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RE: Do you use engulfing candle patterns on intraday trades
I’ve actually had decent success using the engulfing candle on the 15-minute chart, especially around session opens. But I never take them alone — always wait for price to react at a key level or pivot, then see if the engulfing confirms that zone. For example, in EUR/USD, if London opens near yesterday’s low and then forms a strong engulfing candle, I’ll enter with a small SL under the wick. But it’s risky — volume confirmation helps a ton, and I always look for trend alignment on the higher timeframe (like 1H). Otherwise, it’s easy to get faked out by random spikes.
That’s really helpful. I’ll start watching for it around session opens and combine with levels. I’ve been missing the higher timeframe confluence — that tip alone is gold. Thanks!