Episode 179: How to Trade Bearish Engulfing Pattern - Best Candlestick Patterns - Trading Strategy

Episode 179: How to Trade Bearish Engulfing Pattern - Best Candlestick Patterns - Trading Strategy
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    welcome to another episode after 10,000 trade show review mastering trading and
    creating excellence through the deliberate practice and analysis of
    10,000 trades in this episode we are going to look at a bearish engulfing
    trade setup a bearish engulfing trade setup is an easy to identify trade setup
    it's a reversal pattern and we're looking for price to drop a once we see
    this setup so let's go onto the charts and we'll take a look at how to identify
    this trade setup we're to enter the trade where to place our stop loss and
    as always how to exit the trade with a profit
    here we are looking at a bearish engulfing trade setup this is euro yen
    one-hour chart a bearish engulfing candle is one that takes over or engulfs
    the previous price action so this is our parish engulfing candle this is a
    bearish trade setup which means we're looking for price to move lower after
    this point so generally will find this bearish engulfing candle at a support
    and resistance level as we can see price has reacted at this level before and
    once price gets into this level we get this bearish engulfing candle which
    means there are no more buyers left and prices willing to move lower because the
    sellers have stepped in right now so after we get this candle we look for a
    bit of a pullback or you can take an entry at the close of this candle our
    stop would go above this previous high just in case price decides to come and
    test this level once again and we stay with the trade for as long as prices
    moving lower here we see that price tries to push lower but then we have
    price coming back and closing above our pivot point level here which is our s3
    pivot point level and here we can also see that prices into the next support or
    resistance area so this is a good time for us to close our trade out from entry
    to exit here we get 90 pips in our trade so just to recap a bearish engulfing
    trade setup is where we see a bearish engulfing candlestick formed at an
    important support and resistance level we look for this candlestick once we see
    the candlestick we look for price to move lower so we enter the trade short
    here our stop would go above the previous highs here and we stay with the
    trade for as long as prices moving lower once we see that price comes into the
    next support and resistance level we get a bullish candle close here and price is
    not able to hold below our s3 pivot level here we can exit the trade from
    entry to exit we get 90 pips in our trade so our profit is 90 pips or $900
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    Venus com forward slash forex course thank you so much for joining me today
    if you liked this episode please feel free to subscribe to the channel and
    share it with your friends I'll be back with another great trade setup next time
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