Nifty engulfing patterns

[Hema]

Engulfing patterns – reliable and appears frequently, use only candlesticks chart, good for weekly traders, latest green body should cover previous day red body, with or without volume increase.

Bullish engulfing appears after price fall.good for long position where the needle is at new peak is entry point and can sell where  the tail is ending for the day is stoploss.

Bearish engulfing appears red body covering entire previous green body with or without volume increase. here tail point should be the entry and the head part is target

Trade plan for NIFTY
Bullish engulfing
position – long
entry – 8571
stoploss – 8502
target – 8640
risk – 69 points

Trade plan for NIFTY
Bearish engulfing
position – short
entry –  8856
stoploss – 8945
target – 8767
risk – 89 poin

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