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Engulfingpattern

ETHUSD - Building out a bullish bottoming patternETHUSD continues to throw small bullish signals as price meanders around the 120-140 area. Just reading the price action tea leaves we can see that price was able to break above the strongly bearish trend line a few days ago. There have been numerous attempts at breaking back below this trend line but each time it has been rejected. At least on two of those occasions price has strongly bounced off of the trend line and produced a bullish engulfing bar. The next step to watch for a potential bottom to be in place is price to break and hold above the overhead resistance level of around 137. While it's not wise to go long during a strong bear market for short term trades, if you are in this for the long term then this may give some confidence a bottom is finally forming. But as I have said before, this market still has a lot to prove.
BINANCE:ETHUSDLong
by krugman87
EURUSD Long counter trendAmazing trading activity today. I got out of my short on EURUSD with 2R profit as ECB lowered interest rates to be even more negative. Absolute madness if you ask me, but I will trade it happily, while I buy physical could. Anyway, right after I was out of the trade EURUSD rallied higher forming a huge engulfing candle. I will be looking to trade this countertrend entering on the 50% retrace of the candle. Fundamentally lower interest rates should mean downward pressure on the euro, but then again, it is total madness. I trade it as I see it. The fundamentals may play out over a longer period. Date Pair Direction Trade Trend Level Signal Entry 2019-09-12 EURUSD Long Counter Trend Down Static Engulfing retrace
Long
by dave25981155
AUD/USD POSSIBLE SHORT POSITIONFX:AUDUSD After a sharp gain, AUDUSD approached a key resistance zone (around 0.7020), established on the 26th of October 2018. Moreover, tomorrow (2nd July), there's going to be the RBA Interest Rate Decision of July, followed, as usual, by a statement from the governor of the Reserve Bank of Australia, Philip Lowe. At its meeting of June, the Board decided to lower the cash rate by 25 basis points to 1.25 per cent. This boosted stocks in Sydney and weakened the Australian dollar. Some analysist are warning that Australia’s nearly three-decade run of recession-free growth could finally arrive to an end. Those moves could accelerate if the RBA does in fact lower rates further to 1 per cent. Therefore, if this daily candle will close under 0.7, then the bearish engulfing pattern will be confirmed and I'll open a short position, with a stop loss of 0.705 and a take profit of 0.6835, a Risk/Reward (R) of 1:3. If price will successfully reach that level, based on the momentum given by candles, I could decide to lower my take profit at 0.67875, with an ultimate R of 1:4.
Short
by UnknownUnicorn3701608
2
Rare Engulfing Pattern To Dictate Future Movement For S&P500March 4, 2019 saw an engulfing pattern in the candlestick chart for the S&P 500 . Engulfing patterns are not rare, but one that engulfs the the price range for the prior 6 trading sessions is something to understand. I went back and found this same event (engulfing a minimum of 6 prior trading sessions) has occurred in the market only 15 times in the last 40 years. There are roughly 252 trading days in a year. Multiply that by 40 years and there have been roughly 10,080 trading days in the last 40 years. The event has occurred 0.149% over the studied time frame. This would qualify as very rare as defined by the i-base.info website. Okay so this particular pattern is very rare, but why does it matter? Below are the charts for the most 10 most recent occurrences of this pattern. The critical information in these 10 prior instances are: 1. The index's direction prior to the pattern 2. The direction of the first break from the pattern's range The full-analysis is available at my website. The next few days will dictate the accuracy of my analysis July 2017 December 2013 and January 2014 April 2011 January 2005 - January 2007 January 2001 May 1997 - May 1993 -
SP:SPXShort
by StockSignaler
1