A bullish engulfing candle closes it shows the first sign of potential reversal towards the upside setting a countertrend trade opportunity. The beauty of this setup is the ABCD pattern completes within the range of the bullish crab pattern.
Traders can consider waiting for a retest of previous low for a better Reward: Risk as a trading opportunity.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.