what Yumei was trying to say was you are New York close charts but they have a 6 day Sunday candle. It is is very important you use the correct New York close charts for spotting your setups. You can execute your trades with whatever broker you choose, but it is very important you have a 5 day candle chart to spot setups.
I have gone to the front page for you where all the links and information are held about this thread (I also noticed Will Easton needed some broker information) and have pasted it below for you. Hope this helps:
I can’t tell 100% on your chart whether it is or it isn’t an BUEB because you have that Sunday candle on your chart that mine does not have so if your telling me that it is engulfing it than I believe you, but what others are saying is on their NY close charts, they don’t have that tiny Sunday candle and that’s why they are saying it is not an BUEB.
What Dudest is trying to explain to you about entry is; if you enter before the close you don’t know where the high or low of the engulfing bar will be. The whole reason of taking the break of the signal is for confirmation and to cut out the losing trades and not to be faked into the bad trades. If we enter into trades before they have finished forming we don’t know where their high or low will be and we are completely taking this edge away.
Thoughts are that I love my engulfing bars to be big and commanding. I love that this is up at the high of the range where we like it, but it is inside the housing candle.
Engulfing bars should be the biggest and baddest candles of them all and they should not be inside other candles. This is formed at a super resistance level so it gives it a good shot at moving lower, but it would be a much higher probability if it was up at the high by itself and not contained within the housing candle.
All my personal EB must not be inside another candle. It is a personal rule I have. The main reason is because once the break the EB, they then also have to break the housing candle (HC) and by that time they are often running into the first area. I like my EB’s to be the biggest and baddest candles on the chart because EB’s are commanding signals that are turning the market.
Whatever you do, stick to your guns and trade your plan!
Hi Darth
And what a good size range it is - up to 400 pips, depending on where the S/R are put. I have put in a short order just below the BEEB and a T/P at RN 1.4600. This would be my T/P1 but I haven’t worked out how to partially close a trade yet
Invaluable as always Jon, This a new concept to me with EB’s I was under the impression that if it’s a swing high/low and it big and and engulfs the previous then its solid. Never played IB’s and tbh its a good theory. I’ll see how this plays out. But you have me looking at the chart with a new view.
If you feel comfortable with your current broker, maybe you dont need to change to the new one, just use any 5 day candle chart to spot setups then take the trade on your broker.
I’m sure somewhere in this thread it was said that we don’t trade IB’s. Each to there own. If its important can someone post some useful links for learning.
I’m currently trading with Admiral Markets, but I will make sure I find another broker! 