tst
Short

day trade short engulfing strategy entry

FX_IDC:AUDEUR   AUSTRALIAN DOLLAR / EURO
45 10 2
see prior posts for examples. I see this as a counter trend move. profit projection finishes before larger trend line. A long entry would be taken if the flag drawn see's a break out. But currently looking for a long down at the 70cent level and will trade the counter move to this level and look for reversal.
Why not sell the retracement after the engulfing candle?
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Olu IvanLabrie
2 years ago
It is a risk tolerance thing. They dont always retrace
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IvanLabrie TOP Olu
2 years ago
If you watch 4h/1h you can tell. (If trading daily)
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tst Olu
2 years ago
Olu, risk to reward always must be evaluated, as you say nothing happens always. If it did trading would be easy.
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tst IvanLabrie
2 years ago
Hi, I am short 2 positions as shown. 2% of account risked for 2% gain. that is just my day trade stagey . longer term im looking for a long entry. see below.
snapshot
+1 Reply
IvanLabrie TOP tst
2 years ago
I like equal risk to reward on the engulfing pattern as well, just that I trade to trade it from a retrace.
Reply
tst IvanLabrie
2 years ago
Yeah trading equal or with larger stops was the point where i crossed over to becoming profitable. management of account risk is far better than trying to double it with every trade by having tight stops and large targets. Please add a comment… Positive feedback and constructive criticism are important to authors and the community.
+1 Reply
tst
2 years ago
first position hit target and closed. 3rd engulfing setting up.
snapshot
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tst
2 years ago
now will wait and see if reversal develops.
snapshot
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tst
2 years ago
looking like a strong reversal at the trend line as thought possible. currently engulfing last weeks price range. reversal all so happened to play out at the 61.8 fib retracement of the last leg up. Will post a trade if the long term trend confirms with a new high past 73.
snapshot
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