Use The Engulfing Pattern In Your Trading
There are more than a
dozen candlestick patterns. Of course, you do not have to memorize
them all. In fact, so many successful traders do not use candlesticks at all. I
use them, but I am interested in only a few patterns. Let me show you one.
10:04:21 (From TradersWire)
| Action | Symbol | Order Type | Setup | Stop | Current Price |
| Buy | YM | Market | Long Gap Pullback |
10735 | 10755 |
Shortly before 10:00 AM, YM (Mini-Dow)
broke down below a gap zone (Overnight sessions are excluded). It appeared YM
was ready to go a lot lower. But, it was touching the 50% retracement level. So,
I decided to observe. As you can see below, YM immediately formed a bullish
engulfing bar. We bought it at the market.
10:11:06
Follow up on YMÂ
Have a productive afternoon session.
If you have questions, feel free to mail them to me.
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