Do we have a better pattern of Japanese single candle patterns?
Yes, double candlestick patterns!
To identify dual Japanese candle patterns, you should look for a candlestick arrangement that consists of a total of two candles.
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Pattern of cover candle or engulfing
There are two types of cover candlesticks: ascending cover candlestick and descending cover candlestick.
Pattern of cover and tweezers bottom and top
An ascending cover pattern or ascending engulfing is a two-candle return pattern that may signal a strong uptrend approaching.
This pattern occurs where a larger uptrend occurs immediately after a downtrend.
This second candlestick “covers” the descending candlestick. This means that buyers are warming up and there may be a strong uptrend after a recent downtrend or a period of flooring.
On the other hand, the descending cover pattern is the opposite of the ascending pattern.
This Japanese candlestick pattern occurs when, immediately after an ascending candlestick, a descending candlestick comes to completely “cover” it.
This means that sellers’ power over buyers is high and there is a possibility of a sharp downward movement.
A few tips on the validity of the cover pattern:
- The cover pattern should occur after a clear uptrend or downtrend
- The body of the second candlestick should completely cover the body of the previous candlestick
- The ceiling of the second candlestick should be higher than the previous candlestick and the floor should be lower than the previous candlestick
- The size of the candlesticks that make up the pattern should not be too small
- It has less credibility in volatile and volatile markets
Upper pliers and lower pliers pattern
Tweezer patterns are two return candlestick patterns.
This Kendall pattern is usually seen after a continuous uptrend or downtrend and could indicate that we will return soon.
There are two types of pliers: lower pliers and upper pliers.
Notice how the candlesticks look like a pair of tweezers!
Pattern of cover and tweezers bottom and top
The most reputable pliers have the following specifications:
- The first candle is a continuation of the general trend. If the price is rising, the first candlestick should be bullish.
- The second candle is the opposite of the general trend. If the price is rising, the second candle should be down.
- Candle shadows should have the same end point.
- The ceiling of the upper pliers should be the same, and the floor of the lower pliers should be the same.
- If the pliers pattern is formed on a new ceiling or floor, it is more valid
- If the first candlestick has a large body and the second candlestick has a small body, the validity of the pattern is greater
The meaning of the tweezers model is that the market has hit an area of support or resistance. In a downtrend, sellers are no longer willing to sell. And there is no new buyer in the uptrend. Combining the pliers pattern with another pattern such as the cover pattern can add to its credibility.
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