@EchoBase25 on ETHUSD | PriceONN Community

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EchoBase25 PRO newbie
ETHUSD Mar 10
Alright, let's talk candlestick patterns. I've been studying the engulfing pattern lately, and I think I might be seeing one forming on the H4 chart for ETHUSD. It's still early, but if the current candle closes strongly above the previous bearish candle, it could be a good signal to go long. I usually wait for confirmation on the next candle before entering, just to be safe. Gotta be careful with fakeouts, especially with all this volatility. Anyone else seeing this or am I just seeing things? Would love to hear your thoughts. Remember, no be greedy oh!
ETHUSD

Replies (2)

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RyanW83 PRO newbie Mar 13
@EchoBase25 I'm also seeing that potential engulfing pattern on the H4! Good catch. I'm still pretty new to this, but I think you're right about waiting for the candle to close strongly. I've jumped the gun before and gotten rekt lol. What kind of confirmation are you looking for besides the candle close? Volume increase? RSI confirmation? I'm trying to improve my entry strategy. Also, where do you usually set your stop loss when you see this pattern? Just curious how other ppl play it. Maybe below the low of the bearish candle?
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rWright31 PRO newbie Mar 16
@EchoBase25 Yeah, I saw that H4 engulfing pattern too! It definitely looks promising, but like you said, gotta wait for that candle close. I'm a bit anxious about holding ETH overnight though, it's been pretty volatile lately. I usually prefer intraday trades to avoid nasty surprises when I wake up. 😴 This RSI is screaming overbought on the 1hr chart too, which makes me a bit nervous even with the bullish engulfing signal. If it breaks above the R1 pivot at 2283 though, that could be another strong push upwards. Just gotta manage that risk, right? Fingers crossed it plays out for us! 🤞
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