MTF Engulf / Engulf fail | Page 228 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Engulf Bar Trading Journal 19 replies

MPE - Momentum, Pullback, Engulf 33 replies

Trade management - moving stops to BE+ after opposing engulf 2 replies

Engulf Alert Indicator 1 reply

MTF Stochastics into MTF Stoch Histogram 8 replies

Attachments: MTF Engulf / Engulf fail
Exit Attachments

MTF Engulf / Engulf fail

  • #4,541
  • Sep 3, 2024 8:33am Sep 3, 2024 8:33am
Quoting LeongPuiy
{quote} you shorting?
Nope. I am not trading still holding the floating loss.
Success = Practice + Patience + Persistence
  • #4,542
  • Sep 3, 2024 8:55am Sep 3, 2024 8:55am
Quoting fxpider
{quote} Nope. I am not trading still holding the floating loss.
holding buy or sell?
PA Return Today: na
  • #4,543
  • Sep 3, 2024 9:01am Sep 3, 2024 9:01am
Quoting LeongPuiy
{quote} holding buy or sell?
long
Success = Practice + Patience + Persistence
  • #4,544
  • Sep 4, 2024 6:23am Sep 4, 2024 6:23am
Regarding step 2 of the P1 rules: (2) Entry
Road Block and Current Market Price (CMP)
Time frames: h1, m30, m15 Engulfs/Engulfs Fail

When price retraces to the htf h4 Engulf zone (the lowest direction time frame).
Drop down to h1 or m30 or m15 and find Engulf or Engulf Fail set up.
Entry upon retest of Engulf or Engulf Fail set up zone.
Zone as SL (support resistant candle closed of about 40 pips).
TP at opposite Engulf or support / resistant.

How do you define which TF EG to target (after entering EG2EG or EF) and which RBs to trade through? The setups in combination with HTF Storline is clear to me, but I'm getting caught up in the RBs and targets. Perhaps your setup TF is always your first upcoming target, but let's say you have H4-M30 EG and you precise your entry using M5 EF, is M15 then your next target or H1? Some elaboration on that would be highly appreciated (;
  • #4,545
  • Sep 4, 2024 6:39am Sep 4, 2024 6:39am
GOLD, EU, and GU: It looks like a short squeeze is in play.

Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 17 KB

Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 16 KB

Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 17 KB
Success = Practice + Patience + Persistence
  • #4,546
  • Sep 4, 2024 10:05am Sep 4, 2024 10:05am
somehow i got the feeling that gold was manipulated to the week high.
equal highs as targets.
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 19 KB
ITB - Seeing Orderliness amongst 'Randomness'
  • #4,547
  • Sep 4, 2024 10:43am Sep 4, 2024 10:43am
Quoting Inthebox
somehow i got the feeling that gold was manipulated to the week high. equal highs as targets. {image}
Need to break this level first.


Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 21 KB
Success = Practice + Patience + Persistence
  • #4,548
  • Sep 4, 2024 11:53am Sep 4, 2024 11:53am
Quoting Bastiaanrood
How do you define which TF EG to target (after entering EG2EG or EF) and which RBs to trade through? The setups in combination with HTF Storline is clear to me, but I'm getting caught up in the RBs and targets. Perhaps your setup TF is always your first upcoming target, but let's say you have H4-M30 EG and you precise your entry using M5 EF, is M15 then your next target or H1? Some elaboration on that would be highly appreciated (;
there are 2 types of targets - equal high/low (or htf old high/low) and fair value gap. they are also places with eg and ef.
which TF EG to target is only defined by the trader himself (and nobody else) - example showed a scalper, day trader and swing trader.
so which type of trader are you? how risk adverse are you? could you stay in the market for 3 / 5 days based on htf time frames?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 22 KB
Click to Enlarge Name: screenshot.png Size: 11 KB
ITB - Seeing Orderliness amongst 'Randomness'
  • #4,549
  • Edited 4:50pm Sep 4, 2024 4:40pm | Edited 4:50pm
Appreciate the quick reply ITB thank you. I'm normally entering from H4-H1-M15 or D-H4-H1, but I've got a few doubts about managing the trades still. Let's say I'm entering from a HTF H4 zone with a H1 and M15 CMP EG, what target should I usually have considering I'm an intra-day trader? Moreover, if I hit that target before the trade gets filled/when I'm already in a big zone of that target TF, do I need an additional M15 EG or should I skip the trade in general? Looking forward to your reply
  • #4,550
  • Edited 10:32pm Sep 4, 2024 10:02pm | Edited 10:32pm
Quoting Bastiaanrood
Appreciate the quick reply ITB thank you. I'm normally entering from H4-H1-M15 or D-H4-H1, but I've got a few doubts about managing the trades still. Let's say I'm entering from a HTF H4 zone with a H1 and M15 CMP EG, what target should I usually have considering I'm an intra-day trader? Moreover, if I hit that target before the trade gets filled/when I'm already in a big zone of that target TF, do I need an additional M15 EG or should I skip the trade in general? Looking forward to your reply
the easiest target is the nearest target.
say in a consolidation the average move is 35 to 50 pips.
so there are 2 conditions to meet for TP.
in the chart during NY session there was a trade entry.
the nearest TP that satisfied the conditions of equal highs and 35 to 50 pips.
here the TP was hit before the trade entry and came back down, so there was a second chance.
if the m15 candle formation did not give you confidence or you missed it, drop to m5.
making sure that the above 2 TP conditions are met.
or wait for the next market open.

yet there are always traders that are not satisfied with the TP so decided to go for the next level of equal highs.
remember the longer you stay in the market, the riskier it becomes as shown in the chart.
another alternative is to use TP1 and TP2.
all in all, it boils down to market conditions which no one can tell, and how risk adverse you are as a trader.
everyone is different, so there's no perfect answer because we are not perfect ourselves.
so to answer your question, back to the first sentence - the easiest target is the nearest target that satisfy the TP conditions.
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 19 KB
ITB - Seeing Orderliness amongst 'Randomness'
  • #4,551
  • Edited 2:10am Sep 5, 2024 1:59am | Edited 2:10am
gold hitting a day high with series of impulse moves.
equal highs above.
possibly low of week has been set.
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 17 KB
ITB - Seeing Orderliness amongst 'Randomness'
  • #4,552
  • Sep 5, 2024 3:36am Sep 5, 2024 3:36am
Quoting fxpider
{quote} Nope. I am not trading still holding the floating loss.
Ufff! Finally, the floating losses turned green.

Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 46 KB
Success = Practice + Patience + Persistence
  • #4,553
  • Sep 5, 2024 3:41am Sep 5, 2024 3:41am
survived the week.
sat tight and held due to daily unicorn and 50 fib.
H4 road block. TP some balance BE.
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 12 KB
ITB - Seeing Orderliness amongst 'Randomness'
  • #4,554
  • Sep 5, 2024 3:52am Sep 5, 2024 3:52am
Wow.. holding those trades would've caused me ulcers
Alot of conviction on the HTF direction would've been needed!
  • #4,555
  • Sep 5, 2024 3:53am Sep 5, 2024 3:53am
GJ: a playbook perfect trade using HTF direction and LTF entry.

Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 24 KB


Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 35 KB
Success = Practice + Patience + Persistence
  • #4,556
  • Sep 5, 2024 3:59am Sep 5, 2024 3:59am
The news calendar looks kinda scary and exciting for gold.
Success = Practice + Patience + Persistence
  • #4,557
  • Sep 5, 2024 4:19am Sep 5, 2024 4:19am
Quoting Huber
Wow.. holding those trades would've caused me ulcers Alot of conviction on the HTF direction would've been needed!
some clues from the daily chart that there was not candle close below previous low.
but created wicks instead.
ITB - Seeing Orderliness amongst 'Randomness'
  • #4,558
  • Sep 5, 2024 4:26am Sep 5, 2024 4:26am
Quoting fxpider
{quote} Ufff! Finally, the floating losses turned green. {image}
I have tried in the past to keep open positions like you.
1) 1000 times it goes well but the 1 time it goes wrong you burn your account.
2) By waiting for the BE you lost some nice shorts.
It's just my thoughts dictated by experience
  • #4,559
  • Sep 5, 2024 4:42am Sep 5, 2024 4:42am
Quoting 19monza64
{quote} I have tried in the past to keep open positions like you. 1) 1000 times it goes well but the 1 time it goes wrong you burn your account. 2) By waiting for the BE you lost some nice shorts. It's just my thoughts dictated by experience
that's why choose brokers wisely. from 2000:1 to 50:1 leverage.
the 95% trigger happy traders choosing 2000:1 1000:1 leverage are digging their own graves.
ITB - Seeing Orderliness amongst 'Randomness'
  • #4,560
  • Sep 5, 2024 4:59am Sep 5, 2024 4:59am
Quoting Inthebox
{quote} an update to encourage i hope. {image}
update of performance with Saxo 50:1 leverage.
the local brokers here are restricted by the local authority to provide maximum of 50:1 leverage.
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 9 KB
ITB - Seeing Orderliness amongst 'Randomness'
1 trader viewing now