Get started

Engulfing Candle

SPX: Pullback? Maybe. Reversal? No.Hello traders and investors! Ok, so SPX did a new ATH today! This is incredible, right? Let’s see how to proceed from now on. The black line was the ATH before Covid-19 crash. Today, SPX clearly traded above it, but the movement wasn’t strong enough, and now it found its previous support at the purple line (3370). If this purple line doesn’t hold the fall this week, we’ll see a further pullback to the blue line at 3327, meaning SPX could drop around 1.3% in the next few days . But we must wait to see some confirmation , because it seems the support at the purple line is holding the price, for now. But since the trend is still bullish , a pullback would just be opportunity to buy. There’s nothing indicating us that the trend is going to change. Now, the daily chart: Today’s candlestick is pretty bearish, right? A Bearish Engulfing with low volume. In fact, the volume is decreasing lately , just when we are near the ATH. Maybe this is an indicator that the market doesn’t find the current level interesting anymore, and we need to see a pullback to get more stocks at a cheaper price. I never recommend to anyone to short an asset that is clearly in a bull trend, as the R/R ratio is almost never interesting. But when we are near resistances in a bull trend, I see just opportunity to book profits and wait for the next movement. If you ask me, SPX could drop something around 3% and hit the zone of this pink line at 3280 and this would be ok. The trend would still be bullish, and we would have more opportunities to buy stocks for a cheaper price. And please, support this idea if you found it interesting! And you are invited to follow me for more analyses! I just write a few per day, so, I wont bug you too much. Right now, I think is just the moment to manage positions. Not the right time to buy, neither to short. Yes, SPX could drop 3% in the next days, but we still don't have the confirmation of a pullback yet, so, be careful! Recent public trades (links below): XP: +30% AAPL: +10% LB: +45% UKOIL: +62% Congratulations to all of you, my dear subs, who believed in my trading methodology, and challenged the world by being a bull! We deserve to celebrate! BECOME A MEMBER! Remember to follow me , I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped. Thank you very much. * LIKE this idea and FOLLOW me, because: - Here, you will see clean charts; - Trades with clear risk management; - The best of Dow Theory, Price Action and Candlestick psychology; - Chart patterns with statistics. * * My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
SP:SPX
by Nathan_The_Finance_Hydra
6
New USDCAD bottomsWhile major pairs are still consolidating, USDCAD is making new lows. Here things seem extremely clear. - we have a downward trend of D1 - we have a downward trend of H4 - we have a downward trend of H1 - break of support - engulfing candle of H4 We expect the movement to continue towards the following supports: 1.3144 1.3107 Watch for a break in the trendlines and for initial depletion signals. To support us, please like and comment. Everything else is in the signature section!
Short
by ForexTrendline
2
AUDJPY best time to BUY? Reasons : In AUD/JPY price protected by serveral important factors which: 1. As you can see , price react to EMA 22 very well, EMA 22 currently price: 1.7100 2. This Pair Price protected from bears by very important static support ( this support was a resistance , when it breaks turn in to support ) :1.7060 3. Our Trade Stoploss protected by nice trend line ( DYNAMIC support ) near static support. 4. After hanging man candel stick , we saw a full engulfing candel but bulls use any chance to buy at our setup entry price ! it means there is a great DEMAND area! 1:2 RR
Long
by FOXofFX
2
USDJPY - Next MoveLooking into the higher time frames we can see that we broke the bullish flag formed and are now sitting around the key level of 105.500 waiting for the markets next move. The last daily candle closure was a bullish engulfing candlestick suggesting price may want to continue up into the key structure marked after making a slight pullback. If we don’t see this and price wants to break the 105.500 level, our long term target will be 101.500 depending on how the DXY performs. Our most recent COT data source is showing a 59.2% of commercial players are long on this pair.
by AlkalineFX
BTC broke out of the downtrendWelcome fellow Tradingviewers, This analyses is a follow-up from our BTC halving TA and this analyses has proven to be effectious. If you haven't already consider reading that analyses before going deeper into this one. In this analyses we are going to show you our view on the current market situation for Bitcoin . We will be analysing BTC using a top-down strategy , including candlestick patterns , indicators and price patterns . Monthly: - The monthly close was a bullish engulfing candle. - This close was the 2nd HIGHEST CLOSE EVER for Bitcoin. - We are still above all moving averages. - We have closed the monthly above the 10800 monthly resistance. - We have a bullish MACD Weekly: - We closed the weekly as a bullish engulfing candle. - We have broken out of the downtrend formed from the top to 14K. (Dashed line in the graph) - We can see a good accumulation period in the circle above the 50MA where the dashed line seemed to be the resistance. - We closed below the 11500 weekly resistance. - We still have the strong W formation on the MACD. - The MACD is bullish and shows strength. - We are well above all MA's Daily: - We closed the last daily candle as a bearish engulfing. - We have tested the 12K resitance once. - The MACD is bullish. - We are well above all MA's In summary: In our last analyses we clearly stated that before reaching higher we had to break 10K for a shot at 11.5K. We clearly hit both targets . We have broken out of a huge downtrend on the longer timeframes which indicates that the most probable way is up. The W formation in the MACD is showing strength and the volume seems to be confirming the bullish picture. There is still room for consolidation (in the short term) and we might even retrace back to the dashed line before moving higher but at this moment that seems rather unlikely. The most important thing from our point of view is creating a higher high on the weekly timeframe. The last weekly close was not high enough for us to begin thinking about the possibility of it becoming a higher high and for the confirmation of the bullish trend a higher high on the weekly is much appreciated. So we broke out of the downtrend and are now waiting for a higher high to be made to confirm us going higher. This analyses is only intended to share my idea, to educate and entertain you guys. This should not be considered as financial advice. I hope you guys enjoyed this analyses, if you did don't forget to leave a Like! If you want to share your thoughts, please do so in the comments below! Kind Regards, Frank | Forallcrypto
BITSTAMP:BTCUSDLong
by ForAllCrypto
3 of 3 Candlestick Patterns That Pinpoint ReversalsBullish Hammer Candlestick These candles are easy to spot and they generally have taller wicks than their bodies, resembling a hammer's handle and head. They tend to close without (or with very little) upper wicks. Here's what a bullish hammer candlestick is telling us: Price opened near the highs of the candle and although sellers initially succeeded at pushing price lower, they lost the final battle when buyers tipped the scales in their favor again by closing price higher than the opening price.
COINBASE:BTCUSDEducation
by Tradingstrategyguides
2 of 3 Candlestick Patterns That Pinpoint ReversalsBearish Hammer Candlestick (AKA Inverted Hammer) These bearish formations are simply upside down hammers, and are also known as inverted hammers. Here's what a bearish hammer candlestick is telling us: Price opened near the lows of the candle, and although buyers initially succeeded at pushing price higher, they lost the final battle when sellers tipped the scales in their favor again by closing price lower than the opening price.
Education
by Tradingstrategyguides