CostyTrades

GBPCHF 1D Sell Opportunity

Short
FX:GBPCHF   British Pound / Swiss Franc
Engulfing Bearish :

Indication : Bearish reversal

Reliability : Medium


DescriptionOccurring during an uptrend, this pattern characterized by a large black real body, which engulfs a white real body (it doesn't need to engulf the shadows). This signifies that the uptrend has been hurt and the bears may be gaining strength. The Engulfing indicator is also the first two candles of the Three Outside patterns.
It is a major reversal signal.
Factors that are increasing this signal's reliability:

1) The first candlestick has a very small real body and the second candlestick a very large real body.

2) The pattern appears after a protracted or very fast move.

3) Heavy volume on the second black candlestick .

4) The second candlestick engulfs more than one real body.

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