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Engulfingpattern

GA Short - why we took the tradeAs it is the easter break for many countries - today is a great day to review trades. For us - we review GBP AUD we have a great one hour supply zone which was broken and retested as expected to grab and accumulate a few more orders. we have a strong downward push candle which takes us 100pips further down - and continues to fall as bearish move is very strong - there is not a test at all by looking at the 30min wick. From here price creates lower lows until a final push into the demand zone - and creates a rejection wick. Price then begins to side line as buyers enter the market above the daily zone. Now we see a final push of profit taking by the sellers - forming a base. Next demand takes over.
Education
by LupaCapital
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