To find the stop order I measured the size of the engulfing candlestick (1325 pips) and divided by 3 as this the rule I use to identify what counts as a engulfing candlestick. The candlestick has to be at least 3 times as big as the previous candlestick. Therefore 1325 /3 = 441.6 pips below the candlestick. The stop order will therefore be 7241.9
The Entry will be the opening price on the body of the engulfing candlestick. 7272.4
The Target is 1% above the entry price 7481.5
Although the target is achieved, and the trend does continue to grow. I cannot find any other suitable engulfing candlesticks which will provide me with a clear entry. Other strategies will need to be used, as I may be missing out on valuable trades.
The Entry will be the opening price on the body of the engulfing candlestick. 7272.4
The Target is 1% above the entry price 7481.5
Although the target is achieved, and the trend does continue to grow. I cannot find any other suitable engulfing candlesticks which will provide me with a clear entry. Other strategies will need to be used, as I may be missing out on valuable trades.