entry Point 1 (yellow area)
black line indicates the entry point 1.08877
pink line indicates the stop loss 1.08837
brown line indicates the target which is the gap between body of the candlestick and the trend line (15.9) multiplied by 3. this is one of my criteria when defining a acceptable engulfing candlestick. 15.9 x 3 = 47.7. my target is my 47.7 pips.
Entry point 2 uses a similar method.
The black line indicates the entry point 1.09569
The pink line indicates the stop loss which will be half the distance between the support line and the candlestick. (11pips)
The brown line indicates the target which is the gap between the candlestick and the support line (21.9pips) multiplied by 3. This will make my target 65.7 pips.
black line indicates the entry point 1.08877
pink line indicates the stop loss 1.08837
brown line indicates the target which is the gap between body of the candlestick and the trend line (15.9) multiplied by 3. this is one of my criteria when defining a acceptable engulfing candlestick. 15.9 x 3 = 47.7. my target is my 47.7 pips.
Entry point 2 uses a similar method.
The black line indicates the entry point 1.09569
The pink line indicates the stop loss which will be half the distance between the support line and the candlestick. (11pips)
The brown line indicates the target which is the gap between the candlestick and the support line (21.9pips) multiplied by 3. This will make my target 65.7 pips.