About Scanner :- Bullish Engulfing Candlestick Scanner

What is Bullish Engulfing Candlestick ?

Bullish Engulfing pattern is a candlestick pattern that indicates a reversal in a downtrend and the start of an uptrend.
It's characterized by a large green candle that completely covers a smaller red candle that came before it.

Key Points for Bullish Engulfing:

• The first candle must be bearish and the second candle must be bullish.
• The second candle must open below the close of the first candle.
• The second candle must close above the open of the first candle.
• The range (high and low) of the second candle must completely engulf the range of the first candle.

Bullish Engulfing Trading Strategy:

• A bullish engulfing bar typically forms after an extended move down.
• Bullish Engulfing signals accumulation. Higher volume or a breakout confirms continuation.
• Indicates reversal, especially near strong support, increasing chances of a bounce.
• Use support/resistance and volume to confirm the pattern.

Warning

Small engulfing in the sideways market.

Target

Short term - At least height of the candle,
Long term - Look at other aspects like volume spurt , recent support / Resistance levels and other technicals.

Stop Loss

Set stop-loss below the low of the engulfing candle

TSR Bullish Engulfing Scanner

• Set Alert as it happens
• Combine Engulfing pattern with other Technicals/patterns with Fine Tune Filter Option
• Filter on Stock basket or your watchlist
• Back test to gain confidence on the Pattern.
• Filter on small ticks like 5 mins to Monthly tick
• Auto refresh

Fine Tune : You can customise these screeners by clicking on 'Fine Tune Filter' Option

Caution : All these screeners are crafted based on some historical scenarios which may / may notbe applicable here. We recommend to fine tune them according to current market conditions or seek expert advise before taking any decision.

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