why is it looking for a red candle with long downtail?
could you elaborate your idea why this is going to be a bullish reversal?
QodingTheMarkets
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@TerrenceChen, sorry for the delay, I was working in my new pattern scanner script day and night. Regarding your question I based the candlestick analysis on the book "Technical Analysis of the Financial Markets" from John J. Murphy. There the definition of a hammer pattern should be a red candle. Thank you for your question!
DawnButlers
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Is the Head and Shoulders pattern valid here? Do you trade that pattern? Thanks
QodingTheMarkets
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@DawnButlers, I will make a H&S pattern scanner in the near future. So stay tune and thanks for your feedback
could you elaborate your idea why this is going to be a bullish reversal?