Single candle patterns
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Hammers and Hanging Man patterns
Hammers and hanging man's are short body candles with little or no upper shadow, and a lower shadow at lease twice as long as the candle body. Hammers are formed after declines, and hanging man's after advances. When confirmed they become powerful reversal signals, especially the hammer. The color of the hanging man/hammer is unimportant, but some consider white hammers and black hanging man's more potent reversal signals.
- The long lower shadow is about two to three times of the real body.
- Little or no upper shadow.
- The real body is at the upper end of the trading range.
- The color of the real body is not important.
Note: Bullish trend and Low/Moderate reliability
Shooting Star candlestick pattern
The market gaps open above the previous day's close in an uptrend. It rallies to a new high then loses strength and closes near its low: a bearish change of momentum. Confirmation of the trend reversal would by an opening below the body of the Shooting Star on the next trading day. If the open and the close are identical, the indicator is considered a Gravestone Doji. The Gravestone Doji has a higher reliability associated with it than a Shooting Star.
- A very long upper shadow.
- The small real body at the lower end of the price range.
- The real body gaps away from the prior real body.
Note: Bearish trend and Low/Moderate reliability
Hollow Red Candles pattern
Stocks that have a red, hollow candlestick at the end of their daily chart.
Filled Black Candles pattern
Stocks that have a black, filled-in candlestick at the end of their daily chart (as the hollow red candlestick).
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