stephenleachman
Short

BEARISH ENGULFING - CANDLE FORMATION (BEARISH REVERSAL)

FX:GBPNZD   British Pound/New Zealand Dollar
77 0 13
Consists of 2 candlesticks. The size of the first one is not important.
The second one should be a large bearish candle the creates a new
high yet closes lower than the first candle.

NOTE:
  • This is only a valid formation when at a key level of resistance.

TRIGGER:
  • Sell on the open of the next candle after the close of the Bearish Engulfing candle.
  • After the close of the Bearish Engulfing wait for the open of the next candle to sell a retracement of the Engulfing candle.
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