesting zone; One might find a potential correlation with the UJ.

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Success = Practice + Patience + Persistence
  • #2,484
  • Edited 3:40am Mar 22, 2024 3:27am | Edited 3:40am
Quoting Inthebox
{quote} uj update if it does not reach previous ldn eg, could mean ranging continues until new york open. {image}
uj update.
so it had gone into ranging.
see whether another QM is forming.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,485
  • Mar 22, 2024 5:43am Mar 22, 2024 5:43am
Quoting Inthebox
{quote} uj update. so it had gone into ranging. see whether another QM is forming. {image} {image}
uj tp.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,486
  • Mar 22, 2024 6:06am Mar 22, 2024 6:06am
Quoting Inthebox
{quote} uj tp. {image}
according to the page #1, your target should be 5m engulf as in the photo, correct?
why did you chose to use the 1h support as target and not 5m recent bull engulf ?
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profiting on actionable patterns
  • #2,487
  • Edited 12:34pm Mar 22, 2024 6:07am | Edited 12:34pm
in summary of usdjpy today go back to the start to study it.
https://www.forexfactory.com/thread/...6#post14803656
and the rest of my posts following thereafter.

it is not easy to catch a run.
to get there, you have to encounter a number of break evens or small losses.

in other words if one does not have the basics (discipline, patience and consistency) in him, i do not know how one is going to survive in trading.
ITB - Seeing Orderliness amongst 'Randomness'
  • #2,488
  • Mar 22, 2024 6:30am Mar 22, 2024 6:30am
Quoting poap
{quote} according to the page #1, your target should be 5m engulf as in the photo, correct? why did you chose to use the 1h support as target and not 5m recent bull engulf ? {image}
no. i did not mention if your is entry is from m5, your target should end at m5 engulf.
certainly it is good for new traders to start learning from, but not for seasoned traders.
what happen if my entry is from m1? tp at the next m1 engulf?

i mentioned "TP at opposite Engulf or support / resistant."
where all these set up started from?
it started from h4 and ended at h4 engulf.
it started from h1 and ended at h1 engulf.
so i can use either one.
in this case, both started and ended in around the same location.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,489
  • Mar 22, 2024 6:41am Mar 22, 2024 6:41am
Quoting poap
{quote} according to the page #1, your target should be 5m engulf as in the photo, correct? why did you chose to use the 1h support as target and not 5m recent bull engulf ? {image}
That 5m eg is the low-hanging fruit, ie the least, initial target. There is no harm in taking TP there if you like. However, the TP zone can be stretched when you zoom out and look at the bigger picture. Consider some of the following factors

  1. build-up/consolidation box sizes.
  2. duration of the consolidation.
  3. context of the consolidation.
  4. Number of TF in play.
  5. Significance of the setup zone. etc.

Entry and taking TP differ from trader to trader even when they follow the same strategy.

Success = Practice + Patience + Persistence
  • #2,490
  • Mar 22, 2024 7:08am Mar 22, 2024 7:08am
Quoting Inthebox
{quote} no. i did not mention if your is entry is from m5, your target should end at m5 engulf. certainly it is good for new traders to start learning from, but not for seasoned traders. what happen if my entry is from m1? tp at the next m1 engulf? i mentioned "TP at opposite Engulf or support / resistant." where all these set up started from? it started from h4 and ended at h4 engulf. it started from h1 and ended at h1 engulf. so i can use either one. in this case, both started and ended in around the same location. {image}
so basically i'm in 4h zone, within 30m zone and within that I have 5m setup
that means I can look for that portion 5m like I did
but probably there could be a runner because the 4h setup will end up in opposite 4h EG/EF
profiting on actionable patterns
  • #2,491
  • Mar 22, 2024 7:16am Mar 22, 2024 7:16am
Quoting poap
{quote} so basically i'm in 4h zone, within 30m zone and within that I have 5m setup that means I can look for that portion 5m like I did but probably there could be a runner because the 4h setup will end up in opposite 4h EG/EF
right. if your combo is h4 m30 m5 set up, can end at opposite m5 m30 h4 engulf.
it's up to you to determine what is enough profit.
who knows, m5 to m5 engulf may provide you with 1% profit which is more than enough.
no one knows what lot size you use right?
in this example, the m5 never retest any new opposite engulf and came all the way down to h4 engulf.
ITB - Seeing Orderliness amongst 'Randomness'
  • #2,492
  • Mar 22, 2024 7:20am Mar 22, 2024 7:20am
Quoting poap
{quote} so basically i'm in 4h zone, within 30m zone and within that I have 5m setup that means I can look for that portion 5m like I did but probably there could be a runner because the 4h setup will end up in opposite 4h EG/EF
You can use it as a basic framework. but no guarantee that it will end up in 4H eg, it may end up in daily/weekly eg, who knows. It's good to remember that, I CANNOT TRADE THE WHOLE MOVE and NO ONE CAN.

You have the option to

  1. take a fixed TP based on the R:R
  2. TP at the nearest EG or S/R zone
  3. TP based on the TIME
  4. Trail your TP

Cheers

Success = Practice + Patience + Persistence
  • #2,493
  • Mar 22, 2024 7:27am Mar 22, 2024 7:27am
Quoting fxpider
GOLD: is testing an interesting zone; One might find a potential correlation with the UJ. {image}
Quoting fxpider
{quote} Right on the Frankfurt open, the 1H eg and 1H support is getting tested. let's see. {image}
Gold: 90+ pips

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UJ: 35 pips. Considering the weekend and the negative swap rate, I guess the down move will be limited. They might load up the short on Monday, will see.

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Success = Practice + Patience + Persistence
  • #2,494
  • Mar 23, 2024 8:17am Mar 23, 2024 8:17am
gold
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,495
  • Mar 24, 2024 3:32am Mar 24, 2024 3:32am
Quoting Inthebox
gold {image}
My view is bearish.

  1. Lots of rejection @ all-time high
  2. Daily made a swing high
  3. Weekly FVG below the daily support and swing low.
  4. 4H BUEG is met with BEEG and BEEF.


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Success = Practice + Patience + Persistence
  • #2,496
  • Mar 24, 2024 7:02am Mar 24, 2024 7:02am
Dear Traders,
do we have any indcator that draws 4h englfing zone on 30 min chart like this? basically we want to see both 4h engulfing and 30 min engulfing candle on 30 min chart
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  • #2,497
  • Mar 24, 2024 10:01am Mar 24, 2024 10:01am
Quoting T4Trade
Dear Traders, do we have any indcator that draws 4h englfing zone on 30 min chart like this? basically we want to see both 4h engulfing and 30 min engulfing candle on 30 min chart {image}
Could be usefull, King Zulfan Indi
  • #2,498
  • Mar 24, 2024 9:33pm Mar 24, 2024 9:33pm
Quoting Inthebox
gold {image}
gold update
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,499
  • Mar 24, 2024 9:38pm Mar 24, 2024 9:38pm
dow
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,500
  • Mar 24, 2024 11:39pm Mar 24, 2024 11:39pm
Quoting Inthebox
dow {image}
dow update
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ITB - Seeing Orderliness amongst 'Randomness'
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