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SPY Bearish Engulfing +2 CandleWhat started off as a strong move higher today with a slight gap at the open, ended with price filling the opening gap and finishing in the red for the day. In the process, SPY has put in an outside reversal, or bearish engulfing candle, which eclipsed the three prior daily candles. When the body of the current daily candle engulfs the previous daily candle it is called an engulfing candle, and on a down day like today it is a bearish engulfing candle. Since price also eclipsed the two daily candles prior to yesterdays candle it is called a bearish engulfing plus two candle(BE2). The more candles that are engulfed the more negative or bearish you can consider the candle and outlook. This BE2 also occurred near the apex of a rising wedge pattern which tend to be bearish patterns on their own that lead to downside moves in price. Be careful out there, raising your stop-loss orders on long trades isn't a bad idea here, especially if you are in the green and want to lock in some profit.
AMEX:SPYShort
by PrepForProfit
1
We look for Reversals...Just an insane day in the Markets, As we knew.. we did not hold short. What did we know, we look for a reversal. We hit our outside quarter target and fell a bit more towards our 420 level before ripping almost 20 points into the close. Is this the bottom? It does NOT MATTER. We trade what we see, each day is a new day. This market can fall just as quick. We add our probabilities and take the highest set ups. Good job to those who caught the reversal here.
AMEX:SPY
by MoneyFlow_Options_Community
1750 support level is the gold next stop? (ROADMAP)after a long rally journey, gold formed bearish outside bar and inside bar combo on the daily timeframe followed by strong momentum bearish candle, from my own perspective I only sell if the price successful to breakout the trendline support structure. **Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions. Traders!! if you like my ideas and do take the same trade as I do, please write it in a comment so we can manage the trade together. _____________________________________________________________________________________________________________________ Thank you for your support ;) GWBFX
FX_IDC:XAUUSDShort
by GWBFX
9