Info on when NOT to trade engulfing bars?

[alt11]

Hi all,

Does anyone know where I could find info on when NOT to trade engulfing bars?
From looking at past data I already noticed that Monday ones are pretty much a gamble, am I wrong?

Sometimes I notice that the trade remains good even though there is a resistance just above the BEEB and vice versa

Thanks for your advice
S

 

[Pharaoh]

Mondays and Fridays tend to have somewhat lower liquidity than the middle of the week. That can make it easier for what looks like a good trade setup to go wrong on you.

 

[dkami]

Yea I have a good idea of what engulfing candles work and which fail but unfortunately very few can afford my knowledge

Yes I think you are wrong, but here's a hint it has very little to nothing to do with the day of the week and more to do with TF,trend, ect,ect,ect and the most important thing to remember is day trader's out there profit from taking out engulfing candles from newbie trader's like yourself that don't know what there looking at

 

[mistersmith14]

Thanks for the ideas.

 

[Pharaoh]

I have a somewhat different experience with engulfing bars. It usually ends with a hangover.