In this example, you will see an evening star signal who’s third candlestick engulfs the first and second candlestick in the pattern. This is a high probability signal, although it usually does not make for a very good risk to reward scenario.Trading the Morning Star Candlestick Pattern, I mentioned that I prefer to wait for a pullback on signals that have an engulfing third candle. That’s exactly how I would have played the signal below.
By waiting for a pullback in price to the 50% mark of the large, third candlestick in this pattern, you either
create a more favorable risk to reward scenario, or you avoid the trade altogether.
In our example,we would have stayed out of the trade using this technique.
By waiting for a pullback in price to the 50% mark of the large, third candlestick in this pattern, you either
create a more favorable risk to reward scenario, or you avoid the trade altogether.
In our example,we would have stayed out of the trade using this technique.
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