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Bullish Engulfing

 
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mnorad



Joined: 01 Nov 2004
Posts: 8

PostPosted: Mon Nov 01, 2004 11:28 am    Post subject: Bullish Engulfing Reply with quote

BLTI, the stock pick for today was based on bullish engulfing. The PCF for bullish engulfing states the first day to be black candlestick followed by white canadlestick. I understand that the day before the 1st day was a black candlestick, how would we have found this potential bullish trade using your recommended PCF? Wink
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candlestick1
Site Admin


Joined: 27 Jun 2004
Posts: 503
Location: Houston, Texas

PostPosted: Mon Nov 01, 2004 11:53 am    Post subject: bullish engulfing signal Reply with quote

BLTI was better found with the general scan, where stochastics were in oversold conditions and had a big percent move up day. Looking back after the gap up, creating the percentage move, we can analyze that a bearish engulfing pattern had already occurred even though it had occurred directly behind a previous white candle. The common signal is the black candle engulfed by the white candle. But a white candle engulfing a white candle should tell you basically the same thing, that after opening it lower, the Bulls stepped right back in and were buying.

The gap up is the important factor in this recommendation.
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