Posted by timebandit on 14th of Oct 2022 at 02:15 pm
Today's red candle has the potential of forming a bearish
candlestick pattern called Dark Cloud Cover. Needs to close below
3588.50 (midpoint of yesterday's bullish candle).
Posted by timebandit on 14th of Oct 2022 at 04:14 pm
Yeah, I feel better about it closing below the midpoint (albeit
barely). frtaylor is right, we were not in a multi-day uptrend
entering the day. I'm simply treating it as a sign of weakness. A
red candle Monday would be confirmation
Posted by frtaylor on 14th of Oct 2022 at 02:42 pm
Except: "Most traders consider the Dark Cloud Cover pattern
useful only if it occurs following an
uptrend or an overall rise in price." The first
criterion (of 5) is that price is in an uptrend.
Today's red candle has the
Posted by timebandit on 14th of Oct 2022 at 02:15 pm
Today's red candle has the potential of forming a bearish candlestick pattern called Dark Cloud Cover. Needs to close below 3588.50 (midpoint of yesterday's bullish candle).
Looking pretty overcast to me,
Posted by mdgfain on 14th of Oct 2022 at 04:05 pm
Looking pretty overcast to me, timebandit! Thanks for the education.
Yeah, I feel better about
Posted by timebandit on 14th of Oct 2022 at 04:14 pm
Yeah, I feel better about it closing below the midpoint (albeit barely). frtaylor is right, we were not in a multi-day uptrend entering the day. I'm simply treating it as a sign of weakness. A red candle Monday would be confirmation
Except: "Most traders consider the
Posted by frtaylor on 14th of Oct 2022 at 02:42 pm
Except: "Most traders consider the Dark Cloud Cover pattern useful only if it occurs following an uptrend or an overall rise in price." The first criterion (of 5) is that price is in an uptrend.
https://www.investopedia.com/terms/d/darkcloud.asp#:~:text=What%20Is%20the%20Dark%20Cloud,midpoint%20of%20the%20up%20candle.
investopedia.com
Uptrend Definition
Uptrend is a term used to describe an overall upward trajectory in price. Many traders opt to trade during uptrends with specific trending strategies.
Yes I to didn't know
Posted by srusso1 on 14th of Oct 2022 at 02:40 pm
Yes I to didn't know of the Dark Cloud Cover Thanks for the info.
Thanks for sharing. I never
Posted by childs_ac on 14th of Oct 2022 at 02:34 pm
Thanks for sharing. I never heard of that candlestick pattern before.