stephenleachman
Long

BULLISH ENGULFING - CANDLE FORMATION (BULLISH REVERSAL)

FX:GBPNZD   British Pound/New Zealand Dollar
123 3 13
Consists of 2 candlesticks . The size of the first candle is not important.
The second candle should be a large bullish candle that creates a
new low yet closes higher than the first candle.

NOTES:
  • his is only a valid formation when at a key level of support.

TRIGGER:
Ronnee
9 months ago
Hi Stephen,, on what time frame is best to use this method? I guess 30m or longer? Thanks Ron
+1 Reply
stephenleachman PRO Ronnee
9 months ago
Hey Ron. I wouldn't say the time frames are important rather the market structure. for instance if you see a bullish impulse move that makes new highs and you want to get in that move, buy low sell high right so you might look for a retrace of that impulse say for instance a 38.2 fib level but you dont want to just buy blindly at that level so you might wait for a bullish engulfing or any bullish candlestick formation for confirmation to buy back into the direction of the trend. Although a longer term time horizon will always give a stronger signal, H1 H4 Daily and even weekly.
Reply
Ronnee stephenleachman
9 months ago
Ok,,thanks..Ron
Reply
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