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MTF Engulf / Engulf fail

  • #2,861
  • May 17, 2024 3:25am May 17, 2024 3:25am
Quoting aahmad29
{quote} I am waiting for H1 bullish candle to close above 2381.16 to make bullish engulfing and if there is enough room then I will take trade with target of 2388 {image}
closed at 2386. Now waiting for bearish engulfing candle to close below 2380.86 for short position with target of 2376.
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  • #2,862
  • May 17, 2024 3:39am May 17, 2024 3:39am
Quoting vnechev
{quote} Do you agree with my maping {image}
higher time frames engulf h4, d1, w1 tell you the direction to trade.
wait for lower time frames engulf to confirm the htf direction.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,863
  • May 17, 2024 3:56am May 17, 2024 3:56am
Quoting aahmad29
{quote} closed at 2386. Now waiting for bearish engulfing candle to close below 2380.86 for short position with target of 2376. {image}
my view is that the asia leg up was an impulse move and london having a pullback.
note the h1 eg buy.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,864
  • May 17, 2024 6:03am May 17, 2024 6:03am
Quoting Inthebox
{quote} my view is that the asia leg up was an impulse move and london having a pullback. note the h1 eg buy. {image}
H1 bullish engulfing candle has been generated but candle closed in daily bearish engulfing zone.
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  • #2,865
  • May 17, 2024 7:24am May 17, 2024 7:24am
Quoting Inthebox
{quote} gold trading plan mapped out early in the day from h1 eg buy to h1 eg sell. trading mtf engulfing buy target reached. asia session 100 pips range. {image} {image}
gold. today long results.
from h1 eg buy to h1 eg sell and previous days high.
so far today range is around 150 pips.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,866
  • May 17, 2024 8:04am May 17, 2024 8:04am
Quoting aahmad29
{quote} H1 bullish engulfing candle has been generated but candle closed in daily bearish engulfing zone.
I took the trade ; it was risky for me but I set target of yesterday high and hit TP.
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  • #2,867
  • May 17, 2024 8:09am May 17, 2024 8:09am
Quoting Inthebox
gold. my view for this week is mainly long. or going short for pullback. {image}
trading plan to long from the beginning of the week.
yesterday high liquidity sweep.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,868
  • May 17, 2024 8:14am May 17, 2024 8:14am
in short, one must have a trading plan at the beginning of the week and the beginning of every day.
if the day differs from the week, then one has to re analyze which one to take.
have a good weekend.
ITB - Seeing Orderliness amongst 'Randomness'
  • #2,869
  • May 17, 2024 8:38am May 17, 2024 8:38am
after nyse open, gold dropped.
can it be a Friday reversal day?
ITB - Seeing Orderliness amongst 'Randomness'
  • #2,870
  • May 17, 2024 8:38am May 17, 2024 8:38am
This week was a good week. I am more comfortable in applying MTF engulfing method. I took 7 trades this week. 5 of them hit TP. One is closed at BE and one is closed manually in profit. I hope price turn back and start bearish trend. I am saying this just for my own comfort so that I don’t have to draw new engulfing zones.

Have a great weekend everyone. Thanks to Inthebox
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  • #2,871
  • May 19, 2024 5:27am May 19, 2024 5:27am
coming week will be difficult and unpredictable.
it is where market is undecided whether to go up or down, ie. consolidation.
so it is good not to trade so much or just scalp.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,872
  • May 19, 2024 5:48am May 19, 2024 5:48am
intraday scalping.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,873
  • May 19, 2024 8:31am May 19, 2024 8:31am
Quoting Inthebox
coming week will be difficult and unpredictable. it is where market is undecided whether to go up or down, ie. consolidation. so it is good not to trade so much or just scalp. {image}
Agreed with you. I am starting to apply your method on my favourite pairs AUDCAD and EURGBP. Currency pairs and huge movements so initially I will focus on daily EG and EF. I will post charts later.

I trade those pairs because those are best pairs for cost averaging.
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  • #2,874
  • May 19, 2024 6:51pm May 19, 2024 6:51pm
Quoting aahmad29
{quote} Agreed with you. I am starting to apply your method on my favourite pairs AUDCAD and EURGBP. Currency pairs and huge movements so initially I will focus on daily EG and EF. I will post charts later. I trade those pairs because those are best pairs for cost averaging.
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  • #2,875
  • May 19, 2024 7:37pm May 19, 2024 7:37pm
There is one scenario that if price pullback to D1 and H1 bullish engulfing zone 2386-96 then I will look for H1 bullish candle to take the trade.
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  • #2,876
  • May 19, 2024 7:47pm May 19, 2024 7:47pm
I have already short position running from 0.8576 at BE. If H4 candle closed above 0.8560 then I will close my trade because it is bullish engulfing zone.
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  • #2,877
  • May 19, 2024 10:05pm May 19, 2024 10:05pm
Quoting aahmad29
I have already short position running from 0.8576 at BE. If H4 candle closed above 0.8560 then I will close my trade because it is bullish engulfing zone. {image}
closed at 0.8560
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  • #2,878
  • May 20, 2024 1:38am May 20, 2024 1:38am
Quoting Inthebox
coming week will be difficult and unpredictable. it is where market is undecided whether to go up or down, ie. consolidation. so it is good not to trade so much or just scalp. {image}
gold.
50 pips scalp for each session.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #2,879
  • May 20, 2024 4:06am May 20, 2024 4:06am
Gold go to range until NY open
It will be interesting to see how the price takes liquidity from Asian H and L
  • #2,880
  • May 20, 2024 5:10am May 20, 2024 5:10am
If bearish engulfing candle H1 shows up then I will take short position with target of 2422 which is bullish engulfing zone 2416-22 in H1.
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