Price Action: How to trade with bearish candlestick chart psychology, ...

   





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Indicators:
EMA 3 (blue)
EMA 20 (yellow)
EMA 50 (orange)
EMA 100 (red)
EMA 200 (purple)

Bollinger Band Period 20 Deviation 2 (green)
Bollinger Band Period 20 Deviation 1 (white)

A candlestick chart (also called Japanese candlestick chart) is a style of financial chart used to describe price movements of a security, derivative, or currency. Each "candlestick" typically shows one day, thus a one-month chart may show the 20 trading days as 20 "candlesticks". In technical analysis, a candlestick pattern is a movement in prices shown graphically on a candlestick chart that some believe can predict a particular market movement. The recognition of the pattern is subjective and programs that are used for charting have to rely on predefined rules to match the pattern.

BULLISH HAMMER: This pattern occurs at the bottom of a trend or during a downtrend and it is called a Hammer since it is hammering out of a bottom. It is a single candlestick pattern that has a long lower shadow and a small body at or very near the top of its daily trading range. Traders of stocks and other financial markets often use candlesticks as a great visual aid to what a particular price has done within a certain time period. Candlesticks are formed by showing a candle “body”, a solid area between the open and close price, and “wicks”, which represent the high and low.

A hammer is a type of bullish reversal candlestick pattern, made up of just one candle, found in price charts of financial assets. Two additional things that traders will look for to place more significance on the pattern are a long lower wick and an increase in volume for the time period that formed the hammer. Bullish Doji Star Reversal Pattern. Definition: The Bullish Doji Star pattern is a three bar formation that develops after a down leg. The first bar has a long black body while the next bar opens even lower and closes as a Doji with a small trading range.