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Up and under price pattern

  • #141
  • Sep 24, 2013 10:14am Sep 24, 2013 10:14am
I don't quite grasp the Engulfing thing in the charts you put. Could you please explain it (long version) ?

But the thing is, that i have been looking at the market pretty much the same. But i just can't put a pin on it. I've tried to trade it but keep on bumping into a wall.

Maybe i'll find the real way of trading it in this thread

anyway, i have spotted Aussie trade. What do you think?
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Trololololo
  • #142
  • Sep 25, 2013 4:56am Sep 25, 2013 4:56am
Quoting Libertas_Ltu
I don't quite grasp the Engulfing thing in the charts you put. Could you please explain it (long version) ? But the thing is, that i have been looking at the market pretty much the same. But i just can't put a pin on it. I've tried to trade it but keep on bumping into a wall. Maybe i'll find the real way of trading it in this thread anyway, i have spotted Aussie trade. What do you think? {image}
Hey there...
My understanding is you just want the high (or low) made of the initial rejection to be engulfed.. See chart.. Also in example you will see TP area marked as the first clear supply area which in this case would have been a nice exit.. Either way you could have made about 1:3 RR on that trade..
Josh
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nollej is power..
  • #143
  • Sep 25, 2013 12:04pm Sep 25, 2013 12:04pm
Quoting Libertas_Ltu
I don't quite grasp the Engulfing thing in the charts you put. Could you please explain it (long version) ? But the thing is, that i have been looking at the market pretty much the same. But i just can't put a pin on it. I've tried to trade it but keep on bumping into a wall. Maybe i'll find the real way of trading it in this thread anyway, i have spotted Aussie trade. What do you think? {image}
Hi, I'm away at the moment in the wild so internet is limited, I'll get back to you with some new charts soon.

Josh has nailed it really with his chart.
  • #144
  • Sep 26, 2013 3:32am Sep 26, 2013 3:32am
Talking of Aud, bootiful entry long 93.48 5m chart.
Sorry can't post chart at the moment.
  • #145
  • Sep 26, 2013 4:06am Sep 26, 2013 4:06am
Quoting Quidsey
Talking of Aud, bootiful entry long 93.48 5m chart. Sorry can't post chart at the moment.
Ill save you posting it

Orangey area is a big demand area marked.. Didnt see this one as im sticking to higher timeframes (usually 1 hr and above).. Also trying to only trade this pattern in supply or demand areas from higher timeframes (4hr and above) to filter signals and hopefully keep me with the right flow..

Josh

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nollej is power..
  • #146
  • Sep 26, 2013 6:53am Sep 26, 2013 6:53am
Thanks, that's the one.

Great that you're taking the premis and making it your own Josh.
  • #147
  • Oct 1, 2013 7:27am Oct 1, 2013 7:27am
I think the £'s coming into a good place at the moment to look for trades, 1.6300 has been a significant level this year.

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AUD 5min example.

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  • #148
  • Oct 1, 2013 9:16am Oct 1, 2013 9:16am
audusd

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usdjpy

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  • #149
  • Oct 1, 2013 3:11pm Oct 1, 2013 3:11pm
usdcad

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eurjpy

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  • #150
  • Oct 2, 2013 5:58am Oct 2, 2013 5:58am
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  • #151
  • Oct 2, 2013 11:20am Oct 2, 2013 11:20am
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  • #152
  • Oct 18, 2013 9:25am Oct 18, 2013 9:25am
hi .
I,m waiting
It's right the pattern?
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  • #153
  • Oct 18, 2013 10:02am Oct 18, 2013 10:02am
Quoting 81raffae
hi . I,m waiting It's right the pattern? {image}
no entry
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  • #154
  • Oct 18, 2013 10:06am Oct 18, 2013 10:06am
sorry again
On Gu, at the same hour, i have another set up
I entry sell on yellow, but i see also that the purple line is rached two time on blu X. Is it a valid set up?
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  • #155
  • Oct 18, 2013 11:20am Oct 18, 2013 11:20am
good. First target hit at 72 from 1,6192.
+20 stop in BE
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  • #156
  • Oct 18, 2013 11:42am Oct 18, 2013 11:42am
Hi,

like your charts.

This is my take on the EURO and a few thoughts.

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My last low would have been 3694.

The engulf was of minor swings, I'd be happier if the engulf had taken the next set of lows.

The price action is very close to an important previous level. Your own risk appetite will decide wether you want to try for an early trade or wait for the higher level which could produce a nice swing failure or some other favorable price action.

1.3700 BRN is holding things back for the moment.

Look at stop placement and FTA's, weigh up how much this is going to cost you if you lose.

Personally I'm waiting.
  • #157
  • Oct 18, 2013 11:54am Oct 18, 2013 11:54am
.... GBP again the engulf just doesn't go far enough for me. A nice swing below 6140 then back up to get short around 6215 would be the scenario I'd want.

Looks like you got a great entry though, 6165 is the support it needs to break and gather more short power, it's also a good level for bulls to pile in long.

I was wanting 6234 short but never got it.
  • #158
  • Oct 18, 2013 11:58am Oct 18, 2013 11:58am
thanks. I have close all the position because is the first time that i use this pattern and i don't speak english very well

FTA means THE FIRST TARGET?

The set up on the euro is right also if the price go beyond the line of the first low? In the chart the underlined yellow candles breach the line and then downside.
Is it right open a position in this situation?
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  • #159
  • Oct 18, 2013 3:33pm Oct 18, 2013 3:33pm
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Your english is fine.

I always enter at the level, sometimes I have to suffer price going against me (drawdown), sometimes I miss the trade completely as price turns before my entry.

This strategy gives you a possible entry into the market but the management of that entry is where the real skill comes in, this will determine wether you make money or not in my opinion.

6145-6140 on GBP now.
  • #160
  • Oct 18, 2013 5:49pm Oct 18, 2013 5:49pm
Quoting Quidsey
{image} Your english is fine. I always enter at the level, sometimes I have to suffer price going against me (drawdown), sometimes I miss the trade completely as price turns before my entry. This strategy gives you a possible entry into the market but the management of that entry is where the real skill comes in, this will determine wether you make money or not in my opinion. 6145-6140 on GBP now.
Thank you again, now i understand the chart

I agree. It is not a simple pattern that we apply "mechanically" as a TS BASED on a cross of 2 MA WHERE we buy or sell when one ma crosses the other one. It is important to understand the Logic and the "ratio" behind it. So become subjective the choose what level of price we have regard important or less important and when the pattern is invalid or still valid also if the pattern don't take the perfect shape as the chart in the first page of this thread.

The techinacal analysis is an art
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