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Engulfing Candle

EURCAD Support & Resistance TradingSTRATEGY: Support/Resistance Trading Strategy Focus Time Frame: 1H Long Term Trend Time Frame: 1D/4H Market Condition: Ranging Area of Value (AOV): Resistance (Price at Resistance Zone) 1.47387 - 1.46936 Entry Trigger: 1H: Bearish Pin Bar 4H: Bearish Engulfing Entry Price (EP): 1.46725 Stop Loss (SL): 1.47432 Take Profit (TP): 1.44753 (2.79R) Analysis: EURCAD is currently at a ranging market condition as we see clearly on the chart. Looking on the 4H Time frame, we can see that price rejected the Resistance Zone with Bearish engulfing. On 1H Time Frame, the zone got rejected with 2 bearish Pin Bars. Prior to these, we can see that the price approached the Resistance Zone with High Momentum. This usual type of move approaching either Support or Resistance Zone usually indicates trend reversal. OANDA:EURCAD DISCLAIMER: This post is for my reference/journal purposes only. Trade at your own risk.
Short
by jumpstartscript
1
Wood Group - Corrective move higher expected.Buy Wood Group (WG.L) John Wood Group PLC is a United Kingdom-based energy services company. The Company provides a range of engineering, production support, maintenance management and industrial gas turbine overhaul and repair services to the oil and gas and power generation industries. Market Cap: £2.3Billion The long-term trend does not paint the best of pictures for Wood Group but there are some signs of the bearish momentum stalling. A few hammer candles have formed around support at 326p. The large bullish candle that has formed today looks set to burst through resistance at 362.5p. There is potential for a recovery move towards 510p over the medium term. Stop: 334p Target 1: 400p Target 2: 510p Target 3: 600p Interested in UK Stocks? Join our free Telegram channel for up to date analysis on the best main market opportunities in the UK right now - t.me
LSE:WG.Long
by Investamate
The rand could be set to take a beatingThe budget speech takes place later on today and the recent events in South Africa has created an impression that lacks confidence from investors. The Eskom debt and maintenance debacle is not going down well with Pravin Gordhan holding his cards close to his chest on plans to get the troubled utility back on its feet and avoid affecting businesses as has happened earlier in 2019. On the political end the DA leader had resigned as did the mayor of Joburg creating more uncertainty in one of the fastest and financially powerful cities in the country. The unemployment rate is at an 11 year high nearing the 30% mark which reinforces the clear picture of a failing governance plunging into poverty. Now with some of the fundamental things out in the open I'll dig into the technicals BECAUSE IT WORKS (Sorry fundamentalists!) The market is currently trading slightly higher after reversing at the previous low around the 14.50xx zone. When I draw a support level here I can see respect to this level when checking back so I am interested to trade off this level - giving the budget speech perfect timing to be a catalyst for the market to move from this level. I have noted that the daily time frame shows a bearish market HOWEVER there is a bullish engulfing bar completed on the same 14.50xx level. A bullish engulfing bar on support on the daily and 4 hourly time frame? Really? See where I am going with this? I'd like to see the market structure promote bullish momentum by means of forming higher lows where a pullback can be used for an entry. My heart says buy but my head works on the technicals so for now I wait and see IF a signal comes forth. Moody's is also to provide their rating on SA and the investment grade seems likely to drop to junk due to all the problems the country and political parties are facing. Well what do ya know.....so many influencing factors. Trading purely on the fundamentals can leave you with a damaged account and a news headline saying "the move was already priced in" - go figure hehe. Let's see what shakes :)
by Cmasterza
4
Confluencing factorsA 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 risk. Don't invest what you can't afford to lose. This is not investment advice. Subjective view/report of a financial product only. You can learn price action trading at no cost. Join my mailing list to receive more information zc.vg DISCLAIMER All information published within this website is purely for educational purposes and offers no guarantees. Profit Fx, Forex Bootcamp and any of its associates cannot be held responsible for any trades that you have executed in any way whatsoever. Please familiarize yourself with the relevant risks involved when trading forex, CFD’s and other products. Any trading is done solely at your own risk. Profit Fx, Forex Bootcamp and any of its associates are in no way employed by any broker or any other legal entity. All information published within this website does not constitute advice, but rather objective information about a financial product and analysis or report of a financial product.
Long
by Cmasterza
1
Reversal at resistanceLower 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 target must be at least 2x the risk. When looking on the higher time frame, its noted that the potential for a bearish move much more than the initial target is very likely. Don't invest what you can't afford to lose. This is not investment advice. Subjective view/report of a financial product only. You can learn price action trading at no cost. Join my mailing list to receive more information zc.vg DISCLAIMER All information published within this website is purely for educational purposes and offers no guarantees. Profit Fx, Forex Bootcamp and any of its associates cannot be held responsible for any trades that you have executed in any way whatsoever. Please familiarize yourself with the relevant risks involved when trading forex, CFD’s and other products. Any trading is done solely at your own risk. Profit Fx, Forex Bootcamp and any of its associates are in no way employed by any broker or any other legal entity. All information published within this website does not constitute advice, but rather objective information about a financial product and analysis or report of a financial product.
Short
by Cmasterza
1st Outside Green Trend Bar In Over 3 MonthsToday 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 trading bullishly against the overall down trend with a target at Philakone's 8800 level. Today I daytraded long and kept half my position open for an overnight mini swing. I am considering adding to that position at least until it gets to the other side of the pitchfork. I am not so bullish that I think it will shoot straight to 20k from here. I especially will become very bearish if it gets into the 9300 region where it is likely to stall out and reverse.
BITSTAMP:BTCUSDLong
by mljones
AUDUSD - Hanging Man / 2 Bar engulfing on Supply Level - SELLHi 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 a supply and demand theorie. Always remember to trade with proper money management. I recommend a maximum risk of 2%.
Short
by Sturlison_98