Sell on a bearish engulfing pattern, confirms resistance.
the uptrend was formed by 3 consecutive spinning tops which shows lack of buying force.
Risk reward is 1:5
Place break even when price goes down to minor support, small lower shadows. @ 1.2488
Price found support at 50 EMA and 50% retracement fib as shown by long lower shadow, small red bodies candle.
I put an market order buy at green candle.
Place my stop below the 61% FIB
Bearish engulfing pattern confirming support, reinforced with candlestick weakness as shown by doji and spinning top.
Target: Measured move using fibonacci candle 38%
Stop; Just above the candle signal.
Entry Price: 0.61890
Risk:0.61263 just below the break out resistance line.
Initial Target: 0.63500
What did you do the trade? Trade on breakout of this trading range. My only concern is I didn't notice that this level is a previous support that was broken last March 2, 2020.
The breaking candle has wide whit body signifying that buyers in control.
Stock indexes are rising right now, I think its time to join the momentum.
Trade details:
Price action break out the resistance level shows by bearish engulfing pattern and high wave candle. I interpret this as breakout trade.
Place my stops just below the low of a large white body breakout candle.
Target is the significant resistance.
Sell signal list:
1. 200 day moving average
2. upthrust 50 moving average
3. Previous support now becomes resistance
4. 50 % retracement
5. Candle signal of shooting star long upper shadow.
Bullish engulfing pattern prints, narrow range or small bodies red candle appear, I interpreted it as exhaustion of sellers .
R/R 2:1
Risk profile: Controlled.
Enter after a breakout of last friday support price action.
target will be the 1270 level where prices makes a test multiple times
Fundamentals still hold up till this moment, But the calendar is full of economic data specially the mother one on Friday.
Risk is still in play
Asian markets and USDJPY strong at the open.
Im looking for a short scalp in here.
