Shared by
Rashod81_BOWS
After the trade broke down I started to flip my position.
Also, lately I've been noticing those candle formations like the two that ran up to 21.70. A significant move almost always follows.
What do they mean exactly? Is it always a reversal signal depending on which candle comes first... which candle is larger?
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-02-21 09:50:47 | BLOX | buy | $21.500 | long |
| 2014-02-21 10:05:55 | BLOX | sell | $21.350 | 0 |
Comments
Rashod81_BOWS
Yeah, I try not to focus on the different candle patterns, but this formation has shook me out of many trades. I feel like it's my arch nemesis or something.
It also formed at the 21 level but in opposite order. Then it immediately reversed. I do like the setups they present though, I must say.
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It is a reversal candle formation but u need to see a 3rd candle for confirmation. Basically u have 2 candle with same high. Second candle started at same high but closed at lows,means no buyer there.
Then u have few doji, indecision candles as buyer/sellers wait for each others move.
Finally sellers won as soon the candle range broke down.
Don't go crazy on candle pattern for day trades. Stick to few basic formation.