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MTF Engulf / Engulf fail

  • #2,761
  • May 13, 2024 8:03am May 13, 2024 8:03am
gold very slow moves also in nyo
  • #2,762
  • May 13, 2024 8:50am May 13, 2024 8:50am
Quoting 19monza64
gold very slow moves also in nyo
1. asia/london already made more than 250 pips move.
2. no red news.
3. monday.
up move more than 100 pips.
ITB - Seeing Orderliness amongst 'Randomness'
  • #2,763
  • May 13, 2024 9:06am May 13, 2024 9:06am
the up move hit a previous weeks high.
now going for the next previous weeks high?
ITB - Seeing Orderliness amongst 'Randomness'
  • #2,764
  • May 13, 2024 9:39am May 13, 2024 9:39am
Quoting Inthebox
the up move hit a previous weeks high. now going for the next previous weeks high?
I have to admit that MTF Engulfing concept is really helpful and it is working. I only use bigger timeframes like W1, D1 , H4 and H1. Red line is daily engulfing zones and yellow lines are H1 engulfing zones. Price went up last week and perfectly hit the daily bearish engulfing zone and had rebound. H1 Timeframe and bearish engulfing zone so price travelled from one zone to other zone by creating engulfing candle.

As per your question mark , price went below second engulfing zone in H1 timeframe. So far what I understand from your given logic, price needs to create bullish engulfing candle to reach upper H1 zone.
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  • #2,765
  • May 13, 2024 10:03am May 13, 2024 10:03am
Quoting aahmad29
{quote} As per your question mark , price went below second engulfing zone in H1 timeframe. So far what I understand from your given logic, price needs to create bullish engulfing candle to reach upper H1 zone. {image}
the expectation is from h1 engulf buy to engulf sell. but it is over 200 pips.
we have 2 previous weeks high as resistant.
the 1st one was hit, pullback and probably going for the 2nd resistant.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,766
  • May 13, 2024 10:19am May 13, 2024 10:19am
took LOL
eg in h1 m15

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  • #2,767
  • May 13, 2024 2:20pm May 13, 2024 2:20pm
Quoting Inthebox
{quote} the expectation is from h1 engulf buy to engulf sell. but it is over 200 pips. we have 2 previous weeks high as resistant. the 1st one was hit, pullback and probably going for the 2nd resistant. {image} {image}
Thanks for reply. I liked your method of trading because very clear logic is behind this method. As I mentioned that price can reach second engulfing zone in H1 becasue price created wick in order to go above 2349-51 zone and failed. Now price has hit second zone 2333.97 and created wick instead of breaking that zone so now price can go up but we need confirmation with bullish engulfing candle.

Red line is daily bullish engulfing zone which can act like magnet.
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  • #2,768
  • May 13, 2024 8:01pm May 13, 2024 8:01pm
Quoting Inthebox
{quote} the expectation is from h1 engulf buy to engulf sell. but it is over 200 pips. we have 2 previous weeks high as resistant. the 1st one was hit, pullback and probably going for the 2nd resistant. {image} {image}
I think price is gonna hit D1 engulfing zone 2321-24 before it goes up because price returned from 2378 which was bearish daily engulfing zone and travelling to D1 bullish engulfing zone 2321-24. What do you think? I am new to this method and I avoid using timeframes smaller than H1 because of my availability.
Love for all; Hatred for none.
  • #2,769
  • May 13, 2024 9:07pm May 13, 2024 9:07pm
Quoting aahmad29
{quote} I think price is gonna hit D1 engulfing zone 2321-24 before it goes up because price returned from 2378 which was bearish daily engulfing zone and travelling to D1 bullish engulfing zone 2321-24. What do you think? I am new to this method and I avoid using timeframes smaller than H1 because of my availability.
it does not matter what time frame one is using.
the crux of the method is the htf mapping that one has drawn up in the beginning of the week before trading starts.
https://www.forexfactory.com/thread/...7#post14864657
i had the trading range and the 3 levels to trade for this week drawn up. one engulf buy and 2 fvg.
trading with mapping means expect the unexpected as there's a 25% chance of losing even for those well versed.
that means in a trading week of 5 days, one day is expected to lose.
so nothing comes as a surprise.
we had a red candle day yesterday. what does it mean.
in a htf bullish scenario it means there is opportunity to buy.
depending on your experience, one can either cut loss or one can cost average with the 'mapping plan' in mind.

but cost average involves 'floating loss' and how does one 'insure' this.
yesterday i had closed my trades with profit for the new york and asia sessions.
https://www.forexfactory.com/thread/...1#post14864741
the profit is my 'insurance' for my cost averaging in the beginning of the week.
another point to bear in mind is that with cost averaging the position size would be smaller than normal.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,770
  • May 13, 2024 9:21pm May 13, 2024 9:21pm
gold reacting to pre drawn price levels during asia session.
confluence of 62 fib discount, h4 fvg, h1 engulf buy.
support base formed.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,771
  • May 13, 2024 9:23pm May 13, 2024 9:23pm
Quoting Inthebox
{quote} it does not matter what time frame one is using. the crux of the method is the htf mapping that one has drawn up in the beginning of the week before trading starts. https://www.forexfactory.com/thread/...7#post14864657 i had the trading range and the 3 levels to trade for this week drawn up. one engulf buy and 2 fvg. trading with mapping means expect the unexpected as there's a 25% chance of losing even for those well versed. that means in a trading week of 5 days, one day is expected to lose. so nothing comes as a surprise....
Yes you are absolutely right. I am using cost averaging because I am not full time trader and does not have enough time to observe charts.
Initially I was only using engulfing candle on D1 timeframe. Now I am trying to evolve your method in my trading. Thanks , it was very well explained reply. I hope if I have more questions, you will reply.
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  • #2,772
  • May 13, 2024 9:26pm May 13, 2024 9:26pm
Another bullish engulfing candle has been created on H1 so next target is 2348.
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  • #2,773
  • May 14, 2024 12:02am May 14, 2024 12:02am
every trader will be super interested in trade entries.
1st and foremost you must have the htf engulf or support resistant in place, without which there will no meaningful entry.
i list 3 patterns here.
how good are you in spotting them?
1. support and resistant continuation pattern or the snr flip.
2. qm quasimodo pattern.
3. ict with the inverse fvg and fvg pattern.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,774
  • May 14, 2024 2:13am May 14, 2024 2:13am
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  • #2,775
  • May 14, 2024 2:51am May 14, 2024 2:51am
Quoting LeongPuiy
{image}
it's a good zone to watch during london open because we have the inverse fvg followed by the fvg.
also a qm.
ITB - Seeing Orderliness amongst 'Randomness'
  • #2,776
  • May 14, 2024 3:53am May 14, 2024 3:53am
Inserted Video
ITB - Seeing Orderliness amongst 'Randomness'
  • #2,777
  • May 14, 2024 4:27am May 14, 2024 4:27am
Quoting Inthebox
{quote} it's a good zone to watch during london open because we have the inverse fvg followed by the fvg. also a qm.
no greed
closed all.
Wait for pullback and enter again.
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  • #2,778
  • May 14, 2024 7:12am May 14, 2024 7:12am
Waiting this but maybe i will miss the train.
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  • #2,779
  • May 14, 2024 8:14am May 14, 2024 8:14am
Quoting aahmad29
Another bullish engulfing candle has been created on H1 so next target is 2348. {image}
Target hit.
Love for all; Hatred for none.
  • #2,780
  • May 14, 2024 8:24am May 14, 2024 8:24am
Quoting Inthebox
{quote} it does not matter what time frame one is using. the crux of the method is the htf mapping that one has drawn up in the beginning of the week before trading starts. https://www.forexfactory.com/thread/...7#post14864657 i had the trading range and the 3 levels to trade for this week drawn up. one engulf buy and 2 fvg. trading with mapping means expect the unexpected as there's a 25% chance of losing even for those well versed. that means in a trading week of 5 days, one day is expected to lose. so nothing comes as a surprise....
How long is Powell speech normally ? I haven’t listen his speech. I just wait to see reaction of Gold prices and take position after one hour.

I think it is better to stay away until his speech reaction cool down.
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