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MTF Engulf / Engulf fail

  • #5,281
  • Nov 22, 2024 2:07am Nov 22, 2024 2:07am
look at gold h1 today. i am sure some traders making money.
but just keeping quiet. not posting.
ITB - Seeing Orderliness amongst 'Randomness'
  • #5,282
  • Nov 22, 2024 2:16am Nov 22, 2024 2:16am
come on gold. the last 50 meters.
ITB - Seeing Orderliness amongst 'Randomness'
  • #5,283
  • Nov 22, 2024 2:21am Nov 22, 2024 2:21am
not now. maybe later.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #5,284
  • Nov 22, 2024 4:04am Nov 22, 2024 4:04am
Quoting Inthebox
be aware that today is friday. after reaching target, may reverse down. {image}
your marked zone is holding the flying rocket nicely

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Success = Practice + Patience + Persistence
  • #5,285
  • Nov 22, 2024 4:14am Nov 22, 2024 4:14am
if the zone holds, hopefully, the news will bring back some bears, IMO.

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Success = Practice + Patience + Persistence
  • #5,286
  • Nov 22, 2024 4:44am Nov 22, 2024 4:44am
Quoting fxpider
if the zone holds, hopefully, the news will bring back some bears, IMO. {image}
accumulating to go up before PMI news.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #5,287
  • Nov 22, 2024 6:44am Nov 22, 2024 6:44am
Quoting xiaotiao
{image} worth to watch out
So far so good, but the news is coming. Moved SL to BE.
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Trading is not easy
  • #5,288
  • Nov 22, 2024 6:47am Nov 22, 2024 6:47am
USDJPY buy trade, closed before the news.
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Trading is not easy
  • #5,289
  • Nov 22, 2024 7:55am Nov 22, 2024 7:55am
gold buy done
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ITB - Seeing Orderliness amongst 'Randomness'
  • #5,290
  • Nov 22, 2024 10:30am Nov 22, 2024 10:30am
Quoting Inthebox
Today gold target direction {image}
gold reached final target
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ITB - Seeing Orderliness amongst 'Randomness'
  • #5,291
  • Nov 22, 2024 4:45pm Nov 22, 2024 4:45pm
Hi there, loving the thread and concept. Just posting to see if I’m on the right track or completely wrong. Would the 4h zone be a good short as it’s indide the daily HTF? Thanks!
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  • #5,292
  • Nov 22, 2024 7:37pm Nov 22, 2024 7:37pm
Quoting 1Hour
Hi there, loving the thread and concept. Just posting to see if I’m on the right track or completely wrong. Would the 4h zone be a good short as it’s indide the daily HTF? Thanks! {image} {image}
the main trend is up. if you short be aware that it is counter trend. you are shorting at a road block.
the 1st question to ask is where is the target that price will likely to go to?
if shorting wait for bearish h4/h1 engulf to be tested for entry in the lower time frames.
compare my charts. the h4 chart has only the d1 and h4 engulfs drawn.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #5,293
  • Nov 22, 2024 8:23pm Nov 22, 2024 8:23pm
a review of the week.
compare the results of counter trend in a trend run.
every time frames tell a story.
how meticulous are you in your analysis?

yesterday, i had shown many examples of how i use 3 time frames for trend direction, trade set up and trade entry.
in this example are you able to identify that
d1 is the trend direction.
h4 is the set up when price returned to the engulf.
h1 is for entry when price closed beyond the engulfs.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #5,294
  • Nov 22, 2024 8:28pm Nov 22, 2024 8:28pm
do you not agree that mtf engulfing is more simple, clear and easier to identify trades than ICT?
or continue to use indicators and oscillators, green buy, red sell.
have a good week end.
ITB - Seeing Orderliness amongst 'Randomness'
  • #5,295
  • Nov 22, 2024 8:56pm Nov 22, 2024 8:56pm
Quoting Inthebox
a review of the week. compare the results of counter trend in a trend run. every time frames tell a story. how meticulous are you in your analysis? yesterday, i had shown many examples of how i use 3 time frames for trend direction, trade set up and trade entry. in this example are you able to identify that d1 is the trend direction. h4 is the set up when price returned to the engulf. h1 is for entry when price closed beyond the engulfs. {image} {image}
is it wrong to go directly from D1 chart to H1 chart? What is this h4 setup timeframe showing us?
Just by itself, winrate is 50%, but with multitimeframe winrate is 90%
  • #5,296
  • Nov 22, 2024 9:24pm Nov 22, 2024 9:24pm
Quoting melord
{quote} is it wrong to go directly from D1 chart to H1 chart? What is this h4 setup timeframe showing us?
no not wrong. it is recommended that any shift of time frames is to be one or two time frames lower.
the purpose of any time frame that you use for set up is after a close above the engulf, wait for price to return to the engulf (this is called a retest of the engulf) and switch one or two time frames lower for trade entry.

drop one or two time frames lower from direction for set up. drop one or two time frames lower from set up for entry.

of course you can drop three or more lower time frames if you are experienced and confident of what you are doing.
but remember the lower time frames you go down, the more whipsaws and more inaccurate it is.
look at the accuracy and whipsaw of this m3 entry. https://www.forexfactory.com/thread/...0#post15068700
ITB - Seeing Orderliness amongst 'Randomness'
  • #5,297
  • Nov 22, 2024 11:36pm Nov 22, 2024 11:36pm
I know thiis move is completed already but just trying to grasp the concept still. So in this example on the weekly price moved down through engulfs indicating the down trend. The price enters the 30 min engulf inside weekly engulf, we then wait for confirmation and the 15m shows price reject the engulf causing an engulf so we would then short. Is that correct?
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  • #5,298
  • Nov 23, 2024 1:18am Nov 23, 2024 1:18am
Quoting 1Hour
I know thiis move is completed already but just trying to grasp the concept still. So in this example on the weekly price moved down through engulfs indicating the down trend. The price enters the 30 min engulf inside weekly engulf, we then wait for confirmation and the 15m shows price reject the engulf causing an engulf so we would then short. Is that correct? {image} {image} {image}
see my comments and how i draw the engulfs.
i will not be interested to take any trades coming monday.

as on friday, i would rather look to buy than to sell as the main trend is up.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #5,299
  • Nov 23, 2024 6:59am Nov 23, 2024 6:59am
Quoting Inthebox
{quote} the main trend is up. if you short be aware that it is counter trend. you are shorting at a road block. the 1st question to ask is where is the target that price will likely to go to? if shorting wait for bearish h4/h1 engulf to be tested for entry in the lower time frames. compare my charts. the h4 chart has only the d1 and h4 engulfs drawn. {image} {image}
This engulf zone is worth to watch out as it is same level as the left shoulder of QM, furthermore it is located at Fibo 78.6. Agree with ITB, let's see how PA will react in ltf then only make decision.
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Trading is not easy
  • #5,300
  • Nov 23, 2024 5:09pm Nov 23, 2024 5:09pm
reacted to daily in gulf so bias is up? Then drilling down 30min there is the setup?
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