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Engulfing Candle

Reversal at GBPCADHere we have an interesting opportunity from a reversal candle on D1 Yesterday GBPCAD closed very strongly down, leaving a long queue at the top before that. In this way he managed to absorb the day before. Viewed on the H1 chart, this represents a break of the upward trend. At the moment we can expect a correction and test of the resistance levels, after which we will see new downward pressure. The next serious support is at 1.7593! If you have questions about how to trade this or another situation, contact us! To support us, like and comment!
Short
by ForexTrendline
6
Bearish engulfing SPY /weeklyIn the chart, you can see all the bearish engulfing signals on the $SPX from 2018. They have all resulted in corrections over the next 3 trading weeks, or a much stronger pullback during 1 week. For a deeper dive on a daily chart view analysis, go to the related ideas below (Market Internals in Trouble) . Positive Note: If we can rally and close on a weekly basis above the high of the bearish engulfing candle; that could would negate the down-trend signal.
SP:SPX
by dorfmanmaster
6
SPX: New record! What's next? A complete analysis (H,D and W).Hello traders and investors! Let’s analyze the SPX this Friday, and do our usual complete Multi Time Frame Analysis (MTFA) by looking at the 1h, D and W charts! The index did a new record high today, which is incredible, and so far, there’s no top, pullback or reversal sign around here. The black line at 3870 is a support level, but the index could drop all the way to the 21 ema, and the trend would still be bullish. The 3827 seems to be another Key Point , but the 3870 is more relevant, and we can see why by looking at the daily chart. The 3870 is the previous All Time High, and if the SPX closes under it next week, then the odds of a sharper pullback increase dramatically. In the daily chart we have some very solid and strong support levels at the 21 ema and purple trendline area , and this area would be a target if the index loses the 3870 again. We should be aware of the low volume seen this week, which is not following the price. According to the 5th Tenet of the Dow Theory, “the volume must confirm the trend”. When we see a divergence like this, is an alert sign to us. Now, the weekly chart: Yep, the index denied completely the Bearish Engulfing seen last week, frustrating any expectation of a pullback to the 21 ema in the weekly chart. Now, the index is doing another ATH, giving a headache to the bears, and again, not a single top/pullback/reversal sign around. We must keep our eyes open and focus on the points mentioned in this analysis, and if you liked it, remember to follow me to keep in touch with my ideas, and please, support this idea if it helped you! Have a great weekend!
SP:SPX
by Nathan_The_Finance_Hydra
9
BTC - H4 - BEARISH ENGULFING PATTERN AND DOUBLE TOP IN PROGRESS H4 : Last candle triggered a bearish engulfing pattern,coupled with a potential double top formation in progress A failure to hold above TS would be the first signal on next candle closing of a confirmation of the pattern previously mentioned. Below watch carefully MBB, currently @ 35691 which I repeat again works very well as leading indicator. H1 : Currently below TS and MBB. KS under attack ! Failure to hold above KS on next hourly closing should trigger further downside towards the 38.2% Fib ret @ 36226 ahead of the clouds support zone (50% and 61.8% Fib ret) M15 : Below KS, TS and MBB and below the clouds too Breakout of former low @ 36819 would trigger further selling pressure calling for targets mentioned in H1 M5 : Very short term attempt recovery, pullback towards the clouds resistance area. Watch former high @ 37966 ahead of the 61.8% Fib ret @ 38018 of the last downside move (38748-36838 A failure on very short term horizon to recover above the latter level would also confirm further downside in the cards Have fun :-) Best Ironman8848
BITSTAMP:BTCUSDShort
by Ironman8848