Bearish Engulfing Pattern Probable, sell the bounces! Short

Australian Dollar/U.S. DollarFXCM

Description

⋅ Feb 9, 2014 5:58 AM

Sell the bounces!

IMO we have a bearish engulfing pattern playing out.
1. Price couldn't pierce the resistance line
2. Evening star candle in a up trend with progressively lower volume
3. AUD/USD has been and I believe continues to be a sellers market
4. China's economy is a proxy of AUD and China's eco data is dovish

Comments

Daytrader22

⋅ Feb 10, 2014 8:13 AM

The father of candle stick patterns as in Steve Nison?

dojitrader

⋅ Feb 10, 2014 3:37 PM

Yes, I forgot to include his name

Daytrader22

⋅ Feb 10, 2014 8:10 AM

Toyota to stop manufacturing cars in Australia daytradingfutures.net/2014/02/10/toyota-stop-manufacturing-cars-australia-2017/

dojitrader

⋅ Feb 9, 2014 12:21 PM

I'll ask first. . . '
May I disagree with your candlestick interpretation ?
I use the "Father of Candlesticks" as my guide:
The candle you point to is just a spinning top
such candles are neutral - neither bearish or bullish.
I can go on if you'd like ?

tntsunrise

⋅ Feb 9, 2014 7:50 AM

agreed. my cypher pattern entered at 0.8990 is now in money