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MTF Engulf / Engulf fail

  • #4,341
  • Aug 12, 2024 8:24pm Aug 12, 2024 8:24pm
Quoting Inthebox
......daily closed strongly which could mean some retracement today. ........... {image}
So, a strong close means we can look for a counter-trend trade as well as a trend trade off the discount zone (if bullish). Right?
Success = Practice + Patience + Persistence
  • #4,342
  • Aug 12, 2024 8:31pm Aug 12, 2024 8:31pm
Quoting Inthebox
daily closed strongly which could mean some retracement today. price did not reach month high but rejected from trend line. there's ltf displacement but aware that there may be a reach for month high again. {image}
slow in catching the unicorn

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ITB - Seeing Orderliness amongst 'Randomness'
  • #4,343
  • Aug 12, 2024 8:38pm Aug 12, 2024 8:38pm
Quoting fxpider
{quote} So, a strong close means we can look for a counter-trend trade as well as a trend trade off the discount zone (if bullish). Right?
that only tells half of the story.
we have to look for the rest of the narrative to support the sell.
1. h4 bearish engulf with trend line - reversal price level
2. ltf strong displacement with whatever entry techniques
3. time of day - asia open
4. equal lows target
ITB - Seeing Orderliness amongst 'Randomness'
  • #4,344
  • Aug 12, 2024 9:53pm Aug 12, 2024 9:53pm
my current thoughts. may or may not happen.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #4,345
  • Aug 13, 2024 12:33am Aug 13, 2024 12:33am
watching
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ITB - Seeing Orderliness amongst 'Randomness'
  • #4,346
  • Aug 13, 2024 3:40am Aug 13, 2024 3:40am
Quoting Inthebox
my current thoughts. may or may not happen. {image}
maybe this first?
after big up at first day of the week Monday.

edit: with 4h EG bias for counter trend retracement.
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PA Return Today: na
  • #4,347
  • Aug 13, 2024 3:55am Aug 13, 2024 3:55am
Quoting LeongPuiy
{quote} maybe this first? after big up at first day of the week Monday. edit: with 4h EG bias for counter trend retracement. {image}
the h4 fvg is wide. what other things can you see to be able to support a price level that align with the daily direction?
ITB - Seeing Orderliness amongst 'Randomness'
  • #4,348
  • Aug 13, 2024 4:58am Aug 13, 2024 4:58am
Quoting LeongPuiy
{quote} maybe this first? after big up at first day of the week Monday. edit: with 4h EG bias for counter trend retracement. {image}
My H4 FVG is different from yours.
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Success = Practice + Patience + Persistence
  • #4,349
  • Aug 13, 2024 5:21am Aug 13, 2024 5:21am
All h4 are different due to location where you trade
in htf the trend is up
a pull back is possible but at the moment my volume trend give me no chance to go short. last w high seems a support
maybe after the news the situation could appear more clear.
  • #4,350
  • Aug 13, 2024 5:57am Aug 13, 2024 5:57am
he knows why 95% failed.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #4,351
  • Aug 13, 2024 6:00am Aug 13, 2024 6:00am
so far the week high has been the support but things may change when PPI is out.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #4,352
  • Aug 13, 2024 6:27am Aug 13, 2024 6:27am
what do you think about this?
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  • #4,353
  • Aug 13, 2024 6:42am Aug 13, 2024 6:42am
Quoting Ziemowit
what do you think about this? {image}
I already shown in my chart that i am targetting the highs. So all short set ups will be ignored.
ITB - Seeing Orderliness amongst 'Randomness'
  • #4,354
  • Aug 13, 2024 6:44am Aug 13, 2024 6:44am
Quoting Inthebox
{quote} the h4 fvg is wide. what other things can you see to be able to support a price level that align with the daily direction?
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i am looking that 50% for long.
i am short term bearish for now is because early that 4H bearish EG.
EG to EF and discount / premium.
PA Return Today: na
  • #4,355
  • Aug 13, 2024 6:57am Aug 13, 2024 6:57am
Quoting LeongPuiy
{quote} {image} i am looking that 50% for long. i am short term bearish for now is because early that 4H bearish EG. EG to EF and discount / premium.
in my chart there is no FVG around 50%, however drop to that area would be great long opportunity
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  • #4,356
  • Aug 13, 2024 7:42am Aug 13, 2024 7:42am
Quoting LeongPuiy
{quote} {image} i am looking that 50% for long. i am short term bearish for now is because early that 4H bearish EG. EG to EF and discount / premium.
seem wrong
cut loss at short.
my bad to counter trend.
PA Return Today: na
  • #4,357
  • Edited 1:32pm Aug 13, 2024 8:00am | Edited 1:32pm
Another win from nas100, entered at the bullish engulf in H4
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  • #4,358
  • Aug 13, 2024 9:07am Aug 13, 2024 9:07am
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in the end that h4 FVG got filled
  • #4,359
  • Aug 13, 2024 8:17pm Aug 13, 2024 8:17pm
@ITB,

I am trying to comprehend the way you read the daily candle.

What should I consider to determine the bias for today?

Bearish argument

  1. Yesterday, the price was rejected by the PDH
  2. Yesterday's close was below the previous close


Bullish argument (Continuation)

  1. Yesterday's high was an HH and the low was an HL.
  2. Yesterday's candle is a small range candle (consolidation) after an expansion phase.
  3. FVG ( a potential support)
  4. CMP is in proximity to two significant DOLs (swing high).

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Success = Practice + Patience + Persistence
  • #4,360
  • Aug 13, 2024 9:19pm Aug 13, 2024 9:19pm
Quoting fxpider
@ITB, I am trying to comprehend the way you read the daily candle. What should I consider to determine the bias for today? Bearish argument Yesterday, the price was rejected by the PDH Yesterday's close was below the previous close Bullish argument (Continuation) Yesterday's high was an HH and the low was an HL. Yesterday's candle is a small range candle (consolidation) after an expansion phase. FVG ( a potential support) CMP is in proximity to two significant DOLs (swing high). {image}
if in doubt i look at the weekly to refer to my plan and the surrounding terrain.
Quoting Inthebox
gold analysis for coming week 12aug. {image}
the up move came from week high support and engulf.
had reached the first high and approaching the 2nd.
now hovering above previous high.

the daily broke the week high resistant with a wrb.
bounced up to form fvg and there's equal highs above to head towards.

now every move down all the maket openings is an opportunity to long.
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ITB - Seeing Orderliness amongst 'Randomness'
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