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Engulfing Candle

S&P 500 Bearish Engulfing+2 Following Shooting StarA closer look at the month of February shows that we had a bearish engulfing candle + 2. A bearish engulfing candle is one where the high of the candle and low of the candle completely engulfs the previous candles high and low(shown with blue lines) and indicates a potential reversal to the downside. The +2 indicates that the bearish engulfing candle not only engulfed the previous candle, but also engulfed the two candles before the preceding candle as well. February’s low was .10c above October 2019’s low which kept this from becoming a bearish engulfing +3. While this bearish engulfing candle on its own is bearish, a trend reversal isn’t confirmed until/unless we see a price move lower on the following candle(March 2020). If March price moves and closes lower than February’s low it can be viewed as a trend reversal and end of the 10-year bull market rally. February’s bearish engulfing candle comes on the heels of a shooting star candle created in January of 2020. A shooting star candle is a bearish candlestick with a long upper wick with little or no lower wick. Shooting stars appear after an uptrend in price. The distance between the highest price of the candle(top of the upper wick) and opening price(top of the candle body) must be twice the distance of the candle’s body to be considered a shooting star; the upper wick must be twice the length of the candle body. Shooting star candles are most effective when they occur after a series of three or more consecutive rising candles, which this chart shows. We now have two bearish candles on the chart with last months shooting star and this months bearish engulfing, both of which indicate that a top in price has likely been made.
SP:SPXShort
by PrepForProfit
BTC- Go lower in order to bounce higherHello traders! Despite the 100 millions long liquidation and the drop of 10% open interest during the epic bull trap last week, the maximum selling pressure still seems far away. The only way to go up is to dip down further in order to reach for more selling liquidity. I believe we will continue to see more moderate supply runs follow by weak demand runs until strong limit sell orders and sell walls show up with the conviction. Of course, not completely ruling out the possibility of the bull flag momentum run yet. Though unlikely judging by the weak daily buy volume. Please click like and follow me if you find my analysis useful. Happy trading :) Please do your own due diligence and research. My analysis is only my opinion, not the investment advice. twitter.com
BITMEX:BTCUSD.PShort
by Libratus
1
GBPNZD SUPPORTThis is a good example of using support to your advantage when trading. If you look at the two highlighted areas at support price created bullish engulfing candles. It was a matter of time before price was going to take off. Finally price slow down giving some consolidation this could be a potential entry for a buy. Been able to secured an overall of 160 pips with only risking 30 pips. This is just an example of how you can support or resistance and candlestick structures when you maybe unsure about a trade.
Education
by pliger4
LTCBTC trendreversalWelcome fellow tradingviewers, For the ones following me for a longer period of time we have mentioned a possible trendreversal on LTCBTC a couple of times. After our last analyses we had a small fakeout to the downside with the miners capitulation sending the prices into one last dark hole. Since then prices have returned to the mean and we are now getting even better signals. So lets jump straight into analyzing shal we? Monthly : - A candle closure above 0.0065 is very likely to happen, this would indicate a bullish engulfing candle of the monthly which is a great indicator for further upside. - The volume picture is also corresponding with the bullish engulfing, increase in volume + increase in price = upside potential. - Next real resistance would be located around 0.008 Weekly : - This weekly candle is also trying to become a big bullish engulfing indicating more upside to come. - Weekly MACD crossed bullish which is a big thing (if you want to know why check our last analyses) - Resistance located around 0.007 Daily : - 5 candles ago we had a bullish engulfing candle indicating more upside, which seems to take place as of today. - Daily closure above 0.0069 would mean that the 200 daily moving average has been overtaken, which would mean that the TREND has CHANGED ! So depending on the daily close of today you could state that the trend on LTCBTC has changed and that we are now once again looking to open long positions. LTCBTC is soon getting its own ASIC miner which would make the mining of LTC become more profitable indicating that more people will start mining again. So in summary: We are really bullish on LTCBTC if we get a closure above the 200 (D)MA and a bullish engulfing on the monthly, then the trend is changed in our opinion and we could be in for a long lasting bullrun. This analyses is only showing you guys our vision on LTC and should not be considered as financial advice. If you agree or find this analyses useful let us know in the comments below and don't forget to leave a Like ! Kind regards, Forallcrypto
Long
by ForAllCrypto
2
SPY - pullback before upward move, short term ideaHi Everyone, An update on the SPY charts Bulls have been full throttle and enthusiasm has been at its peak. A quick look on the charts, after a strong uptrend, we can see a Bearish engulfing pattern that has developed on the daily chart, this could be a sign of shifting hands of powers from bulls to the bears, at least momentarily. Also RSI already near overbought zone, a good case to go short for the short term. On daily charts, next support level is 327.31 and 325.10 levels On 4hr charts, support at 327.37 and 325.09 On shorter timeframe, 30m charts, support at 327.36, 326.81 and 325.19 Trust this helps If you like what you see, share a thumbs up! Cheers
AMEX:SPYShort
by LoveForCharts
USDNOK Jan 24, 2020We can clearly see the touch on the resistance and a clear rejection with the bearish closed candlestick (I am looking at my broker's chart which is a bit more accurate compared to this SAXO BANK). We can also see that the bearish (red candlestick) is bigger than the green which indicates a bearish engulfing pattern and therefor a reversal. !!Another sign is the overbought position the pair is in and the bearish divergence we can see. I am waiting for a big move to the downside. And therefore I will short this pair!! Disclaimer! This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Short
by Mete_forex