{"id":9406,"date":"2015-05-14T03:47:32","date_gmt":"2015-05-14T10:47:32","guid":{"rendered":"http:\/\/www.tradingheroes.com\/?p=9406"},"modified":"2024-04-02T00:30:46","modified_gmt":"2024-04-02T07:30:46","slug":"engulfing-candles-eurusd-weekly","status":"publish","type":"post","link":"https:\/\/www.tradingheroes.com\/engulfing-candles-eurusd-weekly\/","title":{"rendered":"Study Of Engulfing Candles On The EURUSD Weekly Chart"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9467\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/engulfing-candles-study.jpg\" alt=\"Study of Euro vs US Dollar\" width=\"600\" height=\"300\" \/><\/p>\n<p><div class=\"post-aff-notice\">When you buy something through one of the links on our site, we may earn an affiliate commission.<\/div><\/p>\n<p>Alright, I've been talking about this for a couple of weeks and here it is!<\/p>\n<p>This is the first in a series of studies that I'm going to be doing\u00a0on building trading systems. It is a little different than what you are used to on other sites.<\/p>\n<p>Keep in mind that regardless of what we find in these studies, the following always applies:<\/p>\n<ul>\n<li><strong>You are 100% responsible for your own trading, win or lose<\/strong><\/li>\n<li>These studies are not\u00a0suggesting that you trade Forex with real money<\/li>\n<li><strong>Past performance does not guarantee future results<\/strong><\/li>\n<li>Even if two traders trade the exact same system, their results will always be different<\/li>\n<li><strong>This is not an actual trading method, only a study<\/strong><\/li>\n<\/ul>\n<p>If you want to find out how I created these studies, read my post on\u00a0<a href=\"https:\/\/www.tradingheroes.com\/how-to-download-historical-forex-data-for-the-timeframe-you-need\/\" target=\"_blank\" rel=\"noopener noreferrer\">historical Forex data<\/a> and intro to <a href=\"https:\/\/www.tradingheroes.com\/trading-system-development-intro-historical-analysis\/\" target=\"_blank\" rel=\"noopener noreferrer\">trading systems development<\/a>.<\/p>\n<h2>In This Study<\/h2>\n<p>To kick things off, I'm going to dig into\u00a0the <a href=\"https:\/\/www.investopedia.com\/terms\/b\/bullishengulfingpattern.asp\" target=\"_blank\" rel=\"noopener noreferrer\">Engulfing Candle pattern<\/a> on the EURUSD weekly chart.<\/p>\n<p>First, I will show you how to\u00a0find all of the Engulfing Candles on the weekly timeframe.<\/p>\n<p>This will help\u00a0identify possible opportunities, <strong>as well as false positives<\/strong>.<\/p>\n<p>Then I will graphically identify all the times when the pattern happens at\u00a0<a href=\"https:\/\/www.tradingheroes.com\/how-to-draw-support-and-resistance\/\">support and resistance levels<\/a>.<\/p>\n<p><strong>At this point,\u00a0we will NOT\u00a0be formulating an actual trading plan.<\/strong><\/p>\n<p>We simply want to observe the opportunities without any biases.<\/p>\n<p>In later posts I'll show you possible trading methods that can come out of this research.<\/p>\n<p><strong>But for now, keep your mind open and don't try to trade this because it is not an actual trading method. <\/strong><\/p>\n<p><em>We are just getting started.<\/em><\/p>\n<h3>Indicators<\/h3>\n<p>If you want to test this yourself, we have two indicators available:<\/p>\n<ul>\n<li><a href=\"https:\/\/store.tradingheroes.com\/product-category\/metatrader-4-indicators\/\" target=\"_blank\" rel=\"noopener\">Metatrader 4 Alerts Indicator<\/a> &#8211; When you install this indicator in Metatrader 4, it will send you an alert via your choice of audio, screen, text, email or push notification.<\/li>\n<li><a href=\"https:\/\/store.tradingheroes.com\/product-category\/forex-tester-indicators\/\" target=\"_blank\" rel=\"noopener\">Forex Tester Indicator<\/a>\u00a0&#8211; Marks all engulfing candles on the current chart. Makes it much easier to spot them during backtesting.<\/li>\n<\/ul>\n<h2>The Trading System Development Process<\/h2>\n<p>This may seem kind of boring right now, so let me give you a roadmap of where we are going with this.<\/p>\n<ol>\n<li><strong>Study<\/strong> &#8211; First we will do a study of the pattern to get a rough idea of the potential of the pattern. <em>That\u00a0is what this post will show you.<\/em><\/li>\n<li><strong>Formulate<\/strong>\u00a0&#8211; If our results look good in this study, we will create a very basic trading plan that could possibly be profitable.<\/li>\n<li><strong>Backtest<\/strong> &#8211; Then we will <a href=\"https:\/\/www.tradingheroes.com\/best-backtesting-software\/\">backtest the strategy<\/a> several times to find out the potential that our newly formulated strategy has. If it doesn't work in backtesting, then we have to go back to the <em>Formulate<\/em> stage.<\/li>\n<li><strong>Demo<\/strong> &#8211; Should several rounds of\u00a0forward <a href=\"https:\/\/www.tradingheroes.com\/forex-forward-testing-guide\/\">testing<\/a> in a demo account. Don't risk any real money at this point.<\/li>\n<li><strong>Trade It<\/strong> &#8211; Finally, you need to make the decision as to if you want to trade the method with real money or not. <em>Only you can make that choice.<\/em><\/li>\n<\/ol>\n<h2>All Weekly EURUSD Historical Engulfing Patterns<\/h2>\n<p><strong>Here is a spreadsheet with all of the weekly Engulfing Patterns from 2001 until last month. <\/strong><\/p>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/EURUSD-Weekly-Engulfing.zip\">Click here<\/a> to download it and follow along at home.<\/p>\n<p>It is an Excel file and the highlighted lines are the engulfing candles. <em>The lines with a &#8220;1&#8221; at the end are the candles that I will be examining\u00a0below.<\/em><\/p>\n<p>I used <a href=\"https:\/\/www.tradingheroes.com\/fxt2discount\">Forex Tester<\/a> to screenshot all the charts. All measurements are not exact, but are close enough for study purposes.<\/p>\n<p>During actual testing I will be more exact.<\/p>\n<p>Alright are you ready? Let's get started&#8230;<\/p>\n<h3>May 13, 2002<\/h3>\n<p>Risk: 165 pips<br \/>\nPossible Reward: 3750 pips<br \/>\nPotential: 22.7R<\/p>\n<h4>Weekly<\/h4>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-9408 size-full\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/1.jpg\" alt=\"Candle pattern historical\" width=\"1210\" height=\"482\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> A lot of potential in this one. There is a possibility that you may have exited early on the first major retracement. Either way, this trade has a lot of potential.<\/p>\n<h4>Daily<\/h4>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2002-05-13-daily.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-9418 size-full\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2002-05-13-daily.jpg\" alt=\"2002 endgulfing candle\" width=\"1210\" height=\"482\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> There is also an engulfing pattern on the daily chart. This should be a confirmation signal to get into the trade.<\/p>\n<h3>December 2, 2002<\/h3>\n<p>Risk: 271 pips<br \/>\nPossible Reward: 3567 pips<br \/>\nPotential: 13.2R<\/p>\n<h4>Weekly<\/h4>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/EURUSD-2002-12-02.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-9427 size-full\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/EURUSD-2002-12-02.png\" alt=\"EURUSD-2002-12-02\" width=\"1434\" height=\"533\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong>\u00a0Huge risk reward potential here.<\/p>\n<h4>Daily<\/h4>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/EURUSD-2002-12-02-2.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-9429 size-full\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/EURUSD-2002-12-02-2.png\" alt=\"EURUSD-2002-12-02-2\" width=\"1434\" height=\"533\" \/><\/a><\/p>\n<p><strong>Notes:\u00a0<\/strong>The pin bar at support would be <a href=\"https:\/\/www.tradingheroes.com\/getting-started-with-pin-bars-in-forex-trading\/\">a good place to get in<\/a>.<\/p>\n<h3>June 16, 2003<\/h3>\n<h4>Weekly<\/h4>\n<p>Risk: 373 pips<br \/>\nPossible Reward: \u00a0846 pips<br \/>\nPotential: 2.3R<\/p>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2003-06-16-EURUSD-W.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-9442 size-full\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2003-06-16-EURUSD-W.png\" alt=\"2003-06-16-EURUSD-W\" width=\"1345\" height=\"398\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> This isn't really a great signal because there is not a clear resistance level. But I would thought that I would throw it in because it is a trade that one might take. It is a bad trade because it is against the trend and there is not much separation between the peaks.<\/p>\n<h4>Daily<\/h4>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2003-06-16-EURUSD-D.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9443\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2003-06-16-EURUSD-D.png\" alt=\"2003-06-16-EURUSD-D\" width=\"1345\" height=\"398\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> The trade looks much better on the daily chart, but it probably wasn't a good trade to take. As we have noticed with the other charts, there is also an idea engulfing pattern on this chart too.<\/p>\n<h3>September 1, 2003<\/h3>\n<h4>Weekly<\/h4>\n<p>Risk: 340 pips<br \/>\nPossible Reward: 2564 pips<br \/>\nPotential: 7.5R<\/p>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2003-09-01-EURUSD-W.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9445\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2003-09-01-EURUSD-W.png\" alt=\"2003-09-01-EURUSD-W\" width=\"1345\" height=\"398\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Resistance becomes support. Really nice continuation pattern.<\/p>\n<h4>Daily<\/h4>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2003-09-01-EURUSD-D.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9446\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2003-09-01-EURUSD-D.png\" alt=\"2003-09-01-EURUSD-D\" width=\"1345\" height=\"398\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Not a real strong signal on the daily chart. I supposed you could have used the double bottom as a signal to enter the trade. The only issue with this is the second low is lower than the first.<\/p>\n<h3>February 16, 2004<\/h3>\n<h4>Weekly<\/h4>\n<p>Risk: 445 pips<br \/>\nPossible Reward: 750 pips<br \/>\nPotential: 1.7R<\/p>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2004-02-16-W.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-9450 size-full\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2004-02-16-W.png\" alt=\"Weekly Candlestick Pattern\" width=\"1075\" height=\"398\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Fighting the trend a little on this one. It is a decent setup though.<\/p>\n<h4>Daily<\/h4>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2004-02-16-D.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-9451 size-full\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2004-02-16-D.png\" alt=\"Japanese Candlesticks\" width=\"1075\" height=\"398\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Again, we see a double top with an Engulfing pattern, just before the drop.<\/p>\n<h3>October 11, 2004<\/h3>\n<h4>Weekly<\/h4>\n<p>Risk: 269 pips<br \/>\nPossible Reward: 1177 pips<br \/>\nPotential: 4.4R<\/p>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2004-10-11-W.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-9454 size-full\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2004-10-11-W.png\" alt=\"2004-10-11-W\" width=\"1075\" height=\"398\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> This one might have been tough to enter because it is not that obvious. The pin bar before it is a good sign that price might be moving up soon.<\/p>\n<h4>Daily<\/h4>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2004-10-11-D.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-9453 size-full\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2004-10-11-D.png\" alt=\"Possible profit\" width=\"1075\" height=\"398\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> We see a nice pin bar at the trend line. That would be ideal place to enter.<\/p>\n<h3>October 3, 2005<\/h3>\n<h4>Weekly<\/h4>\n<p>Risk: 259 pips<br \/>\nPossible Reward: 0 pips<br \/>\nPotential: 0R<\/p>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2005-10-03-W.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9456\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2005-10-03-W.png\" alt=\"Euro potential trade\" width=\"1075\" height=\"398\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> The first loser so far. It is a decent potential double bottom on the weekly chart. If we entered with a buy stop above the Engulfing candle, it would have kept us out of this trade.<\/p>\n<h4>Daily<\/h4>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2005-10-03-D.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9455\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2005-10-03-D.png\" alt=\"Losing trade\" width=\"1075\" height=\"398\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong>\u00a0We don't see any of the patterns that we saw in the previous setups. There are no pin bars or engulfing bars at the support level.<\/p>\n<h3>February 27, 2006<\/h3>\n<h4>Weekly<\/h4>\n<p>Risk: 383 pips<br \/>\nPossible Reward: 3917 pips<br \/>\nPotential: 10.2R<\/p>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2006-02-27-W.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9459\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2006-02-27-W.png\" alt=\"Head and shoulders pattern\" width=\"1082\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Huge potential return on this trade. There is also somewhat of a head and shoulders pattern at the bottom.<\/p>\n<h4>Daily<\/h4>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2006-02-27-D.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9458\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2006-02-27-D.png\" alt=\"Pattern recognition \" width=\"1082\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> No good signal on the daily chart. Funny thing is that it looks almost exactly the same as the chart from October 3, 2005.<\/p>\n<h3>June 5, 2006<\/h3>\n<h4>Weekly<\/h4>\n<p>Risk: 387 pips<br \/>\nPossible Reward: 125 pips<br \/>\nPotential: 0.32R<\/p>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2006-06-05-W.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9462\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2006-06-05-W.png\" alt=\"Weekly Forex Chart\" width=\"1082\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Not the best entry signal, but it is one that one might take. It is important to evaluate these marginal signals too.<\/p>\n<h4>Daily<\/h4>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2006-06-05-D.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9461\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2006-06-05-D.png\" alt=\"Forex trading software\" width=\"1082\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Nice pin bar <a href=\"https:\/\/www.tradingheroes.com\/engulfing-candles-guide\/\">Engulfing candle<\/a> on the daily chart. There would have been a good R multiple if the trade was taken on this timeframe.<\/p>\n<h3>September 3, 2007<\/h3>\n<h4>Weekly<\/h4>\n<p>Risk: 238 pips<br \/>\nPossible Reward: 2229 pips<br \/>\nPotential: 9.4R<\/p>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2007-09-03-W.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9464\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2007-09-03-W.png\" alt=\"Weekly FX Chart\" width=\"1082\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> This one isn't as pretty as some of the others, but it could get the job done, if you took the trade.<\/p>\n<h4>Daily<\/h4>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2007-09-03-D.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9465\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2007-09-03-D.png\" alt=\"Daily EURUSD chart\" width=\"1082\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> There is a pin bar here that could have been a good secondary indication to get into the trade. Trend continuation play here.<\/p>\n<h3>October 22, 2007<\/h3>\n<h4>Weekly<\/h4>\n<p>Risk: 286 pips<br \/>\nPossible Reward: 1597 pips<br \/>\nPotential: 5.6R<\/p>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2007-10-22-W.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9470\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2007-10-22-W.png\" alt=\"Weekly chart\" width=\"1082\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> This is a trend continuation play. Not sure if it would be a good place to get in, but it would have been very profitable.<\/p>\n<h4>Daily<\/h4>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2007-10-22-D.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9469\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2007-10-22-D.png\" alt=\"Daily Euro chart\" width=\"1082\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> No good confirming signals here. Not that there has to be, but it is nice to see.<\/p>\n<h3>January 14, 2008<\/h3>\n<h4>Weekly<\/h4>\n<p>Risk: 346 pips<br \/>\nPossible Reward: 250 pips<br \/>\nPotential: 0.72R<\/p>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/screen_00031.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9475\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/screen_00031.png\" alt=\"Weekly chart\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> This is similar to a couple of the tops that we have seen before, but it did not work out as well. There was some room to profit here however. It just depends on how the trade is setup.<\/p>\n<h4>Daily<\/h4>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/screen_00032.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9476\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/screen_00032.png\" alt=\"Daily analysis\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Nice bearish engulfing pattern at resistance.<\/p>\n<h3>December 29, 2008<\/h3>\n<h4>Weekly<\/h4>\n<p>Risk: 422 pips<br \/>\nPossible Reward: 1506 pips<br \/>\nPotential: 3.6R<\/p>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2008-12-29-W.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9478\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2008-12-29-W.png\" alt=\"Dec. 29, 2008\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Big spike into support, turned resistance.<\/p>\n<h4>Daily<\/h4>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2008-12-29-D.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9477\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2008-12-29-D.png\" alt=\"Solid pattern\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Nice double top formation with pin bars.<\/p>\n<h3>May 18, 2009<\/h3>\n<h4>Weekly<\/h4>\n<p>Risk: 650 pips<br \/>\nPossible Reward: 1097 pips<br \/>\nPotential: 1.7R<\/p>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2009-05-18-W.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9481\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2009-05-18-W.png\" alt=\"Risk reward potential\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Continuation pattern that may have been hard to enter. Price is heading into a resistance zone.<\/p>\n<h4>Daily<\/h4>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2009-05-18-D.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9480\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2009-05-18-D.png\" alt=\"2009-05-18-D\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Nice bullish engulfing patter on the daily chart though. Perfect place to enter.<\/p>\n<h3>July 27, 2009<\/h3>\n<h4>Weekly<\/h4>\n<p>Risk: 321 pips<br \/>\nPossible Reward: 830 pips<br \/>\nPotential: 2.6R<\/p>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2009-07-27-W.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9483\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2009-07-27-W.png\" alt=\"Currency chart Euro\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Another continuation pattern trade. Really tight setup, but it is a good one.<\/p>\n<h4>Daily<\/h4>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2009-07-27-D.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9482\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2009-07-27-D.png\" alt=\"Daily Euro chart\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Not much of a signal on the daily chart.<\/p>\n<h3>August 17, 2009<\/h3>\n<h4>Weekly<\/h4>\n<p>Risk: 334 pips<br \/>\nPossible Reward: 789 pips<br \/>\nPotential: 2.4R<\/p>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2009-08-17-W.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9485\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2009-08-17-W.png\" alt=\"Weekly chart\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Another nice engulfing pattern in congestion. Good continuation pattern.<\/p>\n<h4>Daily<\/h4>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2009-08-17-D.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9484\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2009-08-17-D.png\" alt=\"EURUSD daily chart\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Double bottom on support line, resistance became support.<\/p>\n<h3>March 15, 2010<\/h3>\n<h4>Weekly<\/h4>\n<p>Risk: 321 pips<br \/>\nPossible Reward: 1632 pips<br \/>\nPotential: 5.1R<\/p>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2010-03-15-W-1.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9489\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2010-03-15-W-1.png\" alt=\"Weekly chart for Euro\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Another continuation setup, good profit potential.<\/p>\n<h4>Daily<\/h4>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2010-03-15-D.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9486\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2010-03-15-D.png\" alt=\"2010-03-15-D\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> No good confirming pattern on daily chart.<\/p>\n<h3>June 28, 2010<\/h3>\n<h4>Weekly<\/h4>\n<p>Risk: 415 pips<br \/>\nPossible Reward: 2382 pips<br \/>\nPotential: 5.7R<\/p>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2010-06-28-W.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9492\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2010-06-28-W.png\" alt=\"EURUSD candlestick pattern\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Pretty good setup with deep punch into support level.<\/p>\n<h4>Daily<\/h4>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2010-06-28-D.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9491\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2010-06-28-D.png\" alt=\"2010-06-28-D\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Strong break of the support line on the daily chart.<\/p>\n<h3>January 3, 2011<\/h3>\n<h4>Weekly<\/h4>\n<p>Risk: 536 pips<br \/>\nPossible Reward: 15 pips<br \/>\nPotential: 0.03R<\/p>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2011-01-03-W.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9497\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2011-01-03-W.png\" alt=\"Risk reward is bad\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> This would have been a losing trade, nothing wrong with that. Take the loss and move on.<\/p>\n<h4>Daily<\/h4>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2011-01-03-D.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9496\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2011-01-03-D.png\" alt=\"2011-01-03-D\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Engulfing pattern in the opposite direction. Could be a sign that the trade won't work.<\/p>\n<h3><span style=\"line-height: 1.5;\">January 10, 2011<\/span><\/h3>\n<h4>Weekly<\/h4>\n<p>Risk: 522 pips<br \/>\nPossible Reward: 1632 pips<br \/>\nPotential: 3.1R<a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2011-01-03-d.png\"><br \/>\n<\/a><\/p>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2011-01-03-w.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9495\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2011-01-03-w.png\" alt=\"2011-01-03-w\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Internal support line, this would be a trade that might easily be missed. Might also be hard to take a trade in the opposite direction after previous loss.<\/p>\n<h4>Daily<\/h4>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2011-01-03-d.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-9494 size-full\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2011-01-03-d.png\" alt=\"2011-01-03-d\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Nice engulfing pattern on daily chart.<\/p>\n<h3>August 29, 2011<\/h3>\n<h4>Weekly<\/h4>\n<p>Risk: 432 pips<br \/>\nPossible Reward: 2102 pips<br \/>\nPotential: 4.9R<\/p>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2011-08-29-W.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9500\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2011-08-29-W.png\" alt=\"2011-08-29-W\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Pretty nice tip off before the price drop.<\/p>\n<h4>Daily<\/h4>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2011-08-29-D.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9499\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2011-08-29-D.png\" alt=\"2011-08-29-D\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> No good signs of confirmation on the daily chart.<\/p>\n<h3>April 30, 2012<\/h3>\n<h4>Weekly<\/h4>\n<p>Risk: 326 pips<br \/>\nPossible Reward: 932 pips<br \/>\nPotential: 2.9R<\/p>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2012-04-16-W.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9502\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2012-04-16-W.png\" alt=\"2012-04-16-W\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Nice downward trend, third touch of the trendline.<\/p>\n<h4>Daily<\/h4>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2012-04-16-D.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9501\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2012-04-16-D.png\" alt=\"2012-04-16-D\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Dojis with strong confirming candle at the trendline.<\/p>\n<h3>July 8, 2013<\/h3>\n<h4>Weekly<\/h4>\n<p>Risk: 314 pips<br \/>\nPossible Reward: 936 pips<br \/>\nPotential: 3.0R<\/p>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2013-07-08-W.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9505\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2013-07-08-W.png\" alt=\"2013-07-08-W\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Strong confirmation of support level.<\/p>\n<h4>Daily<\/h4>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2013-07-08-D.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9504\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2013-07-08-D.png\" alt=\"2013-07-08-D\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Even stronger confirmation on daily chart.<\/p>\n<h3>February 24, 2014<\/h3>\n<h4>Weekly<\/h4>\n<p>Risk: 154 pips<br \/>\nPossible Reward: 211 pips<br \/>\nPotential: 1.3R<\/p>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2014-02-24-W.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9507\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2014-02-24-W.png\" alt=\"2014-02-24-W\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Small continuation pattern.<\/p>\n<h4>Daily<\/h4>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2014-02-24-D.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9506\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2014-02-24-D.png\" alt=\"2014-02-24-D\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Nice rejection of support line.<\/p>\n<h3>May 5, 2014<\/h3>\n<h4>Weekly<\/h4>\n<p>Risk: 216 pips<br \/>\nPossible Reward: 3304 pips<br \/>\nPotential: 15.3R<\/p>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2014-05-05-w.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9510\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2014-05-05-w.png\" alt=\"2014-05-05-w\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Small double top, like we have seen before. Very nice profit potential.<\/p>\n<h4>Daily<\/h4>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2014-05-05-d.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9509\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2014-05-05-d.png\" alt=\"2014-05-05-d\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Strong rejection with pin bar formation.<\/p>\n<h3>September 15, 2014<\/h3>\n<h4>Weekly<\/h4>\n<p>Risk: 182 pips<br \/>\nPossible Reward: 2362 pips<br \/>\nPotential: 13.0R<\/p>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2014-09-25-w.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9512\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2014-09-25-w.png\" alt=\"2014-09-25-w\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Continuation in trend. Nice gap after engulfing pattern.<\/p>\n<h4>Daily<\/h4>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2014-09-25-d-1.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9513\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2014-09-25-d-1.png\" alt=\"2014-09-25-d-1\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Strong down candle on daily. Good confirming signal.<\/p>\n<h3>November 17, 2014<\/h3>\n<h4>Weekly<\/h4>\n<p>Risk: 238 pips<br \/>\nPossible Reward: 1896 pips<br \/>\nPotential: 8.0R<\/p>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2014-11-17-w.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9515\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2014-11-17-w.png\" alt=\"2014-11-17-w\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Good signal in a trend.<\/p>\n<h4>Daily<\/h4>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2014-11-17-d.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9514\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2014-11-17-d.png\" alt=\"2014-11-17-d\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Ranging pattern, followed by a strong drop.<\/p>\n<h3>December 15, 2014<\/h3>\n<h4>Weekly<\/h4>\n<p>Risk: 363 pips<br \/>\nPossible Reward: 1737 pips<br \/>\nPotential: 4.8R<\/p>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2014-12-15-w.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9517\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2014-12-15-w.png\" alt=\"2014-12-15-w\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Another good opportunity to short into the trend. Could really make some money by stacking trades.<\/p>\n<h4>Daily<\/h4>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2014-12-15-d.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9516\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2014-12-15-d.png\" alt=\"2014-12-15-d\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Strong rejection on daily chart too.<\/p>\n<h3>March 2, 2015<\/h3>\n<h4>Weekly<\/h4>\n<p>Risk: 409 pips<br \/>\nPossible Reward: 352 pips<br \/>\nPotential: 0.86R<\/p>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2015-03-02-w.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9519\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2015-03-02-w.png\" alt=\"2015-03-02-w\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> Probably too risky to take this trade so late in the trend.<\/p>\n<h4>Daily<\/h4>\n<p><a href=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2015-03-02-d.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9518\" src=\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/2015-03-02-d.png\" alt=\"2015-03-02-d\" width=\"1086\" height=\"396\" \/><\/a><\/p>\n<p><strong>Notes:<\/strong> No real strong confirming signals on daily.<\/p>\n<h2>Conclusion<\/h2>\n<p>Again, the goal of this study is simply to examine this pattern on the weekly chart for the EURUSD. In a future post, I will examine potential trading methods, based on this study.<\/p>\n<p>After looking at these results, what kind of <a href=\"https:\/\/www.tradingheroes.com\/rule-based-trading-system\/\" data-wpil-monitor-id=\"47\">trading system<\/a> do you propose?<\/p>\n<p>Is there anything that I missed? Did I have too much positive or negative bias?<\/p>\n<p>If you would like to help with these studies, please contact me.<\/p>\n<p><em>Leave a comment below&#8230;<\/em><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><em>Disclosure: I do get a commission if you buy through some of the links on this page. But it does NOT cost you anything extra, it helps pay for my hosting costs and a portion of the proceeds go to my charity partner.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Alright, I&#8217;ve been talking about this for a couple of weeks and here it is! This is the &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Study Of Engulfing Candles On The EURUSD Weekly Chart\" class=\"read-more button\" href=\"https:\/\/www.tradingheroes.com\/engulfing-candles-eurusd-weekly\/#more-9406\" aria-label=\"Read more about Study Of Engulfing Candles On The EURUSD Weekly Chart\">Read more<\/a><\/p>\n","protected":false},"author":2022,"featured_media":9466,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[201579],"tags":[849,201651],"class_list":["post-9406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trading-strategies","tag-forex-backtesting-results","tag-forex-trading-strategies","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Study Of Engulfing Candles On The EURUSD Weekly Chart<\/title>\n<meta name=\"description\" content=\"See the tradable engulfing candles in the EURUSD (Weekly) from January 2001 to March 2015. 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The spreadsheet also shows all occurrences of the pattern.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.tradingheroes.com\/engulfing-candles-eurusd-weekly\/","og_locale":"en_US","og_type":"article","og_title":"Study Of Engulfing Candles On The EURUSD Weekly Chart","og_description":"See the tradable engulfing candles in the EURUSD (Weekly) from January 2001 to March 2015. 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