Engulfing patterns on 4 hour charts? Daily charts?

[Krismurray01]

I have been using the 4 hour charts to place my trades using engulfing patterns. Has anyone seen more consistency with the daily charts? I have heard that the longer the timeframe the more consistency you will see. Thoughts? Thank you's ahead of time!

 

[bbmac]

I have been using the 4 hour charts to place my trades using engulfing patterns. Has anyone seen more consistency with the daily charts? I have heard that the longer the timeframe the more consistency you will see. Thoughts? Thank you's ahead of time!

Engulfing patterns can be good entry signals, however for a higher probability on any t/f they are better traded in the context of

a. what is happening on the t/f they develop on and the next higher t/f in respect of market conditions on those t/f's (ie are they trending/ranging)

and if they occur against a prevailing trend

b. whether they ocur at a pre-identified area of potential support or resistance.

The confluence of technical factors is where you wuill find the greatest success. I haven't heard of anyone successfully trading only engulfing patterns for consistent long-term profitability?

It is generally true to say however that the higher the t/f the meaningful they are, and this maxim probably holds tru of all price action.

G/L

 

[nunrgguy]

I'd add it depends on how you play them. If you're a 1 lot punter with an order to enter on the break of a bar with a stop loss at the other end of the bar..watch out.

 

[Krismurray01]

I'd add it depends on how you play them. If you're a 1 lot punter with an order to enter on the break of a bar with a stop loss at the other end of the bar..watch out.

Thank you for the advice! Now, where can I get some more information on merging 2 or more technical indicators to increase success rates? It sounds as though that will be infinitely better for me. Thank you once again!