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Engulfing Candle

EUR/GBP- 4 Hour overviewHello everybody! -On a 4-hour chart, we can see that the price reached a resistance area, and then the price formed a very nice double top pattern. -We can see that the price is forming bearish engulfing right now and that is a strong reversal signal. -On a Stochastic indicator, we can see that the price is in an overbought condition so we may expect some bearish power to take control over this pair. -On a 4-hour base, EUR is the weakest currency at this moment and GBP is in a pretty solid condition while on a 8-hour base, GBP is a little bit weaker than USD. -If EUR remains weaker than GBP then we can expect that the price is going to continue moving in a bearish direction. -WHAT DO YOU THINK ABOUT THIS SETUP? Please let me know in the comment section! THANKS FOR READING! -If you have some different opinions please let me know and if you like this please hit that like button and give me support, I will appreciate every support. -Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not a Financial advice.
by lCrn49
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Bearish Engulfing Pattern | AUDUSDThe Bearish Engulfing pattern consists of two candles. First one is a small upward candle followed by large bearish candle. The bearish candle must absorbs completely the previous one formed during the uptrend. The bearish candle is not required to cover the shadows of bullish candle. Requirements for validity: 1. Market in uptrend; 2. Small bullish candle; 3. Second one is large and bearish that compleately cover the bullishcandle. Tips: These are standard trading rules. There are many more specifics about order placement that I will reveal in the next posts! 1. Do not trade by candlestick analysis only! 2. Always do combine at least two or more analysis! 3. For example: - trend analysis (always works); - support & resistance analysis; - Fibonacci. 4. Follow us for more tips and analysis! Recommendations: Confirmation in the form of a downward candle with a closing price lower than the previous one or a downward gap is recommended, to be sure that the trend is reversing!
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by ForexTrendline
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Waiting for the FED | AUDUSDAUDUSD reached its highest levels since the beginning of the year, recovering the entire decline! Yesterday we saw a Bear Engulfing, which signals the current exhaustion of the rise. It's caused by the accumulation of profits and the possibility of adjustment. Today at 18:00 (GMT) we expect Fed Interest Rate Decision. The news will be a catalyst for movement. As no matter where we see a breakthrough, we expect the price to continue. It is possible to place pending orders. Support levels: 0,6681 0,6538 0,6458 Resistance levels: 0,7177 0,7273 0,7357 If you find this useful - give us a like! If you have the same or different vision for the future movement - comment!
by ForexTrendline
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