PIERCING CANDLESTICKS

 

✍Piercing candlestick is an indication that the downtrend is at the end and uptrend is near to start

✍At the end of downtrend bearish candle forms and the large bullish candle forms after it at second day.

✍The bullish candle forms on the second day should be the gap down opening and closing should above the 50% of first candle.

✍The trade has to be taken on the third day closing basis. The third day has to be bullish candle for taking trade and stop loss has to be taken on the low of second bullish candle. 

✍Piercing pattern is more reliable pattern. The success rate is higher in this candle.

✍The candlestick pattern is effective on any time frame but the success rate is higher in larger time frame than small ones.

✍As shown in the above image after the formation of piercing pattern the bullish candle forms after it and the trade has to taken after it.

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