Do Engulfing Candles Work? 🤨

22 באפר׳ 2023

Yes Engulfing Candles work but it depnds on the context. If are at either a Weekly, Daily or 4Hr level then I will have more confidence in my entry. If not then we may just be selling into momentum and getted rekt while price goes the other way and we weep as our ego suffers. We have a minor zone at 1880 but nothing more than that, at least considering what is relevant personally. However, we have had sustained bearish pressure on the higher TF's such as the Daily/Weekly and appear to be printing solid engulfing candles on those timeframes. 1 More day for the weekly candle to close. I can observe price potentially returning to the lows for more liquidity around 1840
and going into a range. If not then candlestick patterns dnt wrk and that's why we always stick to combining confluences, and considering context before entering after a candlestick pattern. Thinking more range before we see 1942 again.

23 באפר׳ 2023

הערה

Price returned to the lows for more liquidity as anticipated around 1840. We tapped into the daily Level at 1847$ Engulfing Candles it turns out do work. 🔥

23 באפר׳ 2023

הערה

price has returned to the lows for liquidity at 1840 and could range now.

if not then I can see price dropping to friday's daily low at 1824

24 באפר׳ 2023

הערה

Engulfing Candles Do work
We dropped to Daily Lows at 1824 and beyond to 1808
4Hr Zone. The Weekly Candle closed like a large engulfing
candle. We were anticpating a bottom wick on the current weekly candle
which is subsequently a leg to the downside on our Intraday Timeframes here 30m Chart -->>