Bullish Engulfing pattern – YES bank

[Balaji]

Bullish Engulfing pattern – YES bank

Trade plan:

1. Symbol: Yes bank
2. Direction: Long
3. Entry: 187.50
4. SL: 178.50 (Risk = 11)
5. Target: 198.5 (Reward = 11)

Reasons for qualifying engulfing pattern:

1. Recent fall in price witnessed
2. Latest green bullish body cover the previous day red bearish body
3. Slight increase in volume

[V.VEDANAYAGAM]

DEAR SIR /MADAM
Please avoid those engulfing patterns where the engulfed (first day candle )candle is a variation of DOJI
IN the chart the engulfed candle is a spinning top and so the pattern can be considered as morning star rather than hammer
HOWEVER the trade plan is common and can be successful

[Johnson]

Dear Balaji

In my opinion it is a perfect engulfing pattern,as it ticks all the criteria .

1) A clear defined Down trend

2)The second real body is clearly engulfing the prior real body.

3)The second real body of the engulfing pattern is opposite color of the first real body.

 

[Balaji]

Dear Vedhanayagam sir,

Thank you for your suggestion and request you to educate me, when I go wrong.

 

[Balaji]

<p style=”box-sizing: border-box; margin: 0.85em 0px; direction: ltr; color: #777777; font-family: ‘Open Sans’; font-size: 13px; line-height: 20px;”>Dear Johnson sir,</p>
<p style=”box-sizing: border-box; margin: 0.85em 0px; direction: ltr; color: #777777; font-family: ‘Open Sans’; font-size: 13px; line-height: 20px;”>Thank you for viewing my analysis</p>

[Author]

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