{quote} What do you mean by trend failure? Anyway good luck for your position. Hope it survive the storm ahead
tradewith60
Hi 60 !
Just starting going to the thread, but could not resist to enter 3 trades this morning:
1) EURJPY: entry on 15MTF after 2 candle engulf, following 4H engulf. Already out for at daily SR for 1:6 RR.
2) AUDUSD: entry on 15MTF after engulf following 4H 2 candle engulf.
3) GBPJPY: entry on 15MTF after 2 candle engulf following 4H engulf. SL set at BE targeting around 168.20 daily SR.
60minuteman, happy to have your feedback on these trades, particularly regarding SR and Targets. I bailed out on EJ due to the high RR achieved, but feel that it could go much lower. Same for GJ.
Will keep on reading meanwhile as the info you shared seems to be gold !
Just starting going to the thread, but could not resist to enter 3 trades this morning:
1) EURJPY: entry on 15MTF after 2 candle engulf, following 4H engulf. Already out for at daily SR for 1:6 RR.
2) AUDUSD: entry on 15MTF after engulf following 4H 2 candle engulf.
3) GBPJPY: entry on 15MTF after 2 candle engulf following 4H engulf. SL set at BE targeting around 168.20 daily SR.
60minuteman, happy to have your feedback on these trades, particularly regarding SR and Targets. I bailed out on EJ due to the high RR achieved, but feel that it could go much lower. Same for GJ.
Will keep on reading meanwhile as the info you shared seems to be gold !
- #923
- Jan 29, 2014 8:54am Jan 29, 2014 8:54am
- | Commercial User | Joined Feb 2012 | 3,770 Posts
tradewith60
- #924
- Jan 29, 2014 9:25am Jan 29, 2014 9:25am
{quote} when price is making lower lows, lower highs and then makes a double bottom. On the higher TF this is usually an inside bar. These are good places to either manage your position or take SOME profit.... Not necessarily the end of the trend, but a price action indicator of weakening trend and momentum.
- #925
- Jan 29, 2014 9:32am Jan 29, 2014 9:32am
- | Commercial User | Joined Feb 2012 | 3,770 Posts
{quote} Do you mean this pattern? {image}
inside bar on h4
tradewith60
- #928
- Edited 3:25pm Jan 29, 2014 2:47pm | Edited 3:25pm
- | Commercial User | Joined Feb 2012 | 3,770 Posts
tradewith60
- #931
- Feb 2, 2014 6:22am Feb 2, 2014 6:22am
Thanks again for this excellent thread 60minuteman
Over the past 3 years I learned a lot about trading. My vision changed little by little and I see a convergence of our way of thinking.
The over-valued view of drawing S&R (don't predict where price will go, just be in the market), the important of raw price action (just follow the price) etc ..
Given all the elements, is there still the need for an higher time frame bias ? We don't know where price is going to go, we can only be in the market when it happens. Up, down, doesn't matter. Can we assume that an higher time frame bias like weekly or monthly is maybe useless ?
We can simply take every 4H Engulfing, Outside, etc by entering on 15M for lower risk and do just like you said, hold on as long as possible .. The market will eventually show us where it goes .. Am I a little right or completely out of my mind ?
Ps. Love your view of consolidation
Over the past 3 years I learned a lot about trading. My vision changed little by little and I see a convergence of our way of thinking.
The over-valued view of drawing S&R (don't predict where price will go, just be in the market), the important of raw price action (just follow the price) etc ..
Given all the elements, is there still the need for an higher time frame bias ? We don't know where price is going to go, we can only be in the market when it happens. Up, down, doesn't matter. Can we assume that an higher time frame bias like weekly or monthly is maybe useless ?
We can simply take every 4H Engulfing, Outside, etc by entering on 15M for lower risk and do just like you said, hold on as long as possible .. The market will eventually show us where it goes .. Am I a little right or completely out of my mind ?
Ps. Love your view of consolidation
Don’t ever let someone tell you that you can’t do something.
- #932
- Feb 2, 2014 8:50am Feb 2, 2014 8:50am
- | Commercial User | Joined Feb 2012 | 3,770 Posts
tradewith60
- #933
- Feb 2, 2014 8:57am Feb 2, 2014 8:57am
- | Commercial User | Joined Feb 2012 | 3,770 Posts
Gj just trading direction change... 6 straight losers then the pay day
tradewith60
- #934
- Feb 2, 2014 9:31am Feb 2, 2014 9:31am
- | Commercial User | Joined Feb 2012 | 3,770 Posts
An engulf is just a reliable way of defining a change in direction
tradewith60
- #935
- Feb 2, 2014 9:33am Feb 2, 2014 9:33am
- | Commercial User | Joined Feb 2012 | 3,770 Posts
tradewith60
- #936
- Feb 2, 2014 9:48am Feb 2, 2014 9:48am
<p>{quote} Hi Armacom, welcome and thanks for a great question.
Will start sharing to keep this awesome thread alive.
I wish you a massively trending week 60minuteman
Don’t ever let someone tell you that you can’t do something.
- #938
- Feb 3, 2014 11:06am Feb 3, 2014 11:06am
EURAUD long.
Weekly still engulf north. Catch this sweet engulfing action on H1 bounce off D1 S/R.
Enter on candle break. SL already at BE.
Let's see if it survive tomorrow AUD news release.
Weekly still engulf north. Catch this sweet engulfing action on H1 bounce off D1 S/R.
Enter on candle break. SL already at BE.
Let's see if it survive tomorrow AUD news release.
- #939
- Feb 3, 2014 12:53pm Feb 3, 2014 12:53pm
EURAUD long. Weekly still engulf north. Catch this sweet engulfing action on H1 bounce off D1 S/R. Enter on candle break. SL already at BE. Let's see if it survive tomorrow AUD news release. {image} {image}
I really like your spots, you're doing great. But here I was missing your setup candle. Actually weekly candle engulfed short. Beside that you got nice spot on H1 bouncing from obvious D s/r anyway. This one has potential. Please keep it up
Green pips,
Kapy
- #940
- Feb 3, 2014 7:31pm Feb 3, 2014 7:31pm
{quote} Hi pipmunks, I really like your spots, you're doing great. But here I was missing your setup candle. Actually weekly candle engulfed short. Beside that you got nice spot on H1 bouncing from obvious D s/r anyway. This one has potential. Please keep it up
Hi kapy, thank you for your feedback.
For me the last weekly candle is not an engulf. It just a bearish inside bar, closed below previous candle open. I marked 3 previous engulfing candle with arrow for reference. So, in my opinion weekly still engulf north.
