Engulfing Pattern
If you look at the week chart on AU, you can see 7 wicks have been thrown to the 0.73832 area,
and hasnt had a candle close below that are since JAN 2017.
SHARK HARMONIC PATTERN ON THE WEEKLY CHART
WITH AN ENGULFING PATTERN ON THE DAY.
BUYBUYBUYBUYBUY
goyankees85 posted:
The engulfing pattern is by far one of the most important, but ignored patterns in forex. Although you clearly have only one type of engulfing pattern, WHEN the engulfing pattern occurs is the by far one of the most important things in forex. Have a look at the picture below and tell me how many engulfing patterns do you see between the 0.0 and 100.00 fib level.
I see 2 engulfing patterns
Best Regards,
Dom
goyankees85 posted:
The engulfing pattern is by far one of the most important, but ignored patterns in forex. Although you clearly have only one type of engulfing pattern, WHEN the engulfing pattern occurs is the by far one of the most important things in forex. Have a look at the picture below and tell me how many engulfing patterns do you see between the 0.0 and 100.00 fib level.
Thanks for highlighting the significance of the engulfing pattern in forex trading! Indeed, the timing of when this pattern occurs can greatly impact trading decisions. Engulfing patterns can signal potential reversals or continuations in price movements, offering valuable insights for traders. I'll take a look at the picture to identify the engulfing patterns between the 0.0 and 100.00 fib level.
"The engulfing pattern is a really powerful signal, especially when confirmed by additional indicators and support/resistance levels. I often use forex data feed to get high-quality real-time price streams - this allows me to better analyze candlestick patterns. The main thing is not to trade blindly, but to wait for confirmation from volume and market dynamics. Only in this way does the engulfing pattern become a real advantage, and not a random signal."
HMA65153 posted:goyankees85 posted:
The engulfing pattern is by far one of the most important, but ignored patterns in forex. Although you clearly have only one type of engulfing pattern, WHEN the engulfing pattern occurs is the by far one of the most important things in forex. Have a look at the picture below and tell me how many engulfing patterns do you see between the 0.0 and 100.00 fib level.
I see 2 engulfing patterns
I see 3 engulfing patterns (2 bearish and 1 bullish) or??
The Engulfing pattern is one of the most reliable candlestick formations when traded correctly. A bullish engulfing at a strong support level, or a bearish engulfing at resistance, can offer excellent risk-to-reward setups.
In my experience developing automated trading strategies, I've found that the Engulfing pattern performs best when filtered by trend direction on higher timeframes and confirmed by momentum indicators. Trading it blindly on every occurrence leads to poor results, but with proper confluence it becomes a powerful tool.
One thing I always check: the size of the engulfing candle relative to recent volatility. A small engulfing in a high-volatility environment is less significant than a large one during consolidation.
