If the pattern is confirmed, its third line may become a support zone. The Morning Star should be confirmed on the subsequent candles, by breaking the trendline or the nearest resistance zone, which may be formed by the first line of the pattern. It happens that first two lines may form the Inverted Hammer candlestick pattern. Shadows length or the lack of it do not matter for any pattern line. Some sources do not require a gap between the second and the third body. The candle should close at least halfway up the body of the first line. The opening price needs to be located above the prior candle’s body. The third line is a white candle appearing as a long line, that is: Long White Candle, White Candle, White Marubozu, Opening White Marubozu, Closing White Marubozu. In other words there needs to be a gap between the first and the second body. The body of the candle needs to be placed below the prior body, that is the opening and closing price needs to be lower than those of the previous candle. The second line may be any white or black candle appearing as a short line, except the doji candles.
The first line is any black candle appearing as a long line in a downtrend: Long Black Candle, Black Candle, Black Marubozu, Opening Black Marubozu, Closing Black Marubozu. The Morning Star is a three-line bullish reversal pattern appearing in a downtrend. the candle closes at least halfway up the body of the first line.the candle body is located above the prior body.the candle body is located below the prior body.
0 kommentar(er)
