Piercing Line Candlestick Pattern - Barchart.com

Trading Update: exited FET for 1.5% loss, into MVIS

I'm not quite sure what the best method is of letting you guys know what I'm doing with my trades. I try to be transparent (I posted about me exiting the FET trade this morning) but I also want you guys to be able to make your own informed decisions. Maybe at the end of the trading day, I can do a recap and then show you what I'm looking for tomorrow. Here's mine from today:

Overview for FET. This cypher pattern formed. I entered at $0.3580, not great entry but I was confident after seeing that little white reversal candle, second from the right, yesterday. Then today happened and I wasn't convinced while watching the price action and level two data. Just not much buy side pressure. I sold for really small loss this morning. Ideally today should've been a bullish daily candle, the start of that move up, but it just wasn't.
https://preview.redd.it/mn05wq0r8sz41.png?width=1828&format=png&auto=webp&s=62303d393d66a9a139dc8d4321eab489a6eb6f0e

Then this happened today:

https://preview.redd.it/i135hwa0asz41.png?width=1828&format=png&auto=webp&s=39372d64753ea7caee1cd02fdc2288fdff36c91f
Smaller timeframe for FET: This is called a head and shoulders pattern. I haven't seen it in a while but saw it when it formed. The target downwards is from the top of the head to the neckline. It just wasn't a good day for FET so I dipped. No worries on a 1.5% loss. It could go back up, but I trade off the charts and this one wasn't looking great today. So far we can consider my $0.5976 prediction a failure unless we see some strong bullish momentum tomorrow.

And I got into MVIS:

https://preview.redd.it/gnaycg42bsz41.png?width=1828&format=png&auto=webp&s=7bafe1b9ca6104f883f6bf7b4c243090a979ce71
That daily candle looks strong. It closed above the wick of the previous candle. The next resistance is the red line as a daily level of resistance, which you can also see that the price has already pierced it previously.


https://preview.redd.it/lpr7kcp9csz41.png?width=1828&format=png&auto=webp&s=8a0c1f1cf299f4e222d72f5119cbc48ad2f27415
15min chart. The first arrow, the price failed in the pennant pattern, but rebounded nicely in the afternoon. This is what caught my attention. I love fibonacci trading, so on the smaller blue arrow, I saw it bounce off a fib level and the fifteen minute candle that closed as bullish engulfing, I bought. Then it formed the rest of the pennant. Admittedly, this week I've been struggling with entries. I think this being my first week with webull is part of that, but maybe I'm just a retarded trader lol. I set my stop loss and take profits when I bought, and I've learned to never change those levels after I set them. It sucks but things can become way worse once you start moving your stop loss lower and lower. It is technically underneath a level of daily support, so that's good I guess. MVIS hit my previous target of $1.0346 (weekly resistance) today. If MVIS has downwards momentum and starts to break the $0.9513 level, that would be a bad sign. Although it did fail that pattern this morning and rebound nicely afternoon, so I'll assess things if that happens and might enter another trade here. Risk is standard 5% of my account

So that's what I'm doing. Currently 0/1 this week in penny stocks, but I made 5% in forex from betting on usd strength against jpy. So I'm still feeling good. Sorry there isn't a great way to notify my 1,000 followers about what I'm doing immediately. I hope this helps.
Cheers!
submitted by trevandezz to pennystocks [link] [comments]

What Is A Piercing Line Candlestick Pattern And How Does It Works In Malayalam? How to Trade the Piercing Line Candlestick Pattern Dark Cloud Cover candlestick Pattern and Piercing Line ... Forex Binary Option Strategy Piercing Line Candlestick Pattern Candlestick Patterns  Bullish Piercing Line Piercing Line Candlestick Pattern - Reversal Candlestick Patterns Every Forex Trader Needs To Know Piercing Line Candlestick Pattern

Piercing Line is a candlestick signal or pattern that forms by two candlesticks. The first candlestick is bearish, and the second one is bullish. To form a Piercing Line candlestick pattern, the second candlestick has to open below the close price of the first candlestick. Then it should go up, form a bullish body, and close below the open price of the first candlestick. Piercing line patterns are very common in a forex chart. You could see several of this in a chart at a time. And given that the piercing line pattern is an indication that the bulls are ready take over the market, these patterns present opportunities for profitable trades. So, what is a piercing line pattern? The piercing line pattern is a bullish reversal pattern composed of two candles, a ... The piercing line is a bullish pattern. This combination is composed of a long black body followed by a white body. The white body should open lower and then close above the center of the black body. Here, the market gaps lower on the opening and then retraces to close above the midpoint of the previous period's black body. If the white body ... The Piercing Line stopped a series of six consecutive bearish bars.; In isolation, the candlestick pattern offered little basis for considering a long position. But in this case, the pattern occurred together with a bullish RSI divergence, and as a result, a bullish reversal trade became an attractive option.; Unlike the earlier examples, there was no immediate follow-through. Since the Piercing Pattern means that bulls were unable to completely reverse the losses of Day 1, more bullish movement might be expected before an outright potential buy signal is given. Also, more volume than usual on the bullish advance on Day 2 might be a stronger indicator that bulls have taken charge and that the prior downtrend is likely ending. In this case the opposite pattern to the Piercing Line is known as Dark Cloud Cover which indicates a possible change from bullish to bearish trend. With respect to reliability, some analysts say is rather moderate, however if the Piercing Line meet all the conditions specified at the beginning, we can say that it has a high reliability. Example of the Piercing Line pattern. Real example of a ... The piercing line pattern forex trading strategy, as the name says is based on the bullish piercing line pattern, ... Before you look for a piercing line pattern, the first thing you need to do is identify levels on your charts where price can find support from and bounce up. And then wait for price to come down and reach those levels and then look for a piercing line pattern to buy. Here are ... Piercing Line Pattern Forex Trading Strategy May 5, 2018 by RKay The piercing line pattern forex trading strategy, as the name says is based on the bullish piercing line pattern, which is a 2 candlestick pattern. the best way to trade a piercing line pattern is wait for the pattern to form at levels like: support levels resistance-turned support levels fibonacci retracement levels that provide ... 0 Forex Piercing Line Pattern Reversal Strategy. Here’s a simple short-term forex trend reversal strategy based on a Piercing line pattern. A Piercing candlestick pattern occurs when a green bullish candlestick (close above open) on the second day closes above the middle of the first day’s bearish candlestick (close below open). The piercing line pattern consists of two candlesticks, which suggests a potential bullish reversal within the forex market.This piercing pattern should not be used in isolation but rather in ...

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What Is A Piercing Line Candlestick Pattern And How Does It Works In Malayalam?

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