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Engulfing Candle

GBP/USD Daily Bearish Engulfing playOn the daily today it looks like we are going to close as a bearish engulfing, of course this is a retail pattern none the less I'm looking to trade it... First of if you drag a fib from high to low we get 61.8% fib confluence around 1.33071 which is also where a naked level is, perfect location for my order to be left. In this area there is also 50 ema which is another confluence I use to trade so they all seem to be stacking up in this area. Lastly ATR will be moving at market rollover this evening which should be within my stop for a extra bit of security... My stop is beyond the high of the engulfing Tp at D1 swing below market also around -27.2% fib If price creates structure around 1.32874 ill be looking for a break and retest of this to play for the failure of the engulfing Lmk what you think of this, this is the first idea I've ever posted lol
Short
by broberts28
#PLTR - Price possibly rebouncing from key support at 20$?Hi All, my main 3 take-outs from this analysis are the following: 1- Price possibly rebouncing from a key support of 20$ (price has been moving between 27$ and 20$ since a lot f time) 2- 4H chart shws engulfing bullish pattern as also an RSI in oversld territory, which might be a god sign of possible reversal from these levels 3- There are still two gaps at 24$ and 27$ (as also at 31$) that will be needed to be filled sooner or later Not a financial advice, just personal opinion. Do your own due diligence and good luck!
PLong
by FrancescoMerlettini
WMT shortEntry price: 150-152$ Target price: 135-137$ Stop loss: 153-155$ Chart pattern: double top - the price formed the second top, thus the price reversal is very likely Candlestick pattern: bearish engulfing RSI: approaching 70 level, therefore, the price is almost overbought Conclusions: the chart pattern, candlestick pattern and RSI suggest the trend reversal in the near future. Thus, the short position is recommended with the stop loss above the resistance level. No financial advice
NYSE:WMTShort
by vf_investment
BTCUSD - H4/H1 - MAGICAL CLOUDS !H4 : Once again the clouds acted perfectly well on both sid e, in rejecting, respectively a downside breakout attempt around 60'000 and more recently an upside breakout around 63'600. In addition, price action on the top of the clouds, triggered a "BEARISH ENGULFING" pattern. Ongoing downtrend channel still in place and clouds area should be seen as a barometer for further development. Indeed, IMPLICATIONS a clear breakout of : 1) UPSIDE : 63'000/63'500 (former congestion top) would open the door for ---> a retest of ATH 2) DOWNSIDE : 61'500/61'000 (MBB & KS cluster and clouds support zone) would put the focus on ---> former low @ 59'500 ahead of lower levels; 56'525 is the 38.2% Fib retracement of the 39'590-66'994 rally and 55'147 is the Kijun-Sen or base line ! H1 Price action switched from an uptrend channel to an ongoing downtrend channe l and this change has been triggered by a "doji" which has been confirmed straight away by a long black candle (bearish engulfing) Currently below both MBB and TS and flirting with the KS important support level in this H1 time frame. A failure to hold above 62'763 would directly put the focus on the 62'000 area, ahead 61'600 and 61'000 (the latter level being the bottom of the H1 clouds support zone. In order to neutralise this ongoing downside move price action, the BTCUSD should quickly recover above 63'000 and hold sustainably on a closing basis; this would temporary neutralise the current ongoing selling pressure. Do you like my analysis ? If yes, please do not forget, to like it and to add me on your following list :-) Many thanks in advance. Have a nice trading day and all the best- Take care Ironman8848
GEMINI:BTCUSD
by Ironman8848
What are candlesticks in trading and how to use them?🕯 ✅The price dynamics of an asset are displayed on the chart in different formats, including bars, lines, or candles. The latter format is most popular among traders and is often used in technical market analysis. What are candles and how to work with them? 🟢Candlesticks (Japanese candlesticks) are a graphical way of displaying price dynamics, in which vertical rectangles and lines are used. This method was invented on the rice exchanges of Japan in the 17th century, from where it got its name. A price candle consists of two main elements: 1️⃣the body is a vertical rectangle that shows the opening and closing levels of trades; 2️⃣wicks (shadows, tails) - vertical lines from above and below the body of the candle, reflecting fluctuations in value in the interval between opening and closing. ❗️The main advantage of a candle over bars and a linear chart is that it allows you to get 4 important indicators for technical analysis at once: High - the highest price for the period; Low - the lowest price for the period; Open - the opening price of the period; Close - the closing price of the period. 🔴When using a linear graph to get the same information, 4 indicators would have to be displayed on the screen at once, which is inconvenient and complicates the perception of information. At the same time, candles display the process of cost formation in a specific time interval, so the position and appearance of candles on the hourly and daily periods will differ significantly Types of candles ⚠️Two main types of candlesticks correspond to market trends: Bullish candle - formed when the closing price of the period was higher than the opening price. On the chart, such a candle is displayed in green (on b / w - white) and indicates the victory of buyers in this time. A bearish candle - is formed if the period is closed at a price lower than it was opened. On the chart, bearish candlesticks have a red color (on b / w - black) and they show that sellers are dominating at the moment. ❤️ Please, support our work with like & comment! ❤️
Education
by UnitedSignals
15