I know it is supposed to cap an uptrend.
With the overall trend being down on the Daily TF There have been numerous test of this 0.64 level and there is a nice shooting star candle followed by an engulfing candle. IF this current 4HR candle can finish like this then i will be taking a short trade along with other reasons for my entry Any questions feel free to ask
If the daily candle can close engulfing then i will be going short. Reasons; -Still uncertainty over the Dollar strength with the Chinese trade war going on. -Struggling to break through the 1. level -Each push towards that level has gotten weaker and weaker. Lets see how it plays out. Any questions feel free to comment or message.
Looking to go long if this the current 4 hour candle can finish bullish.. if it doesn't happen will look for a different candle stick set up but will have to be at the same level to complete the inverted H&S pattern. Any questions feel free to ask Ben #PipGainFX
A few factors meet in confluence to form this trade setup: 1. Resistance broken and tested as support 2. Short term up-trend 3. Pullback to the fibonacci levels 4. Bullish engulfing bar completed This type of setup entails buying once the high of the engulfing bar is broken with stops a few pips below the engulfing bar and the target at least 2x that of the...
AUDCHF just formed a bearish engulfing pattern, creating an opportunity to enter with a short position in this down-channel. The price is slightly retracing, this gives us the opportunity to get a very good risk to reward ratio, while still placing a good stop loss, above a mid-range downtrend line, and a good take profit at the bottom of the descending channel.
Lower highs are being formed as can be seen on the daily time frame Flipping to H4 I noticed a bearish engulfing bar that perfectly tested the resistance level. Given the major resistance holding strong this sell signal is somewhat significant. For this type of setup the stop is best placed above the engulfing bar where the setup is deemed invalid and the...
Hi traders, I found an engulfing candlestick pattern confirmation on a supply level. I take a SELL trade on this. I place a SL just above the high of the confirmation candle. Entry: 134.244 SL: 135.908 TP: 128.106 On the way to the target are 2 weak demand levels, bur I belive they get broken. I'm giving daily updates on that trade. Stay tuned! Please always...
Today was the 1st outside engulfing green trend day bar since June 10. There have been outside green engulfing candles since then but they have all been very wicky, this was the first very full bodied trend bar. Last time it happened it made a nonstop run to a somewhat major high from about 8k to 14k within about two weeks. So I am seriously considering swing...
A Bullish 5-0 pattern staging for a bigger trade setup. An opportunity for me to engage on a longer-term trade, however, I do need a bullish engulfing candle to close to engage. Do note tomorrow is a non-farm payroll data release. Traders who aren't comfortable should wait out for the news and usually, I will engaged 15-45mins after the release of non-farm payroll.
Hi traders, I found a supply level that was hit last week. The price was in a little consolidation. I waited for a confirmation (candle formation) before entering the trade. The confirmation was a 2 bar engulfing pattern / Hanging Man pattern on the D1 Chart. This post is a little late, as I forgot to upload the idea after I entered the trade. You can use it as...
Is it time to get SHORT... If we see a close below the structure level, it could be a good time to start thinking about ways to get short.
If the price breaks down to the cloud this pattern is no longer valid!! Info on the chart !!
Good opportunity for short this pair we see a resistance zone on 108.100 Chart show a bearish engulfing r/r 1 to 2
AUDCAD testing the upper part of the down-channel, with a double candlestick pattern: a tweezers top and a bearish engulfing pattern. Stop loss and take profit are very tight, since we are trading on the M15 within a very tight channel, so I suggest to check the spread first for your broker and avoid this trade if you have a spread that is over 1 pip.
1. Support level broken 2. Tested as resistance 3. This is also previous resistance area 4. Bearish engulfing bar completed 5. Supported by 8 simple moving average See the signal on the weekly time frame as well Shorts are favored with this strategy and stops are best placed above the engulfing bar with targets at least 2x sl value Don't invest what you...
1. Price is in an up trend 2. Previous resistance become support 3. Bullish engulfing bar completed 4. Supported by 8 simple moving average The high of the engulfing bar has to be broken for the trade to be valid. Stops for this strategy is best placed a few pips below the engulfing bar and targets must be at least 2x sl value... Don't invest what you can't...
The growth>value might make a comeback. Checking the Nasdaq (QQQ) and how the day ends will be important.