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Engulfing Candle

SHORT ON GOLD - SUPPLY & DEMANDGOLD is currently at a key supply zone, marked out on the 30M timeframe. Previously, GOLD has rejected this zone with strong momentum, and we can already see strong selling pressure at this zone. We've just seen a huge bearish engulfing candle formed the 30M timeframe, creating a new lower low. I am now looking for GOLD to come up to supply once more to complete the head & shoulder pattern making that lower high which so happens to line up with the 61.8 Fibonacci level. I personally believe GOLD is heading higher into the 1800 (Golden zone) where we have another supply zone, however GOLD has started to reject the 30M supply zone instead but please do trade with caution! Long-term- I believe GOLD is going to break out of this range and head up to the mid-1800 area in the next few weeks/months. This idea is fuelled by the high inflation rate around the world, specifically the US where they are at a 38 year high of 6.8%. GOLD is seen as a hedge against inflation and with concerns over the new Covid variant, investors may start moving their money into safer assets such as GOLD / US Dollar / Japanese Yen. This is merely a possibility and a trading idea so please do trade with caution and ensure correct risk management is implemented. Good luck and let me know your thoughts!
OANDA:XAUUSDShort
by TomBray1
1
3 Potential Indicators of HUGE Gainz!!1. High Demand Area - Every time price has been in this purple box area it has made BIG to moderate upward moves. 2. The biggest Parabolic upside move for CROUSD was after the bullish engulfing candle as marked. Now we could close today at another bullish engulfing candle again.. which means that we might expect similar up action to follow like last time (to a price of around USD 1.00 or above). I say that because the last time we saw a bullish engulfing candle in this high demand area in this same order - we experienced this massive parabolic up-move on 4 consecutive days - reaching a price level of 96 cents. 3. This play perfectly lines up with the stochastic RSI momentum as demonstrated, if the crossing of the blue line over the red line and then working upwards back into the zone away from "oversold" area and keeps moving up - buyers at current price may see really good profits perhaps a 2x of investment if reaching over a dollar after this potential bull run that I am expecting.
COINBASE:CROUSDLong
by robbanoscars
5
PYPL - could have bottomed outPYPL broke down from a messy Head & Shoulders formation of sorts (head-shoulder-head-shoulder) in Oct and had been trending down strongly since. It eventually came down to about 180 on 1st Dec last week, which incidentally was it's H&S target and also a possible horizontal support zone here. However we only see a decisive bounce off this level today, opening with a gap up, leading to the potential formation of a bullish engulfing candle on the weekly timeframe. With a confluence of factors (H&S target, horizontal suppport and potentially bullish engulfing on weekly), I am fairly optimistic that it could have bottomed out. I will venture a long today with initial stop stop slightly below $179. Will take partial profits around $225 (a gap fill) and protect remaining positions with trailing stops. Disclaimer: TA is about improving our odds of a successful trade (not a guarantee). This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Thank you. Do give me a thumbs up if you agree. Feel free to let me know what you think! :)
NASDAQ:PYPLLong
by Juliac
XAUUSD D1 possible H&SAlthough xauusd is negative in monthly and weekly time frame, in daily time frame i see a Head and Shoulders formation possible. The reasons listed below are what make me say gold will grow at least to 1807-1814: 1- D1 bull Engulfing Candlestick Pattern. 2- breakout of H4 down trendline. 3- H4 MacD Divergence 4- 1807 is the top of the left shoulder I expect a pullback to 1771 (the 1st support level) the next 2 days before rising in a number of days to the TP proposed. So i will order a buy limit at 1771 with a Sl below 1758 (the last Mn and W1 lows) plus H4 1 ATR points. Please search hot to use ATR indicator for SL. Feel free to comment with your own view ❤️
TVC:GOLDLong
by majexx
DEEPAK NITRITE - Bullish Engulfing at Retest - Swing TradeThe analysis is done on weekly TF hence price may take few weeks to few months in order to reach the targets. Trade setup is explained in image itself. The above analysis is purely for educational purpose. Traders must do their own study & follow risk management before entering into any trade Checkout my other ideas to understand how one can earn from stock markets with simple trade setups. Feel Free to comment below this or connect with me for any query or suggestion regarding this stock or Price Action Analysis.
NSE:DEEPAKNTRLong
by TradewithAditya
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