tst

engulfing candle entry

FX:XAUUSD   Gold / U.S. Dollar
83 1 5
going long if candle confirms on its close to be an engulfing candle. Price has pushed above down trend line and looks ready to advance after consolidation. Target is a 100% extension from the small 50% retracement of the trend line break move. see chart markings.
Comment: engulfing did not confirm a reversal. will monitor for now.
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Comment: Entry may confirm here with a close out side the flag. The engulfing candle formation failed but could be view as a Harami reversal. http://www.investopedia.com/terms/b/bullishharami.asp It recommended to enter on a harami only with confirmation so I need the close out side the flag to confirm the probability of a reversal here.
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Comment: Price hit 100% ext but i hadn't amended the profit target tool when i took entry. Result I missed my target for now.
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Off to a good start.
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