I don’t know that I understand most of this yet ; but do ask if the section on engolfing candles is completely correct or if possible error there? As don’t see that 2nd is bigger or the part about “ won’t have an instance where the close of the first body is different than the open of the first “ ?? Is this correctly written Terry sir?
Hey Terry, related to the Engulfing candle formation, I see multiple candles that look like bullish Engulfing candles, but are not called out. Is this because you focus on those closest to support and resistance?
Yep. There are going to be plenty of these candle setups that provide multiple possible entry points if you are looking for a trade. Focusing on bullish candles when they appear closer to support gives you less risk in a trade. There will be more buying pressure behind your position than selling pressure, presumably. Also if the price goes against you your stoploss will be closer (just under support) so you lose less money.
Good stuff Terry. I think I'll make up some small posters to hang above my desk with these important candlestick patterns to help me remember what to be looking for.
I don’t know that I understand most of this yet ; but do ask if the section on engolfing candles is completely correct or if possible error there? As don’t see that 2nd is bigger or the part about “ won’t have an instance where the close of the first body is different than the open of the first “ ?? Is this correctly written Terry sir?
https://www.screencast.com/t/HeI2gswvWh8F
Hey Terry, related to the Engulfing candle formation, I see multiple candles that look like bullish Engulfing candles, but are not called out. Is this because you focus on those closest to support and resistance?
Yep. There are going to be plenty of these candle setups that provide multiple possible entry points if you are looking for a trade. Focusing on bullish candles when they appear closer to support gives you less risk in a trade. There will be more buying pressure behind your position than selling pressure, presumably. Also if the price goes against you your stoploss will be closer (just under support) so you lose less money.
Good stuff Terry. I think I'll make up some small posters to hang above my desk with these important candlestick patterns to help me remember what to be looking for.
Not a bad idea. In no time though you won't need it. It's one of those things you just can't unsee.
This is great! Thank you PS!