There is one candle pattern that I have recently noticed that seems to have some good results. It is very simple and for this reason I think that is why its so difficult to find a description for it. All the major candlestick patterns that get attention tend to be fairy complex with specific rules.
The closest recognized pattern that I have come across is the "kicker". Where in a bullish reversal the second candle opens at the level of the 1st candles open and then continues to rise.
What I am actually looking for is a signal/indicator that would alert me when the following rules are triggered. Is there a name for such a candle formation?
Bullish:
Reversal - 2nd candle opens higher (gap) than the 1st candles (down candle) open. The shadow portion of the 1st or 2nd candlestick may or may not close the gap created by the body of candle 1 and 2.
Continuation - 2nd candles open gaps from the 1st candles (up candle) close.
Bearish:
Opposite of course
So essentially any candle formation where there is a gap in "body" but not necessarily a gap between the two candles because the shadows may create overlap.
This pattern seems to work well for seeking reversals at pre-determined S/R levels
The closest recognized pattern that I have come across is the "kicker". Where in a bullish reversal the second candle opens at the level of the 1st candles open and then continues to rise.
What I am actually looking for is a signal/indicator that would alert me when the following rules are triggered. Is there a name for such a candle formation?
Bullish:
Reversal - 2nd candle opens higher (gap) than the 1st candles (down candle) open. The shadow portion of the 1st or 2nd candlestick may or may not close the gap created by the body of candle 1 and 2.
Continuation - 2nd candles open gaps from the 1st candles (up candle) close.
Bearish:
Opposite of course
So essentially any candle formation where there is a gap in "body" but not necessarily a gap between the two candles because the shadows may create overlap.
This pattern seems to work well for seeking reversals at pre-determined S/R levels