Saturday, February 16, 2019
MZ Digital Marketing Agency
A bullish engulfing pattern occurs in the candlestick chart of a currency pair when a large bull candlestick fully engulfs a smaller bear candlestick from the period before. This pattern during a downtrend is thought to signal the beginning of a bullish trend.
We have all seen a currency pair enter the overbought or oversold territory and stay there for long periods of time. What this indicator does is gives you the emphasis. So if you are looking for reversals then you may want to take notice when oversold territory is entered into with a bullish engulfing candle.
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or you could spot when a bearish engulfing candle forms while entering the overbought territory.
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from MQL5: Traders' Blogs http://bit.ly/2EeCuuw
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