I should have titled this "counting your chickens before they're hatched". Anyway, a few words on bullish engulfing candles, the term of which is being bandied about a great deal today. But don't count your chickens. Just because price took out a high and a low, does NOT a bullish engulfing make. It's also unwise to call something a engulfing or any other pattern when the trading day is not yet over. As explained by stockcharts.com
The bullish engulfing pattern consists of two candlesticks, the first black and the second white. The size of the black candlestick is not that important, but it should not be a Djoi which would be relatively easy to engulf. The second should be a long white candlestick – the bigger it is, the more bullish. The white body must totally engulf the body of the first black candlestick. Ideally, though not necessarily, the white body would engulf the shadows as well. Although shadows are permitted, they are usually small or nonexistent on both candlesticks
