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MTF Engulf / Engulf fail

  • #2,561
  • Mar 28, 2024 10:30am Mar 28, 2024 10:30am
UJ, EJ, and GJ: Back side of the move + EG, 4H TF in play.

I was expecting a hell of a dump, but disappointedly, BOJ took only the path of observation instead of the intervention. Well, it still can happen tomorrow, as a series of JPY news are scheduled. I decided to give up as the negative swap was eating up my floating profit.

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Success = Practice + Patience + Persistence
  • #2,562
  • Mar 29, 2024 2:40am Mar 29, 2024 2:40am
Hey ITB what do u think of this?
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  • #2,563
  • Mar 29, 2024 4:09am Mar 29, 2024 4:09am
Quoting craigl76
Hey ITB what do u think of this? {image}
it was a good area to short because:
px broke d1 low and retest
having the support of h1 engulf candle previous drop
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,564
  • Apr 1, 2024 3:25am Apr 1, 2024 3:25am
my focus at the moment is in this thread now.
https://www.forexfactory.com/thread/...7#post14814457
ITB - Seeing Orderliness amongst 'Randomness'
  • #2,565
  • Apr 3, 2024 9:31am Apr 3, 2024 9:31am
Quoting Inthebox
my focus at the moment is in this thread now. https://www.forexfactory.com/thread/...7#post14814457
aj week high target hit.
replace support resistant with engulfs.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,566
  • Apr 3, 2024 9:45am Apr 3, 2024 9:45am
Quoting Inthebox
{quote} aj week high target hit. replace support resistant with engulfs. {image}
It needed guts to long the JPY pairs, while the possibility of an intervention kept playing in the back of the mind. Congratulation.

Now let's see what Mr. Powell does to UJ.
Success = Practice + Patience + Persistence
  • #2,567
  • Edited 10:17am Apr 3, 2024 10:06am | Edited 10:17am
there is no such thing as something for nothing.
everything including your personal success has a price that must be paid.
- napoleon hill -

newton's 3rd law of motion:
for every action, there is an equal and opposite reaction.
we can't achieve anything without paying the price - the result will be in direct proportion to the effort you put forth.
- earl nightingale -

Inserted Video
ITB - Seeing Orderliness amongst 'Randomness'
  • #2,568
  • Apr 3, 2024 8:53pm Apr 3, 2024 8:53pm
The following methodology helps me to improve the timing of the trade, regardless of the trading strategy.

https://www.forexfactory.com/thread/...6#post14818236
Success = Practice + Patience + Persistence
  • #2,569
  • Apr 3, 2024 9:05pm Apr 3, 2024 9:05pm
GOLD: The Bulls and the Bears are putting up a show @2300.
Success = Practice + Patience + Persistence
  • #2,570
  • Apr 8, 2024 8:23am Apr 8, 2024 8:23am
Can gold up for 43 /5x again?
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PA Return Today: na
  • #2,571
  • Apr 8, 2024 9:07am Apr 8, 2024 9:07am
Quoting LeongPuiy
Can gold up for 43 /5x again? {image}
gold - asia low liquidity
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,572
  • Edited 1:17am Apr 9, 2024 1:03am | Edited 1:17am
Quoting Inthebox
{quote} gold - asia low liquidity {image}
gold is still within previous day range.
px dropped to the fvg discount where one can TP or BE or partial TP and balance to BE.
will have to see how this ranging ends when approaching europe open.
whether will there be any internal external liquidity sweep or a failure swing.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,573
  • Apr 9, 2024 9:40am Apr 9, 2024 9:40am
Hi,

This strategy looks like simplified version of SMC.

No Fancy name like FVG, Order Block, inbalance, KillZone and liquidity .

Trading gurus always say that trading should be simple, and then they come up with strategies with a million variables as if we are hedge funds.
  • #2,574
  • Apr 9, 2024 11:15am Apr 9, 2024 11:15am
Quoting Inthebox
{quote} gold is still within previous day range. px dropped to the fvg discount where one can TP or BE or partial TP and balance to BE. will have to see how this ranging ends when approaching europe open. whether will there be any internal external liquidity sweep or a failure swing. {image} {image}
gold swept the previous day high liquidity and approaching asia low.
one can now TP or BE or partial TP and balance to BE.
the target is still the previous day low. px may not reach it but that the approach is selling.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,575
  • Apr 9, 2024 11:22am Apr 9, 2024 11:22am
gold has been trending up for 3 weeks now
the sell is especially difficult because it is counter trend.
and because there is no htf bearish engulf to spot location for reversal.
ITB - Seeing Orderliness amongst 'Randomness'
  • #2,576
  • Apr 10, 2024 7:33am Apr 10, 2024 7:33am
Quoting WonLi
Hi, This strategy looks like simplified version of SMC. No Fancy name like FVG, Order Block, inbalance, KillZone and liquidity . Trading gurus always say that trading should be simple, and then they come up with strategies with a million variables as if we are hedge funds.
Just because you don't understand the meaning of these terms does not mean they cannot be used. Trading is both "Simple" and "Hard". It all depends on how you are looking at it.
As they say, there are several ways to skin a Cat!!
  • #2,577
  • Apr 12, 2024 4:19am Apr 12, 2024 4:19am
There are my eyes for today's trade...
m5 engulf is my trigger, 1% and done

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  • #2,578
  • Apr 12, 2024 6:12am Apr 12, 2024 6:12am
Quoting witowito
There are my eyes for today's trade... m5 engulf is my trigger, 1% and done {image}
m1 allowed me an early entry... so also tight SL.
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Enough for me for the day, and done for the week. U can wait m5 if retest the upper box, then m1 engulf and SL few pips above the box...



This would be the m5 trade if not going for the m1...
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I hope it helps.
Have a nice week end
  • #2,579
  • Apr 12, 2024 6:16am Apr 12, 2024 6:16am
Quoting witowito
There are my eyes for today's trade... m5 engulf is my trigger, 1% and done {image}
Nice level, however, I would also consider the possibility of a stop hunt, in the plan.
Success = Practice + Patience + Persistence
  • #2,580
  • Apr 12, 2024 8:57am Apr 12, 2024 8:57am
Quoting LeongPuiy
I hv a question out of the thread topic. When u guys enter a trade , are you keep monitoring or off the chart and do other stiff, come back later at new session open? i find myself hard to stay on chart.
IMO, trade management should be tailored to your psychology and liking. However, the best way to keep a trade safe from emotions is not to babysit it. Some of the mechanical ways to TP:

  1. a fixed pip
  2. a fixed time span.
  3. a fixed R:R
  4. Measured move.
  5. uses of the nearest S/R or EG zone
  6. Market Structure
  7. ADR% etc.

Success = Practice + Patience + Persistence
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