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Price Action Lesson 5: Weak Hammer (Example)

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Weak Hammer (Example):
The chart shows the price of Bitcoin vs. US Dollar . In 02/02/2018, as it says, buyers couldn't raise the price above the day open price, the D1 candle seems a Hammer with bearish body. So the final result wasn't clear and the next day, sellers could pullback the price. (Consider the red thick arrow)
Comment: Price Action Lesson 1: Hammer Candlestick Pattern Definition
Comment: Price Action Lesson 2: Conditions of a Perfect Hammer
Comment: Price Action Lesson 3: Hammer, The first sign of the beginning Ascending wave
Comment: Price Action Lesson 4: Weak hammer
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Comments

Your education posts are a good idea. Thanks for sharing.
+3 Reply
ForecastCity EspressoDopio
@EspressoDopio, My pleasure :)
+1 Reply
thank you for the education, i like reading ideas like this. But can you explain more about what you mean in the chart?
+3 Reply
ForecastCity arvincash88
@arvincash88, Thanks for the feedback, the chart shows price in 30 Minutes interval, the open, low and close price of the day is highlighted which forms a Daily candle like a Hammer, but since the body is bearish and the market is not clear totally, we can't guess the next day because it is a weak Hammer.
The idea is related to prior ideas, so you need to read them step by step.
+2 Reply
arvincash88 ForecastCity
@ForecastCity, oh okay i found the whole lesson in lesson 4, i thought you only posting this. thanks
+3 Reply
Much appreciated. Thanks
+2 Reply
@stampe, My pleasure :)
+1 Reply
Hello, this is a good tutorial, thanks for writing them. I have two questions.

First, you mention "ATR-264" Sure, ATR=Average True Range. But do you mean ATR "minus" "two hundred sixty four"? As in a calculation of the size of the candle?

And second, you mention a D1 candle. What is D1?

Best regards
+1 Reply
Great analysis.
Reply
ForecastCity moejettah
@moejettah, Thanks for feedback.
Reply
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